No surprise that Rep. Raul Grijalva is behind this proposal.
"Your mother's dead, before long I'll be dead, and you...and your brother and your sister and all of her children, all of us dead, all of us..rotting in the ground. It's the family name that lives on. It's all that lives on. Not your personal glory, not your honor, but family." - Tywin Lannister
They will go after the 401K's and IRA's..... you can bet on that one. The federal politicians and Federal Reserve boys are salivating at the thought of a couple trillion just sitting there and belonging to the naive sheeple.
Mmmmm... 401K with some fava beans and a nice Chianti....mmmvvvvssss
It is possible , if it passed the House, it would go through the Senate and White House easy.
Then they start forcing the 401K's into Treasury Bond purchases because at some point the FED balance sheet will get too big to hold all the bogus bonds they are buying. NOBODY will step in to buy those bonds. We are stringing out the lender of last resort with the FED. Without someone buying the worthless T bonds the federal government is toast. They certainly are not going to extort another $1.5 trillion a year plus bailouts, plus natural disasters, plus more wars etc etc etc from taxpayers. They are also not going to cut all this crap.
At some point they will probably do a crash on the stockmarket which will drive the 401K's into a "safer" market..... Treasury Bonds. The government will keep our 401K's safe from financial terrorists etc. The Chinese could also crash the markets by cashing in a trillion or two in Money Market accounts etc they have in the US. They threatened this in 2008 and the FED bought them off.... with what nobody knows.
This is just a couple of many scenarios. They lock the 401K's in with taxation/penalties then they attack them with some bogus strategy "for the good of all" "to stop the terrorists" "to prop up the Too Big To Fail financial institutions" " to help the government" "to keep the entitlements going" etc. The sheeple would suck up any one of these given a moderately orchestrated "event" which these people are great at.
Last edited by adams101; 12-13-2012 at 10:15 PM.
Only real wealth most high earners, city dwellers who pay Fed taxes have is in home &401 k.