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January 15, 2010
Obama To Meddle With Your Retirement Accounts?
Obama to meddle with your retirement account?
Administration considers forcing investors into Treasury debt
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.
CNBC’s Rick Santelli broadcast the rumor the same day from the trading floor during CNBC’s "Power Lunch" show.
Spokesmen from both the U.S. Treasury and Department of Labor confirmed to WND that the federal agencies about to enter a pre-regulation public comment phase on the proposed rule change.
Wild Thing's comment.......
Seniors, baby boomers and post boomers are going to get mega screwed but many voted for this.
Americans are being held up at gunpoint, and there's not a sheriff in sight.
....Thank you Mark for sending this to me.
Mark
3rd Mar.Div. 1st Battalion 9th Marine Regiment
1/9 Marines aka The Walking Dead
VN 66-67
Posted by Wild Thing at January 15, 2010 03:49 AM
Comments
On Glenn Beck, he demonstrated 3 stages before government collapse. 1. Stocks and investments, Secons stage, T-Bills( or Treasury Bills) and finally God, Gold and Guns, Which is the last stage before total collapse.
One can only guess what diabolical plans he has for 2010 that is going to cose another 3 Trillion dollars. the 1 Trillion speculation is fantasy.
Now he plans to take money from the private sector by Executive fiat. This is totally in violation of the 5th and 14th Amendments, all pertaining to Due Process without bothering with the due process( and probably alot more amendments are being violated). As far as this son of a bitch is concerned he has already written off the Constitution.
All our 401's were invested in Stocks we lost a bundle from Mar 09 to this year when it finally went back up to 10,000. This is going to kill alot of retirement accounts and the way obama handles money it will probably kill the majority. Immediately two things come to mind, he either going to monetize the debt again or just plain bankrupt the country. He is making a grab for money he has no right to.
There has been a lot of commercials on buying Gold and getting out of the Stock Market, this is the last resort and probably the safest place for money today. But I don't know if we will have enough time for that.
This whole scheme is all for the good of the State, pure unalderated Socialism.
This one will be the tipping point we are already on the edge this will spill the cup.
Posted by: Mark at January 15, 2010 07:21 AM
Right out of Saul Alinsky's playbook. Gee? Who'd thunk that when he was running for President. My generation is so lucky to know that we are gonna be living with our kids and grandkids all in one house and on government assistance when we get old. Luckily, I don't have a problem living with my kids and grandkids. It's the government intrusion I have a problem with.
Posted by: Lynn at January 15, 2010 08:27 AM
The destruction of the private sector in America. This is pure theft. But, that is the Marxist way. I bought some gold and silver back in the days of Jimmy Carter. I just thought things were bad then. Now we are much worse off. The basic, Constitutionally based heart of America is being destroyed.
Posted by: TomR at January 15, 2010 12:33 PM
This guy wants to involve the government with everything we have in our lives.
Posted by: BobF at January 15, 2010 12:59 PM
He won't raise your taxes but he'll get it any way he can. Tax the banks, Tax the energy producers, tax the medical providers and insurance companies, force the fund managers to buy government debt. All of which hits John Q. Taxpayer in the wallet. And people still support this menace!?! That's the crazy thing.
Posted by: Jim at January 15, 2010 04:48 PM
I'm about to go get a beer and ponder about what Obamatrons think about. Then my head will probably explode and I will go to bed and try to sleep it off. Probably wont work, Obama will still be there in the morning.
Posted by: Bob A at January 15, 2010 08:57 PM
Mark, thank you for sharing about that from Glenn
Beck.
Lynn, your right about government intrusion.
Tom, I agree, it is pure theft.
BobF., he sure does. I never saw anything like
this before in our country.
Jim, exactly, it is insane how there is anyone that supports this horrible jerk. Shocking!!!
Bob A., LOL good one!!!
Posted by: Wild Thing at January 16, 2010 01:39 AM
