How Safe Is Your 401K These Days?
February 4, 2010 By Save America
We’ve come so far so fast in one year…….who could have anticipated this next move? As described in this Bloomberg article, our illustrious Department of Treasury is now officially looking into avenues to force a portion of every 401K/ IRA Account, into “fixed payment annuities” which has been described as, “most of the money being channeled into long-term Treasury bonds”.
They are trying to sell this one as “retirement security”, however it would also constitute a de facto seizure of private assets in order to fund our Government’s deficits with anticipated ridiculous low rates of return, all inspired by what Pelosi observed in Argentina. What is even more amazing is this was opened to public comment through publication in the Federal Register and the Treasury Department is indicating this next maneuver can be done through administrative fiat rather than an act of Congress.
Make no mistake, this is unraveling into yet another unprecedented money power grab for the Federal Government, regardless of it being a small fraction of your 401K. This will affect every working or retired American. Another patently unconstitutional move……Wait till the next market tumble, the nanny state will step in and impose the overreaching Marxist arm to protect us all from the vicissitudes of an evil stock market on Wall Street.
Review our post about the Argentinian seizure of private pension funds
This post is from the Save America website. Please visit our website at changefor2012.com
