Article

2010-02-19 Economy

Class Warfare's Next Target: 401(k) Savings

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Fred 2010-02-19 00:00|| || Front Page|| [2 views ] Top

#1 It won't be just barricades in the streets, either. Just try it, you bastards. I understand there's PLENTY of lampposts in DC.

Posted by Ricky bin Ricardo (Abu Babaloo) 2010-02-19 01:27|| 2010-02-19 01:27|| Front Page Top

#2 This is why we need to throw the bums out. This starts with your congressman, not everyone else's.

Posted by gorb 2010-02-19 02:39|| 2010-02-19 02:39|| Front Page Top

#3 They have been talking about this in Congress for over a year. There is more here.

There won't be enough tar, feathers, pitchforks, and lanterns to go around if they do this.

And to make matters worse, since they will blow the money to finance the debt they are running up, they will likely have to euthanize us and take 50% of that nest egg via the death tax and then only have to pay out 50 cents on the dollar.

Bastards, each and every one of them.

Posted by crosspatch 2010-02-19 02:46|| 2010-02-19 02:46|| Front Page Top

#4 The mere discussion of such concepts is a big win for the liberal tax and spend pols. The fear of such a scheme will drive investors to cash out of their 401k's and IRA's and immediately incur the tax liability.

Posted by Besoeker 2010-02-19 03:28|| 2010-02-19 03:28|| Front Page Top

#5 these people really want another revolution don't they? Whichever pol brought this up and actually thinks it's a plausible idea needs to do the mussolini swing...

Posted by Broadhead6 2010-02-19 05:52|| 2010-02-19 05:52|| Front Page Top

#6 If you're working on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams." then try and work away from the windows, or if you do watch out for light planes.

Posted by Bright Pebbles 2010-02-19 06:25|| 2010-02-19 06:25|| Front Page Top

#7 And you think I'm crazy when I keep wondering when the shootin's gonna start????

Posted by armyguy 2010-02-19 07:29|| 2010-02-19 07:29|| Front Page Top

#8 you may want to throw each and every incumbent out, but my rep is Duncan D. Hunter, son of Duncan Hunter and a fine man, Marine artillery LT (later Capt.) with two tours in Iraq (including Fallujah) and one in Afghanistan. He's solid on all the issues. So if you want a grab-bag "throw em all out" you can count me f*cking OUT.

/I'm getting tired of silly slogans - you won't find a better Rep, and tantrums don't fix anything

Posted by Frank G 2010-02-19 08:23|| 2010-02-19 08:23|| Front Page Top

#9 by the way - I'm not singling out Gorb, there's been a lot of "throw em all out" here. If your Rep doesn't meet your standards, by all means, work to do so. There's also nothing against contributing in other district's races to get your agenda forward. I recommend you do so

Posted by Frank G 2010-02-19 08:33|| 2010-02-19 08:33|| Front Page Top

#10 @#7 Soon, real soon. I have concluded there is a 50/50 chance we get to November before the shooting starts.

Posted by Don Vito Uleash 2010-02-19 08:34|| 2010-02-19 08:34|| Front Page Top

#11 And do you think they will hold back from 'redistribution' of your 401K and IRA to those who didn't save?

That would, in their eyes, buy a lot of votes.

I'd rather withdraw my 401K, take the 10% hit off the top (better than the 50% the government will take for 'fees and redistrubution') and manage it myself. There are a lot more reliable investments then then US Government out there.

Posted by CrazyFool 2010-02-19 08:35|| 2010-02-19 08:35|| Front Page Top

#12 Caymans...Channel Isles.....

Posted by 3dc 2010-02-19 08:53|| 2010-02-19 08:53|| Front Page Top

#13 CF, that's what I've been thinking. This crowd thinks they have the right to everything else you own, why would this be any different?

Posted by Cornsilk Blondie 2010-02-19 09:08|| 2010-02-19 09:08|| Front Page Top

#14 CF, Bambi's people can always back-date the point of seizure, find your cash in the Caymans, take it all from you, and then assess a penalty on top of everything. They're the government, after all.

Frank: point taken. As the old joke goes, it's the 95% of rotten apples in Congress that make the rest look bad.

Posted by Steve White 2010-02-19 09:40|| 2010-02-19 09:40|| Front Page Top

#15 Bambi's people can always back-date the point of seizure, find your cash in the Caymans, take it all from you Ample precedent for something like this can be found in FDR's outlawing of possession of gold by commoners, inadequate compensation for the seizure of the gold, the nullification of gold clauses in contracts, and the US Supreme Court's approval of same.
Another option is the negative interest rate, wherein the money you have in banks is docked every month by a set amount, which is then confiscated by the government. Also note there is no time deadline for the FDIC to make good on its deposit insurance program when a bank fails. Customarily FDIC support has been immediate, but it's not required. Since US currency is merely a US government promise, there are endless other possibilities to be indulged in.

Posted by Anguper Hupomosing9418 2010-02-19 10:11|| 2010-02-19 10:11|| Front Page Top

#16 While I bow to no-one in hostility to the McDermott plan, this is just a Gingrich echo of that Businessweek article of a couple weeks back, there's no news in this 'un.

And Frank, while I agree that my current Rep is better than the clutch of alcoholic time-serving hacks that the Democrats might offer in my district, it's still a good idea to scare 'im a bit every two years by making "throw the bums out!" noises. He's no Duncan Hunter, and he could use a little constituent pressure to keep him on the straight and narrow.

Posted by Mitch H. 2010-02-19 10:21|| http://blogfonte.blogspot.com/ 2010-02-19 10:21|| Front Page Top

#17 I don't have a 401K. Got out og it years ago. I do have an add-on CD. Are they gonna take that? I've already paid taxes on that.

Posted by Deacon Blues 2010-02-19 10:25|| 2010-02-19 10:25|| Front Page Top

#18 Deacon Blues....yeah, they're problabl working on that too

Posted by Kelly 2010-02-19 10:33|| 2010-02-19 10:33|| Front Page Top

#19 Throw the bums out. Except for Duncan D. Hunter, of course.

Ya gotta keep it simple if it's going to catch on. People will figure it out and keep the good ones. Unless they live in Pelosi's or Murtha's districts. Besides, I don't want to add a bunch of exceptions to the rule because I don't feel like typing that much.

Oh, and if they drive an F150 they get an exception, too.

Posted by gorb 2010-02-19 11:44|| 2010-02-19 11:44|| Front Page Top

#20 My representative is John Boehner (pronounced bay'nr, for some reason), head of the Republican caucus in the House. He's been one of the leaders in the fight against the Democratic Borg, so I think I'll keep him on. But all other incumbents out, certainly. ;-)

Posted by trailing wife 2010-02-19 12:38|| 2010-02-19 12:38|| Front Page Top

#21 "Obligated" my sweet patootie.

Come get some.

Posted by mojo 2010-02-19 13:43|| 2010-02-19 13:43|| Front Page Top

#22 In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.

Just another scheme to loot the American people--just another Social Security Ponzi scheme. The government looted this trust fund long ago.

Posted by JohnQC 2010-02-19 14:09|| 2010-02-19 14:09|| Front Page Top

#23 Does anyone have a link to the Treasury request for comments?

Posted by Nimble Spemble 2010-02-19 15:42|| 2010-02-19 15:42|| Front Page Top

#24 #19 wise and judicious standards, Gorb. Drink up!

Posted by Frank G 2010-02-19 16:12|| 2010-02-19 16:12|| Front Page Top

#25 I didn't find anything in a cursory search of the Federal Register's website, #23 NS. Don't have any more time to look right now since I have to go to work.

This might have been a trial balloon to see how people reacted to the idea; if it was, it just tells you how clueless the bureacrats are.

Posted by Barbara Skolaut 2010-02-19 16:34|| 2010-02-19 16:34|| Front Page Top

#26 There's also nothing against contributing in other district's races to get your agenda forward.

Excellent advice and worth repeating. I'm nowhere near Massachusetts, but contributed to Scott Brown (got others to do so as well) and feel it was money well spent. Got a nice letter from him yesterday, as well as an email from his 2 daughters.

Posted by Gomez Threter7450 2010-02-19 16:46|| 2010-02-19 16:46|| Front Page Top

#27 I'm nowhere near Massachusetts, but contributed to Scott Brown

If you are still feeling generous, consider dropping a few bucks Col. Alan West's way. He's the only politician who really understands what America is up against. Unfortunately, he's running for office in deep pockets and deep denial Palm Beach, FL.

Posted by ed 2010-02-19 17:35|| 2010-02-19 17:35|| Front Page Top

#28 By that I mean West is going to get clobbered in the money race, therefore publicity and name recognition. The district otherwise is winnable by West.

Posted by ed 2010-02-19 17:54|| 2010-02-19 17:54|| Front Page Top

#29 This might have been a trial balloon to see how people reacted to the idea; if it was, it just tells you how clueless the bureacrats are.

My thought too. But George Miller & Baghdad Jim McDermott were also mentioned so it could be some pinko staffer.

Posted by Nimble Spemble 2010-02-19 18:20|| 2010-02-19 18:20|| Front Page Top

23:49 JosephMendiola
23:47 lotp
23:43 JosephMendiola
23:43 trailing wife
23:41 trailing wife
23:38 Skidmark
23:36 Skidmark
23:33 JosephMendiola
23:31 trailing wife
23:29 Skidmark
23:28 trailing wife
23:25 JosephMendiola
23:21 trailing wife
23:17 trailing wife
23:06 trailing wife
22:58 Old Patriot
22:46 Iblis
22:35 trailing wife
22:17 trailing wife
22:15 trailing wife
22:04 Bright Pebbles
21:40 Grunter in Oz
21:35 Grunter in Oz
21:33 lotp