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| If You Had Any Doubt.... in forum [Market-Ticker]
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Wyocowboy
Posts: 7847
Incept: 2007-08-17
Wyoming's Rocky Mountains
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I imagine this would include IRA's too.
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An excuse is nothing more than an explanation of failure. Churchill
A government which robs Peter to pay Paul can always
depend on the support of Paul. George Bernard Shaw
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Seaterk
Posts: 174
Incept: 2009-04-30
Los Angeles
Banned
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Well I was wondering if it had been a good idea to eat the penalty and draw down some of my IRA to pay off my house. Looks like that might have been the right decision. Did it because of this very reason but it really sucks to have to take that kind of hit just to try and protect yourself from these thieves.
I thought all along though that they would do something to bail out the union pensions for all of the States. Almost all of them are under funded and will be running out of money in 10-15 years so this is no surprise, I'm just hoping that the Repubs will man up sometime in the near future and put a stop to this but I don't hold out much hope for that given their history.
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Notalent
Posts: 182
Incept: 2008-01-17
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So I guess it's time to pull the money out of your 401k now with penalty?
Is there any other reports of this? If this is the real deal this is HUGE. I'm going to let everyone I know about this asap...
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Max2205
Posts: 114
Incept: 2009-03-06
Banned
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Where's the seizing private 401k kd? That's a show stopper. I don't believe even these bastards would try this one
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Genesis
Posts: 130779
Incept: 2007-06-26
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Did you read the ticker and the linked article?
It's right there.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Wyocowboy
Posts: 7847
Incept: 2007-08-17
Wyoming's Rocky Mountains
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Next they can take all bank accounts with over $100000 in it.
After all, that would be ****ing the "rich" and the leech****s (who don't have $1000 in the bank) would love it.
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An excuse is nothing more than an explanation of failure. Churchill
A government which robs Peter to pay Paul can always
depend on the support of Paul. George Bernard Shaw
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Perseid
Posts: 1933
Incept: 2008-01-28
I'm Packing...
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The 'private 401k' of Jamie Dimon would have to be pretty large yes ? I think they should define private retirement savings in a broad sense, to include the entire wealth of the banksters' ill-gotten gains.
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Wall Street is a high-on-crack driver that just smashed into your house and killed your spouse, and the government won't even give it a blood test. -Janet Tavakoli
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Lumpeninvestor
Posts: 2345
Incept: 2007-10-16
98072, USSA
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Distributing insolvency only destroys the last remaining islands of solvency in a bankrupt world. - Charles Hugh Smith 8/23/2012
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Jake3463
Posts: 770
Incept: 2010-03-06
Allentown
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They will have 51 Senators at most come January. Even with 59 Senators in a lame duck session something like this has no chance of passing.
Harkin, Sanders, et al can flap their jaws all they want. The Municipal Unions are screwed. I highly doubt the GOP is going to rush and save an interest group that consistently votes against them.
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End_the_bubbles
Posts: 9523
Incept: 2009-03-25
The New 3rd World
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Perseid wrote..The 'private 401k' of Jamie Dimon would have to be pretty large yes ? I think they should define private retirement savings in a broad sense, to include the entire wealth of the banksters' ill-gotten gains. Come on man. You've gotta know the bankster scum will have an exemption clause for themselves.
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In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet and rise in rebellion to overthrow their masters.
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Iou
Posts: 1027
Incept: 2009-03-16
The Twilight Zone
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Let's get this party started. 
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"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."- Frédéric Bastiat
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Sondergaard
Posts: 687
Incept: 2007-07-13
Big Trees
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Thanks for the links. It is hard for me to conclude the source media is unbiased in this case. The axe is grinding so loud it is hard to hear anything else.
The linked article does correctly use the word "infamous" with respect to Theresa Guilarducci. Last time she was a committee witness conservative media had a field day. If a Senate Democratic group really did invite her to speak again they must have rocks in their heads.
Actually -- yes, they do have rocks in their heads. I knew that.
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And it won't make one bit of difference if I answer right or wrong; when you're rich, they think you really know. --Fiddler on the Roof
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Irishsamurai
Posts: 1150
Incept: 2008-11-03
GA
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If they do this ... they can have all of my money ... in the form of lead ...
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“Why is it the ship beats the waves when the waves are so many and the ship is one? The reason is that the ship has a purpose.” - Churchill
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Genesis
Posts: 130779
Incept: 2007-06-26
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Like I said, in the dark of night.... so far.
Unfortunately this Congress has a habit of passing bills that way..
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Ben
Posts: 6212
Incept: 2009-10-09
The Distant, Glorious, Past
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Plucked word-for-word from Tickers and the infamous ARF 'The Folding' thread, now a news story. I sure hope for everyone's sake that this is misinformation and fiction.
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"Why are you going to learn French?"
"Because I'm going to France," says Joe.
"I'm from the future. You should go to China."
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Lordhumongous
Posts: 4279
Incept: 2008-09-29
USA
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You guys will have to excuse me given that I've only worked in the private sector. Can someone please tell me what a "pension" and "retirement medical benefits" are? I don't have either one of those things, whatever they are.
/sarc
I stopped contributing to my 401K this year. I'm going to take another big distribution from my IRA after the election. I have half my net worth in retirement accounts earning ZERO PERCENT INTEREST in short term treasuries since late 2007. I'm sick of these mother ****ing thieves. I don't own a house, I've been renting for years because I knew the ****ing housing market was going to crash. I stayed out of the stock market because I knew it was ****ed.
The way things are going I'm going to stop working. I'm sick of supporting these thieves. They're taking HALF MY ****ING SALARY with their 33% IRS and 17% SS/Medicare taxes. THAT ISN'T ENOUGH? THEY WANT TO STEAL MY RETIREMENT SAVINGS TOO?
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Punch_rockgroin
Posts: 1922
Incept: 2008-12-31
Pacific NW USA
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If it isn't fiction, go long fertilizer & diesel...
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Put the boots to him. Medium style.
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Frat
Posts: 1935
Incept: 2009-07-15
NKY
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And, suddenly, I might not look as stupid as I did when I cashed out the 401k back in June. Bills paid, car paid off, emergency fund set up. This ****'s about to get real, eh?
Oh, and WHY in the hell would they pull this **** this close to an election? They've already got the unions in their pocket....
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We're ****ed. Where's Henry Bowman when you need him?
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Bullionaire
Posts: 2223
Incept: 2007-12-21
Fear The People
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Here's the ******* who is pushing this... http://www.newschool.edu/facultyexperts/....http://www.newschool.edu/nssr/news.aspx?....Department Contact Department Address: Department of Economics, Room 1124A The New School for Social Research 6 East 16th Street New York, NY 10003 Tel: 212.229.5717 Fax: 212.229.5724 Chair: Will Milberg Senior Secretary: Barbara Herbst Office: Room 1124A Hours: Monday-Friday, 9:00 a.m.-5:00 p.m. Phone: 212.229.5717 x3044 Fax: 212.229.5724 E-mail: gfecon@newschool.edu
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"Anytime a financial company can take your hard earned money and keep it for decades without promising a set return, and even penalize you for early withdrawal it is a con. America has been conned by the whole 401K concept." - Ignorance Is Bliss, from a ZH comment section
Reason: clarity
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Phantomace
Posts: 6393
Incept: 2009-03-16
Las Vegas, NV, and your screen
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So ****ing glad I convinced my wife that we needed to bail our 491k out earlier this year. Well, actually, didn't convince her, she was hem-hawwing, so I just DID IT one day. Looking like a hero right about now...
These ****ers will steal anything that isn't nailed down, and some things that are if they get enough time to get a pry bar out it seems.
*******s...
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"That was a little trick I call math. Oops, now I'm not emotionally invested..." - Dilbert
The only good thing I have to say about Barney Frank is at least he's not breeding...
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Lumpeninvestor
Posts: 2345
Incept: 2007-10-16
98072, USSA
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Patty Murray sits on this committee, and she's up for re-election. She got a little puff-piece in the local TV news... They are playing up the big, bad evil Wall St as the theives of pensions, retirements, etc, but of course, there is more dangers lurking in the halls of congress too. http://www.komonews.com/news/local/10466....
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Distributing insolvency only destroys the last remaining islands of solvency in a bankrupt world. - Charles Hugh Smith 8/23/2012
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Cfo1215
Posts: 30
Incept: 2009-03-06
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In November 2008 Factcheck.org reviewed this very issue of 401k confiscation and found the rumor was incorrect. From your writings it appears that you believe matters have materially changed. http://www.factcheck.org/askfactcheck/ar.... |
Irishsamurai
Posts: 1150
Incept: 2008-11-03
GA
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“Why is it the ship beats the waves when the waves are so many and the ship is one? The reason is that the ship has a purpose.” - Churchill
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Themortgagedude
Posts: 8853
Incept: 2007-12-17
saint louis
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Seriously - over my dead body. They think the Glenn Beck rally was something. Wait till they see what happens. This is the tipping point. If no one else wants to lead, I'll lead. We'll burn that town to the ****ing ground.
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I'm already visualizing you with duct tape over your mouth.
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