Big Government Wants to Control Your IRA

Moonbattery

Unlike W, Obama is not coasting passively through his final time in office. On the contrary, he is squeezing every ounce of tyranny he can get from each day:

The Department of Labor says its so-called fiduciary rule will make financial advisers act in the best interests of clients. What Labor doesn’t say is that the rule carries such enormous potential legal liability and demands such a high standard of care that many advisers will shun non-affluent accounts. Middle-income investors may be forced to look elsewhere for financial advice even as Team Obama is enabling a raft of new government-run competitors for retirement savings. This is no coincidence.

Labor’s new rule will start biting in January as the President is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But Labor has already proposed waivers from the federal Erisa law so new state-run retirement plans don’t have the same regulatory burden as private employers do.

When government becomes involved in any industry, it enjoys the overwhelming advantages of being able to operate at a loss indefinitely, and being able to cripple opposition with weaponized regulations. Once the competition has been destroyed, we are left with socialism — i.e., mediocrity at best.

Labor’s one-two punch on private savings has something for everyone in the progressive coalition. Senator Elizabeth Warren can check off another item on her wish list of anti-business initiatives. [Labor Secretary Thomas] Perez gets to burnish his credentials as a candidate for Vice President. And Mr. Obama gets to say he helped government control more of the private economy.

What average investors get out of this deal is much less certain. But judging by the pending California plan, one answer is: low returns. The initial investment allocation, even for young workers, is likely to be heavy on government bonds. Naturally. …

Charging young investors for the privilege of loaning money to government, while handicapping private competitors and denying choices to middle-income consumers. Another perfect progressive innovation.

If it belongs to you, Big Government wants to take it. Managing your retirement savings is a step toward confiscating them. But don’t worry, some of your money will be doled back to you, if bureaucrats are convinced you really need it.

Perez, a social justice warrior after your savings.

– See more at: http://moonbattery.com/?p=70891#sthash.UcEviRP0.dpuf

Obama’s Plan to Snatch Your Savings

American Thinker

In  his first term, Obama managed to get his paws on health care, banking, energy,  student loans, the auto business, and  more.  Now he has his sights set on your 401(k).

 

The  left has had its eye on retirement savings for years, but so far takeover  attempts have been rebuffed.  One egregious attempt was the proposal,  following the 2010 financial crisis, to “safeguard” retirement savings by  requiring that they be rolled over into Treasury bonds.  Had this  legislation succeeded, it would have appropriated all or part of the retirement  savings of millions of Americans.  The funds would have been used to  finance further expansion of government.  In return, savers would have  received a promissory note from the  federal government similar that issued by the Social Security Trust Fund.

 Needless  to say, most investors were not keen to convert their savings into Treasury  obligations — or, to be more precise, into an unsecured note promising a return  approximating that of Treasury bonds.  That is because, as with every  other endeavor, government’s management of retirement savings (aka Social  Security) has been a disaster.

Here Come the Looters for Your Retirement Account

Moonbattery

Since reducing the federal government’s massive wasteful spending is out of the question with a socialist in the White House, our rulers need to look for new ways to squeeze money out of us if they are to stave off national bankruptcy. Willie Sutton supposedly said he robbed banks because “that’s where the money is.” Much of our money is in our IRA and 401(k) retirement accounts. Therefore, the Obama-affiliated establishment media has been making the case for looting them. From Slime magazine:

GOVERNMENT SALIVATING OVER YOUR 401(k)

The Freedom Post

“Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans’ retirement nest egg as its new bailout fund.

Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction.

A commission looking for ways to close the deficit, and, noting the extent of 401(k) tax breaks, recommends an examination of the system as one way to prevent government bankruptcy.”

PLEASE READ MORE:  Feds eye retirement-fund tax to cut $16 trillion-plus deficit – NYPOST.com:

Was Judge John Roll the Real Target is Tucson?

Obama recently signed an executive order allowing the feds to confiscate all 401ks and retirement accounts. Our media forget to inform us of this fact. A single judge adjudicated that Obama did not have that authority and stopped the confiscation.

Federal Judge John Roll … The judge, USDC court of Arizona Presiding Judge Roll, was shot and died on Saturday by a “crazed gunman.” The historical connotations are similar to Kennedy/Oswald in several ways.

If I had a 401k and/or a retirement account I would convert such to an investment in a tangible asset made of metal. Either you get rid of it, or Obama will get rid of it for you. Either way I do not believe retirement accounts will exist in the near future.

TWO … DID … I’d like to know why another question isn’t being asked re the Tucson massacre.

Federal Judge John Roll –for Arizona–was killed. And yet he’s only mentioned anywhere as just another victim.

Here’s the question: Why is there possibly no connection being made that about 72 hours before he was killed, on Friday, he issued a critical “preliminary ruling” against the Obama administration to prevent them from acting on an FDR Executive Order (6102), which allowed the government to seize personal savings when no proof of a crime was committed?

(“USA v. $333,520.00 in US Currency et al”, Case number: 4:2010cv00703 Filed Nov 30, 2010).

My first question was: Who was the actual target, Giffords or Roll? or both (conveniently at the same place)?

While the possibility that Loughner was under mind control has been disparaged in the press, the knowledge of the existence of such a program, and known past CIA/FBI involvement in such incidents, why would there not be the possible question of a connection?

Too hot a potato..?

The word’s out “don’t dare?”

Why does a deeper search for truth–even with the possibility of the above being it or not–never seem to occur?

And then hours of repetitious blathering and speculation and opinionating by ignorant anchors.

We deserve better. We deserve the truth, “the whole truth,” like it or not; government, Obama’s included, has become far too cloaked in secrecy, and woe to those who disagree.

I long for the day when journalism once again shines the light, rather than supporting the cloak of darkness.

(holding breath….holding….holding….)
Thank you.

Source:

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

Investors.com

By NEWT GINGRICH AND PETER FERRARA

You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings.

BusinessWeek reports that the Treasury and Labor departments are asking for public comment on “the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.”

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.

They will tell you that you are “investing” your money in U.S. Treasury bonds. But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds.

This “conversion” may start out as an optional choice, though you are already free to buy Treasury bonds whenever you want. But as Karl Denninger of the Market Ticker Web site reports: “‘Choices’ have a funny way of turning into mandates, and this looks to me like a raw admission that Treasury knows it will not be able to sell its debt in the open market — so they will effectively tax you by forcing your ‘retirement’ money to buy them.”

Moreover, benefits based on Treasury bond interest rates may be woefully inadequate compensation for your years of savings. As Denninger adds, “What’s even worse is that the government has intentionally suppressed Treasury yields during this crisis (and will keep doing so by various means, including manipulating the CPI inflation index) so as to guarantee that you lose over time compared to actual purchasing power.”

This proposal follows hearings held last fall by House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., of the Ways and Means Committee focusing on “redirecting (IRA and 401k) tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute,” as reported by InvestmentNews.com.

The hearings examined a proposal from professor Teresa Ghilarducci of the New School for Social Research in New York to give all workers “a $600 annual inflation-adjusted subsidy from the U.S. government” in return for requiring workers “to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration.”

Source:

Obama to meddle with your retirement account?

By Jerome R. Corsi
© 2010 WorldNetDaily

President Obama

The Obama administration

appears to have come up with a novel way of financing trillion-dollar budget deficits – demanding IRA and 401(k) holders buy trillions of dollars in Treasury bonds.

With the Treasury needing this year to see another $1 trillion in debt to finance the anticipated federal budget deficit, and the Federal Reserve about to discontinue its 2009 program of buying Treasury bonds for the Fed’s asset portfolio, the Obama administration is scrambling to find ways to sell government debt without having to raise interest rates.

Bloomberg reported Friday that Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Mark Iwry are planning to stage a public comment period before implementing regulations that would require private investors to structure IRA and 401(k) accounts into what could amount to a U.S. Treasury debt-backed government annuity.

Complete Story: