Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.
You can wrap shit in mint leaves to make it smell better but all you still have is shit in the end. That is what is being proposed here.
What gives these assholes the right to even think about taking our hard earned money from us. They call it Income and Wealth Redistribution. I call it theft, pure and simple. What's really scary about this is the legions of Obama fanatics that will think this is a wonderful thing to do. God help us all from what is coming.
Watch for them to make it "voluntary" to have a government-held retirement savings plan, and then remove all the tax incentives of having a private retirement savings plan. If they 1) disallow tax deductions for employers who provide matching funds for 401k savings and 2) disallow pre-tax savings for individuals, that's going to kill 401ks as we have known them.
As for 401k's and other types of taxes IF the Dem's do some type of money grab, well Congress changed hands before and in two years there will be another election. I'm just not sure what Obama stands for (besides Change and Hope) in the days to come this to shall unfold.
"May you live in interesting times" well I think we really do.
Moo,
Mike Desmond
PS: As far as I can tell EVERYONE's opinion has counted on this blog right left or center. Even mine and that say's something!
You know, like Mike said in the last comment before mine.. I think both sides have been full of horse shit. For example, I'm none to thrilled that the Bush hatched Wall Street Bank Bailout occurred. That looked to be a bi-partisan screw-over of the middleclass.
Just so you know Sarpy, these assholes exist on both sides of the political isle.
Don't think that the democratic party has a monopoly on bending over the American people.
If you think that, you're a fool.
Just the whole notion of seizing our retirement accounts really set me off. Bailing out the banks with my money is the normal sort of crap I excpect from the hucksters in Congress. Nothing to get up in arms about. It don't do no good. They are always giving our money away. Nothing new.
They're not holding hearings on this; one dude testified at a hearing offering this as his opinion. Seriously, that's like considering a public comment made at a town meeting the same as policy from the town government. No Democrat has made this suggestion. No bill is being drafted with this in it.
This is Rush Limbaugh horsesh*t, pure and simple.
Who said that here? Only you no one said a damn thing about Obama only Congress and I said I still do not know what Obama is going to do.
If you are going to spew bullshit do it on your own blog, stop lying about what is said here.
Moo,
Mike Desmond
Brinker's opinion was that the House Ways and Means Committee’s Subcommittee on Income Security and Family Support would not have invited Teresa Ghilarducci to testify about her plan if some had not been well-inclined toward it. When they heard the idea, they didn't say, "That's ridiculous" like many have said here on Sarpy Sam's blog (and like Bob Brinker said.) No, instead, they said, "Let's hear more about that idea. Bring her in to testify."
Revealing how the Fed values collateral could help thaw frozen credit markets, said Ron D'Vari, chief executive officer of NewOak Capital LLC in New York and the former head of structured finance at BlackRock Inc.
``I'd love to hear the methodology, how the Fed priced the assets,'' D'Vari said. ``That would unclog the market very quickly.''
Come on folks, price the houses and sell the damn things, lets move on.
Moo
Mike Desmond
PS: Anyone need any help I've got about 500 resumes from Wall Street people out of work. Maybe shoveling the stuff that comes from the south bound end of a north bound cow?? See my website for details.