Karen DeCoster reports:
I’ve been covering the topic of government-mandated 401Ks since the fall of 2008, and I even noted that I detected the unmistakable whiff of confiscation in the air. Writers and bloggers all ’round the ‘Net denied that point. To revisit this issue, let’sYeah, the Chinese have pretty much figured out the Treasury security scam, so they are just about done buying them. The government has to find another chump. And, they think they have found one: you.
take a look at a post from last month by Karl Denninger at Market Ticker titled, “401k/IRA Screw Job Coming?” Karl notes a bit that appeared on CNBC where Rick Santelli was discussing the potential to “effectively force money into the Treasury market.” He links to this quote from Businessweek:The U.S. Treasury and Labor Departments will ask for public commentas soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.Karl comments further:Let me tell you what this is – it is an attempt to prevent the collapse of the Treasury market!He also notes that the conversation on CNBC was omitted from its archives. Since then, the link has also disappeared from Businessweek. The link has also disappeared from MSN Money. Use your best judgment as to why they disappeared.
Forcing people into Treasuries as an “annuity” is exactly what Social Security allegedly is. Except that Treasury stole the money that was collected in FICA taxes and spent it!
Guess what? They’ll do that here too – you’re going to “invest” in Treasuries which of course are effectively a CALL option on the future taxing ability of the government.
What happens when you add that Medicare 2.9% tax on all these forced annuities?
ReplyDeleteOne link can still be accessed in cache:
ReplyDeletehttp://74.125.153.132/search?q=cache:www.businessweek.com/news/2010-01-08/americans-oppose-initiatives-limiting-401-k-choices-ici-says.html
Another one has been cleared even there.
p.s. In case the cache gets cleared too, here is the pdf of that page:
ReplyDeletehttp://rapidshare.de/files/49192115/Americans_Oppose_Initiatives_Limiting_401_k__Choices__ICI_Says_-_BusinessWeek.pdf.html
OrwellToday relates http://tinyurl.com/ygc7hwo In the walls of the cubicle there were three orifices. To the right of the speakwrite, a small pneumatic tube for written messages; to the left, a larger one for newspapers; and on the side wall, within easy reach of Winston's arm, a large oblong slit protected by a wire grating. This last was for the disposal of waste paper. Similar slits existed in thousands or tens of thousands throughout the building, not only in every room but at short intervals in every corridor. For some reason they were nicknamed memory holes. When one knew that any document was due for destruction, or even when one saw a scrap of waste paper lying about, it was an automatic action to lift the flap of the nearest memory hole and drop it in, whereupon it would be whirled away on a current of warm air to the enormous furnaces which were hidden somewhere in the recesses of the building.
ReplyDeleteAs soon as Winston had dealt with each of the messages, he clipped his speakwritten corrections to the appropriate copy of The Times and pushed them into the pneumatic tube. Then, with a movement which was as nearly as possible unconsicious, he crumpled up the original message and any notes that he himself had made, and dropped them into the memory hole to be devoured by the flames.
sometimes links change, BusinessWeek:
ReplyDeletehttp://www.businessweek.com/investor/content/jan2010/pi2010018_130737.htm
I found this by searching within the BusinessWeek website using key phrase "weighing how the government can encourage workers to turn their savings into guaranteed income streams"
Even conventional financial commitment consultants are suggesting that property owners re-finance their present loans. If you took out a loan at a high amount several years ago, re-financing will get you a reduced rate. howtoretireplan.com
ReplyDelete