Government wants your 401(k)
Hearings set on plan to require Treasuries in ‘automatic IRA’
Posted: August 26, 2010 11:03 pm Eastern
By Jerome R. Corsi
*** begin quote ***
WASHINGTON – AUGUST 17: Treasury Secretary Tim Geithner speaks during a Conference on the Future of Housing Finance at the Treasury Department on August 17, 2010 in Washington, DC. Secretary Geithner hosted the future of housing finance conference with industry experts, leading academic experts and other stakeholders. The Obama administration appears to be proceeding with a novel way of financing trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their investment accounts. The requirement to invest private retirement assets has been cleverly buried within plans to create “automatic IRAs” that would mandate employer groups enroll all employees in 401(k) or IRA plans.
*** end quote ***
When the Gooferment needs trillions, where can it find it?
The retirement savings of the workers.
Think it can’t happen here?
Remember FDR and the gold confiscation?
And all “they” have to do is tell the less than 2,000 “custodians” to send it in.
What Congress gives; it can take away. And, one should NEVER trust a politician. EVER!
# # # # #