TINFOILHAT: BHO44 targets IRS/401Ks

Thursday, April 25, 2013


Updated April 12, 2013, 12:13 p.m. ET

Now He’s After Your 401(k)
The White House pulls a switcheroo on retirement savings accounts.

*** begin quote ***

Thus do our political betters now feel free to define for everyone what is “needed” for a “reasonable” retirement. Not to be impertinent, but does this White House definition include being able to afford summers at age 70 at Martha’s Vineyard near the Obamas?

The feds may think $3 million is all you need after a lifetime of work, but that’s roughly the value of a California police sergeant’s pension if she works for 30 years, retires at age 50 and lives to normal life expectancy.

Out in the private economy, people generally have to work longer than that before they retire, and some of them do manage to save significant amounts. We’re talking about people who work for decades and abstain from buying the bigger house or the new car so they can contribute the maximum to their 401(k)s or IRAs. The people who defer gratification and build a nest egg to avoid becoming a burden on their kids or their fellow taxpayers. The people whose savings finance productive enterprise. You know, the bad guys.

*** and ***

The Administration’s political motive here is two-fold: First, it’s a redistributionist play and a revenue grab. But for many on the left it’s also about reducing the ability of individuals to make themselves independent of the state. They have always disliked IRAs, just as they oppose health-savings accounts, because over time they make Americans less dependent on federal entitlements or transfer payments. 

*** end quote ***

Yeah, I know you all think I have a tin foil hat! So what.

Now the Wall Street Journal is in the same genre?

My concern is this is the first step towards exchanging your IRA/401K for an “enhanced social security benefit”.

I read somewhere that there is 14T$ in such plans. Held and controlled by ~2100 “custodians”. And the Gooferment needs about 13T$ to get back on an even keel.

Remember what happened in Cyprus?

Yeah, and I have a tin foil hat.


# – # – # – # – #    

POLITICAL: Taxation Is Theft

Tuesday, April 23, 2013


Taxation Is Theft
by Andrew P. Napolitano

*** begin quote *** 

With a tax code that exceeds 72,000 pages in length and consumes more than six billion person hours per year to determine taxpayers’ taxable income, with an IRS that has become a feared law unto itself, and with a government that continues to extract more wealth from every taxpaying American every year, is it any wonder that April 15th is a day of dread in America? Social Security taxes and income taxes have dogged us all since their institution during the last century, and few politicians have been willing to address these ploys for what they are: theft.

*** end quote ***

This is a Libertarian mantra!

“Taxation Is Theft”

Coke versus Pepsi. McD’s versus Burger King. HomeDepot versus Lowes.

I get a choice.

With Gooferment, no choice. I have to pay for everything — even if it’s morally reprehensible, even if I don’t want it, even if I can’t use it.

Why? Because some number of Sheeple, politicians, or bureaucrats decide what’s good for me.


I may make bad choices, but they are MY choices!


# – # – # – # – #    

# – # – # – # – #   

ECONOMICS: No safe store of wealth

Sunday, April 7, 2013


A Tipping Point In The Financial System
Posted by Deviant Investor on April 4th, 2013

*** begin quote ***

In my opinion, the sign that a tipping point has occurred in the financial system is the real story:

* The veil of banker honesty has been lifted. The EU/IMF/ECB will do whatever is necessary to support the banks, even if it means they will confiscate (tax, steal, bail-in) customer deposits.

* Customer deposits are NOT assets held in the bank for safe-keeping, but are liabilities of the bank and are not guaranteed to be made whole.

* Billions of dollars were removed prior to the Cyprus freeze, so insiders clearly knew in advance of the ordinary depositors (see below). There is no “level playing field” when billions of dollars/euros are in play.

* According to Jeroen Dijsselbloem, Dutch finance minister and Euro Group President, this is “the template for any future bank bailouts.” In other words, your deposits are considerably less safe than you thought. Your bank could fail, and your deposits might be used to compensate for derivative losses or other losses that the bank incurred.

* The FDIC in the US, as well as England, Canada, and New Zealand, has announced similar policies, agreements, and plans to confiscate deposits in the case of an emergency. Is this a sign that an emergency is not only possible but probable and imminent?

* Confidence in the banking and financial system has been seriously damaged, perhaps irreversibly.

*** end quote ***

So a new definition of “counterparty risk” has appeared.

There is no safe store of wealth.

(There really never was, but there was an illusion.)

One has to think very carefully about keeping balances in banks.


# – # – # – # – #   

MONEY: Pensions in the bulls eye

Sunday, March 31, 2013


Poverty hits the suburbs
Disturbing stats show dangers overlooked as Wall Street bulls run wild

*** begin quote ***

He calls “the great 401k experiment of the past 30 years” a “disaster,” and says the actual average 401(k) balance for 65 year olds is closer to $25,000 than the $100,000 claimed by the retirement industry. Siedle predicts, “a catastrophic outcome for at least a significant percentage of our elderly population is inevitable.”

He is just as pessimistic about pensions, warning, “Americans today are aware that corporate pensions have been virtually eliminated and that the few remaining private, as well as the nation’s public pensions, are in jeopardy. Even if you are among the lucky few that have a pension, you cannot rest assured that it will be there for all the years you’ll need it. Whether you know it or not, someone is busy trying to figure how to screw you out of your pension.”

*** end quote ***

Obviously, the individual will have to save for themselves.

And, it’s in things that will retain value.

Not numbers on a bank statement.

Productive assets.


Bullets, bandaids, beans!

# – # – # – # – #   

QUOTE: Not enough to cover the giant web of obligations

Thursday, March 28, 2013

“What remains are games of musical chairs, Ponzi schemes, frauds, swindles, stonewalls, ruses, ploys, scams, dodges, bluffs, subterfuges, QE martingales, interventions, rehypothecations, pretenses and other modes of evading or disguising reality. The reality is that there is not enough real wealth to go around, certainly not enough to cover the giant web of obligations that masquerades as ‘money.'” – James Howard Kunstler in an essay titled The Cyprus Fiasco Is A Metaphor For The Entire Global Financial System

# – # – # – # – #   

PRODUCTIVITY: Intergenerational war

Wednesday, January 9, 2013


Turning the Generational Dial: A Plea to Boomers, Gen X and Gen Y By Carol Orsborn, PhD

*** begin quote ***

Carol Orsborn argues that instead of participating in a complicated generational tug-of-war of who is more relevant, Gen X and Gen Y must learn from Boomers because these following generations will also face the same elongated lifespans and increased vitality…and buying power.

*** end quote ***

Interesting that today’s Gooferment fiscal stupidity is a direct assault on the future generations’ pocketbooks and wallets.

And they don’t see it.

Or they don’t understand.



GOVEROTRAGEOUS: Just a calibration problem; baloney!

Tuesday, October 30, 2012


Guilford County voters say they voted for the wrong candidate

Posted on: 8:14 pm, October 23, 2012, by Brandon Jones

*** begin quote *** 

On Monday, several voters complained that their electronic ballot machine cast the wrong vote. All the complaints were made by people who voted at the Bur-Mil Park polling location.

One of the voters, Sher Coromalis, says she cast her ballot for Governor Mitt Romney, but every time she entered her vote it defaulted to President Obama.

“I was so upset that this could happen,” said Coromalis.

Guilford County Board of Elections Director George Gilbert says the problem arises every election. It can be resolved after the machine is re-calibrated by poll workers.

“It’s not a conspiracy it’s just a machine that needs to be corrected,” Gilbert said.

*** end quote ***

Wasn’t it Stalin who just wanted to count the votes?

Convenient that they error favors the D.

Sounds like “barbara streisand” to me!

# – # – # – # – #   


Get every new post delivered to your Inbox.

Join 1,611 other followers

%d bloggers like this: