Nationalize Retirement Accounts

[Wacky Quacky]

I would like an opt out for SS. You can stay with the safety and simplicity of SS, or you can opt out and invest it to retire much more well off.

Um...have you noticed how stupid a lot of the people here are? The ones who talk about "gun grabbing EOs" and other idiotic stuff? The ones who parrot the manufactured bullshit they get from their masters and don't have a critical thinking bone in their bodies?

What makes you think they would have a penny to their name if they were left to their own devices investing in the market? BWA-HA-HA-HA!

They'd be broke and either come screaming to the government to provide for them in their old age or they would have to work until they died.

Just like the old days they wistfully daydream about.

Yup, I have no doubt that would happen.

 

[g5000]

What a horrifically bad idea.

On the flip side, the people on Wall Street who robbed investors around the world of trillions of dollars would like nothing more than the government to privatize Social Security so Wall Street can raid those funds, too.

It's a good thing Wall Street's attempt to get Bush to privatize Social Security was stopped. Can you imagine what would have happened to that money by the end of 2008?

KA-BOOM!!!!

If you had invested at the end of 2008 in stocks, you would have doubled your money.

Ha! Hindsight is always 20/20.

But that is not the way it works. Everyone was investing BEFORE the crash and lost their asses.

Personally, I have quadrupled my money since the crash, and did not lose a dime in the crash. But most people did lose a substantial amount.

That's the thing, see. All the people defending Wall Street don't even realize they have been robbed, too. Because their insurance companies lost money on Wall Street, their public employee pension fund lost money on Wall Street, their city treasurer lost money on Wall Street, their 401k lost money on Wall Street, their college endowment fund lost money on Wall Street, their local bank lost money on Wall Street. Higher taxes, higher insurance premiums, higher tuitions.

 

[Toro]

What a horrifically bad idea.

On the flip side, the people on Wall Street who robbed investors around the world of trillions of dollars would like nothing more than the government to privatize Social Security so Wall Street can raid those funds, too.

It's a good thing Wall Street's attempt to get Bush to privatize Social Security was stopped. Can you imagine what would have happened to that money by the end of 2008?

KA-BOOM!!!!

If you had invested at the end of 2008 in stocks, you would have doubled your money.

Ha! Hindsight is always 20/20.

But that is not the way it works. Everyone was investing BEFORE the crash and lost their asses.

Personally, I have quadrupled my money since the crash, and did not lose a dime in the crash. But most people did lose a substantial amount.

That's the thing, see. All the people defending Wall Street don't even realize they have been robbed, too. Because their insurance companies lost money on Wall Street, their public employee pension fund lost money on Wall Street, their city treasurer lost money on Wall Street, their 401k lost money on Wall Street, their college endowment fund lost money on Wall Street, their local bank lost money on Wall Street. Higher taxes, higher insurance premiums, higher tuitions.

They have lost money only if they panicked and sold. If you put all your money in stocks on Jan 1 2008, before the crash, and reinvested your dividends, you've made money, albeit with gut wrenching volatility.

I get the argument. Stocks are not always a good investment. It depends on valuation. But that also applies to government bonds, which is what these idiots are proposing. Government bond yields are near multi-century lows. Right now is probably the worst time to buy government debt in the 235 year history of the nation. Stocks are a much safer investment here if you have a 20 or 30 year time horizon.

 

[OKTexas]

On the flip side, the people on Wall Street who robbed investors around the world of trillions of dollars would like nothing more than the government to privatize Social Security so Wall Street can raid those funds, too.

It's a good thing Wall Street's attempt to get Bush to privatize Social Security was stopped. Can you imagine what would have happened to that money by the end of 2008?

KA-BOOM!!!!

What money, there's no money in the SS Trust Fund, just IOU's written on the same accounts they stole the money from in the first place. Now not only do the taxpayers get to replace money they've already paid, but they get to pay the interest as well. Private business people are put in jail for schemes like that.

You ask, "What money?" The money coming out of every one of your paychecks for Social Security. That's what money.

If Wall Street had its way, that money would be going into their pockets by way of inverse floaters and CDOs-squared and other derivatives that are financial weapons of mass destruction.

I would like an opt out for SS. You can stay with the safety and simplicity of SS, or you can opt out and invest it to retire much more well off.

Um...have you noticed how stupid a lot of the people here are? The ones who talk about "gun grabbing EOs" and other idiotic stuff? The ones who parrot the manufactured bullshit they get from their masters and don't have a critical thinking bone in their bodies?

What makes you think they would have a penny to their names if they were left to their own devices investing in the market? BWA-HA-HA-HA!

They'd be broke and either come screaming to the government to provide for them in their old age or they would have to work until they died.

Just like the old days they wistfully daydream about.

You are aware that SS is paying out more than they are taking in, they have had to dip in the IOU's the last couple of years because of Maobamas tax holiday, they have done nothing to strengthen the program and it will go broke without a tax increase. I could live without SS, but why, I paid in more than 40 years, so I figure they owe what they promised. Your probably right about most Americans not saving on their own but when you look at the unfunded liabilities the government has racked up you wonder if individuals couldn't have done better.

 

[Toro]

FTR, if you invested in stocks on January 1 2008 and reinvested dividends, your return would be 18.6% as of today.

 

[Toro]

Also FTR most people can NOT manage their own money well. This has been empirically demonstrated repeatedly.

Thus, SS should be managed like a real pension fund. Individuals should be allowed to opt out and invest the money themselves but the default option should be to stay in the trusts.

 

[Erand7899]

What money, there's no money in the SS Trust Fund, just IOU's written on the same accounts they stole the money from in the first place. Now not only do the taxpayers get to replace money they've already paid, but they get to pay the interest as well. Private business people are put in jail for schemes like that.

That must be ANOTHER one of those "birther-esque rightwing conspiracy theories" that's been passed around for a long time now.

The poster you responded to is absolutely correct. There is no money in the social security trust fund, and there never was any. All excess funds collected from social security taxes are transfered to the general fund and spent by congress. It has been that way since social security was established. The trust fund contains government bonds that will eventually be cashed, at taxpayer expense, to pay benefits when the income no longer meets the benefits due.

American working people paid the socual security taxes, and those working people will have to pony up again to pay back, with interest, the trillions that congress has spent.

 

[LogikAndReazon]

Everything should be guaranteed by govt.........for the common good !!!

 

[Jarlaxle]

FTR, if you invested in stocks on January 1 2008 and reinvested dividends, your return would be 18.6% as of today.

That's total and not 18.6 annual, correct?

(Then again, 18.6% in 5 years is nothing to sneeze at!)

 

[Wry Catcher]

I would like an opt out for SS. You can stay with the safety and simplicity of SS, or you can opt out and invest it to retire much more well off.

SS is a safety net, you can still invest all you please where you want. Keep in mind those who invested with Bernie Madoff lost millions, many many Americans saw their retirement savings disappear in Oct. 2008. These are facts people need to keep in mind.

 

[Clementine]

I have no doubt the libs are drooling over the retirement accounts held by private citizens. Given the way they treat people like idiots and don't think we can function on our own, why in the hell would they trust us with our own money, especially when we're talking trillions of dollars the government desperately needs. Well, they need it like an alcoholic needs to stock up on Captain Morgan.

Aside from the fact that our government just plain stinks when it comes to managing money, they have this idea of wealth redistribution. Why not start with the largest pile of money owned and earned by the working class citizens? They will never steal money from the precious 1%, whom they need to stay in power. That top percent of wealth holders can take the criticism from the government and stand being called greedy and heartless because they know nothing will ever come of it. They need each other. However, the middle class has nothing to offer a dictator in the making. We're in the way.

There is no way in hell the libs will leave that money alone if they can figure out a way to get their grubby paws on it. As always, the money grab will be presented as a means of keeping our money safe and they will claim that we cannot trust the private sector. Keep in mind that the politicians have never helped create wealth for citizens, save for themselves and their cronies. Wealth is created in the private sector and people have done well. That is almost a crime, according to OWS and other radicals. If anyone has wealth, it's because someone gave it to them and must have taken it from someone else to do so. They often confuse the private sector with government. It is politicians who steal from one half and hand it to the other half.

Pelosi and others have hinted numerous times that our retirement accounts aren't safe in the hands of private companies. They would tell you that only government can be trusted with large sums of money. Money that they waste with little to show for it. The same government that hasn't passed a budget in 4 years and should be held liable for failing to perform their legal duty.

If anyone thinks that any money anywhere in this country is safe from the current administration, you are fooling yourself. So many times, the supporters defended the Obama administration when it either denied or claimed certain things. When it's shown later that the administration lied, the supporters rush to defend them saying they do what is best. I predict it's only a matter of time before some libs come around to defend the confiscation of our retirement accounts, claiming that we would have lost it all if we trusted the private sector and Obama will be held up as our savior. Then, instead of enjoying the comfortable retirement we all worked and planned for, we'll be receiving small payments as they dole our money out to everyone as part of a redistribution for the greater good.

Meanwhile, they will all continue to live like royalty and laugh at us little peasants. Don't think for a minute that they are working for our best interests. They are in it for themselves. All of them.

 

[Toro]

FTR, if you invested in stocks on January 1 2008 and reinvested dividends, your return would be 18.6% as of today.

That's total and not 18.6 annual, correct?

(Then again, 18.6% in 5 years is nothing to sneeze at!)

Total, yes. About 3% per year.

 

[Politico]

You all dutifully shoveled your money into government regulated accounts. What could possibly go wrong?

 

[Rozman]

I'm sure this will happen.
There is just too much money there that the government needs to get it's hands on.
They will come up with some scam to make it seem like they are doing it for our own good.

 

[MisterBeale]

[ame=http://www.youtube.com/watch?v=ALlzClE67os]THE GOVERNMENT WANTS YOUR RETIREMENT MONEY - YouTube[/ame]

 

[editec]

On the flip side, the people on Wall Street who robbed investors around the world of trillions of dollars would like nothing more than the government to privatize Social Security so Wall Street can raid those funds, too.

It's a good thing Wall Street's attempt to get Bush to privatize Social Security was stopped. Can you imagine what would have happened to that money by the end of 2008?

KA-BOOM!!!!

What money, there's no money in the SS Trust Fund, just IOU's written on the same accounts they stole the money from in the first place. Now not only do the taxpayers get to replace money they've already paid, but they get to pay the interest as well. Private business people are put in jail for schemes like that.

If the debts owed to Social Security are worthless pieces of paper?

So too then are all the other debts owed by the Federal government.

And if that is the case then we need not worry one bit about the national debt.

Because I think it reasonable to assume that this nation is apt to tell it's foreign creditors to go screw before it tells 300,000,000 Americans to go screw.

I could be wrong, of course.

The Republicans obvious cherish China more than they do the American people.

We can see THAT as we see the GOP telling us that we need top screw social security recepients right now.

 

[Truthmatters]

WASHINGTON, February 3, 2013 ― The $19.4 trillion sitting in personal retirement accounts like the 401K may be too tempting an apple for a government that is quite broke, both monetarily and morally. The U.S. Consumer Financial Protection Bureau director Richard Cordray recently mentioned these accounts in a recent interview, stating “That’s one of the things we’ve been exploring and are interested in, in terms of whether and what authority we have.”

This agency, created by the 2010 Dodd-Frank-Act, is very concerned about how safe your retirement savings are. They are apparently concerned that retiring baby boomers may become victims of financial scams.

If the government takes control of retirement accounts, it will not be called "nationalization." There will most likely be an indecipherable document that provides an opt-out option (initially), but why would you want to do that? The US government only wants to ensure the safety of your retirement funds; they did after all create a new bureaucracy for that specific purpose. And what could be a safer investment than US bonds?

China’s premier Wen Jiabao recently made a very polite, but very pointed statement to the US concerning its continued policy of debt monetization (printing money to pay the bills).

“We have made a huge amount of loans to the United States. Of course we are concerned about the safety of our assets. To be honest, I’m a little bit worried. I would like to call on the United States to honor its words, stay a credible nation and ensure the safety of Chinese assets.”

It is estimated that of the roughly $2 trillion China holds in currency reserves, about half is in U.S. Treasuries. While that may not seem significant, you would not want to know what would happen should they put even half of those treasuries on the open market. While that is certainly not expected, an escalation of Japan-China tensions in their ongoing (and worsening) argument over East and South China Sea islands, with the U.S. firmly behind Japan, means anything is possible.

Assuming that the island dispute does not turn into open warfare, there is still the matter of addressing the very serious concerns that China has voiced, and many other countries echo: We are devaluing our currency, which they are heavily invested in, at a rapid pace and with no indication of ever stopping.

This brings us back to that juicy apple hanging from the tree of our life's work. Nationalizing the personal retirement accounts would allow our government to borrow even more from its largest debtor (U.S. citizens) without further devaluing the currency. While this may seem far-fetched, as international pressure mounts to maintain the value of the dollar, you will hear more about this.

If at some date we find ourselves at a tipping point in international relations, it may very well come down to nationalizing our 401K’s or going to war. Many Americans are choosing to take their penalties and withdraw their 401K funds while they still can.



http://www.washingtontimes.com/neig...our-401k-about-be-nationalized/#ixzz2JwdGJUrD

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[Zoom-boing]

THE GOVERNMENT WANTS YOUR RETIREMENT MONEY - YouTube

Carlin lays blame solely on the big wealthy business interest and gives government a complete pass. What a puss.

Government is suppose to be working for us yet instead they accept whatever the highest bidder offers. Government can only be bought if they allow themselves be sold and boy do they ever. Government is corrupt but according to Carlin I'm suppose to buy that big business is the bad guy.

 

[Skull Pilot]

On the flip side, the people on Wall Street who robbed investors around the world of trillions of dollars would like nothing more than the government to privatize Social Security so Wall Street can raid those funds, too.

It's a good thing Wall Street's attempt to get Bush to privatize Social Security was stopped. Can you imagine what would have happened to that money by the end of 2008?

KA-BOOM!!!!

No one on Wall Street robbed me of anything an I have been investing since I was 18.

And if I had control of the money confiscated for the SS scam I would already be retired and living on a tropical island.

 

[Skull Pilot]

This is a birther-esque rightwing conspiracy theory that's been passed around for a long time now.

This is one more example of the intellectually bankrupt paranoid cult that the Right has become.

Don't so naive as to think that the pols in DC have not considered this.