Author Topic: I am getting really frustrated and scared frankly  (Read 5102 times)

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Offline Lacarnut

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Re: I am getting really frustrated and scared frankly
« Reply #25 on: May 10, 2009, 01:36:00 PM »
Hi,

I am a member of the Soveerign Society which is really promoting a sovereign individual.  They have an entire group that deals with expats and I just got their book about it.  Panama ranks pretty high.  You sound like the type of person that might enjoy their daily newsletter and all they have to offer.  Might want to take a peek at their website, it is very affordable.

Better be careful about taking gold out of the country.  From what I understand if you try to take more than $10,000 in value you have to declare it.  If you do not, then the government just goes ahead and confiscates it.  That is why the Perth Mint Certificates have great potential.  They are not gold, nor are they legal tender.  If you head to Panama, just put the certificates in your briefcase, get to Panama and have them convert it to cash and wire it to Panama for you.  I would suggest you talk with someone who is an expert in that area because I am now convinced that owning gold inside this country is not as safe as it used to be.  Good chance they will have to recall gold to try to stabilize the currency for the following reason.

Also, with the defecit spending, I fear that the day will come like Nazi Germany when we will have to take a wheel barrow full of money to buy food.  The dollar will collapse at some point because we cannot continue printing money and China is not going to take any more of our debt.  That is why one should consider being in gold or a solid foreign currency, out of US dollars. 

regards,
5412

Thanks, I signed up for the newsletter. CMIGS has a great article titled misunderstanding, myths, lies regarding gold confiscation along with laws governing the purchase of gold and what triggers reporting to the IRS. Looks like the double eagle gold coins are the only coins that are not reportable over the $10k threshold. You are correct about that amount of gold one can take out of the country.

Panama does not allow US citizens to open a bank account there unless you go thru an attorney who draws up legal document classying you as an entity. After that, it is my understanding that you can fund the account with cash or wire transfers.
« Last Edit: May 10, 2009, 01:50:42 PM by Lacarnut »

Offline Lacarnut

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Re: I am getting really frustrated and scared frankly
« Reply #26 on: May 10, 2009, 01:39:46 PM »
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Offline rich_t

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Re: I am getting really frustrated and scared frankly
« Reply #27 on: May 10, 2009, 05:49:58 PM »
Quote
I can see the day coming when they have a wealth tax, much like a personal property tax where the federal government just takes some of your money because you are rich and greedy and do not pay your fair share.

Howdy 5412,

I can easily see this happening under the current regime.  Based on your own experience and personal opinion what $ amount do you think they might use as a confiscation starting point?  Anyone with $500k, $250k, $100k etc. in 401k, IRA or other retirement accounts.

Additionally do you think they will also target non-retirement investments like mutual funds and stock/bond holdings?

I can see them doing all of the above.  I can also see them stealing from anyone with $500k or above in any type of retirement/investment accounts.

I mean let's face it, the government has already removed many investment and savings incentives with capital gains taxes and the like, so it won't be much of a stretch for them to take the next step... all in the name of the so called "common good".

If the current president is willing to impose a windfall profit tax on companies (like he proposed on the campaign trail), the next step to impose a wealth tax on we "rich" people might suit his socialist agenda very nicely.
« Last Edit: May 10, 2009, 06:33:28 PM by rich_t »
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline RobJohnson

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Re: I am getting really frustrated and scared frankly
« Reply #28 on: May 10, 2009, 06:28:29 PM »
I have to admit that I too, am getting scared.

As many of you know, I am a Realtor, and besides selling property, I also do what's called Broker Price Opinions for a variety of major lenders through a third party company.

I do either a "drive by" or an interior. Both are pretty self-explanatory. I take exterior pictures of the house and street and with an interior, I also take interior pictures of each room and any damage.

The report consists of current market conditions for the subject's designated mls area, and comparing the property with 3 currently listed properties and 3 sold properties. All 6 comps must meet certain criteria in appropriate comparison....age, style (ranch, 2 story, cape cod, etc), GLA (gross living area-heated, cooled and finished space above ground level), lot size, condition and proximity within .5m urban, 1m suburban, 3m rural. Solds must be within the last 180 days, though many lenders are switching to within 90 days and that the lists/solds cannot have been on the market more than 90 days.

It is becoming more and more difficult to find solds within the comp criteria, particularly in homes over $200,000.

It used to be that based on market data, an agent could price a house to sell within 90 days...fairly easily.

This is no longer the case. There is no way to predict these days.

The end of April ended the moratorium on foreclosures. I've already had 12 reports this month. I have 11 listings, several that should be swamped with showings, and can't even get phone calls on them.

I received a monthly report yesterday from my local Association of Realtors. In it was a letter written by the president of the National Association of Realtors to the President, Geithner, and a few others... telling them that while the banks may have gotten TARP money...it isn't filtering into the housing market.

The housing market has to be saved!!!

It isn't just for the homeowners...it's the entire industry and how it ripples out into many other industries.

This is no longer a question of people who bought houses above what they could afford in real life not on paper, it's about people who have lost their jobs because of the economy and no longer have an income to pay for their mortgages! Banks need to work with these people to help them through the crisis and give them time to find a job, reduce their interest rate, and figure out a way to help them stay in their homes.

There are not enough liquid buyers out there to buy all these homes that are going into foreclosure!

I have a foreclosure that listed at $219,900 and been on the market almost 30 days. The first showing on the property was the other day. They wrote an offer to close in 2 WEEKS! for $192,000. Bank countered at $215,000. Buyers walked. There are 7 other houses on the market in that subdivision!

What is causing all these properties to devalue is that there are too many properties going into foreclosure, short sales, people who are "dumping" their properties on the market below market value to get out before they are foreclosed on, and an oversaturation of the market.

When you have a $!50,000 home, in good condition, and you are comparable to you neighborhood....3 houses go on the market. One is a foreclosure, one is a resale with a motivated seller, and one is facing foreclosure so the bank allows a "short" sale and all of these houses sell for a lower than "normal" amount....it brings the SELLING VALUE of the $150,000 house down to "match" up with the others. 

What all these brilliant economists are not taking into account on this housing crisis...is that if that $150,000 house burned to the ground....IT COULD NOT BE REPLACED FOR $150,000!!!!! The replacement value is going to be higher because of material and labor costs!

As long as the banks are being closed-fisted with their money, raising credit card usage rates, not giving out business loans....the economy is going to continue to tank because people are going to become more and more tight with their own money and only buy necessities.

Damn government would have been better off handing out money to each individual in the country to let them go out and spend it...demand would increase and supply would have to increase to meet the demand and jobs would have to be kept/created to provide the supply to the consumer.

It's basic economics....doesn't require a PhD to know....WE all learned it in high school.  :thatsright:





The bank bailouts were a bad idea from the start, and alot of people are finally starting to see this.

Offline 5412

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Re: I am getting really frustrated and scared frankly
« Reply #29 on: May 10, 2009, 07:39:23 PM »
Howdy 5412,

I can easily see this happening under the current regime.  Based on your own experience and personal opinion what $ amount do you think they might use as a confiscation starting point?  Anyone with $500k, $250k, $100k etc. in 401k, IRA or other retirement accounts.

Additionally do you think they will also target non-retirement investments like mutual funds and stock/bond holdings?

I can see them doing all of the above.  I can also see them stealing from anyone with $500k or above in any type of retirement/investment accounts.

I mean let's face it, the government has already removed many investment and savings incentives with capital gains taxes and the like, so it won't be much of a stretch for them to take the next step... all in the name of the so called "common good".

If the current president is willing to impose a windfall profit tax on companies (like he proposed on the campaign trail), the next step to impose a wealth tax on we "rich" people might suit his socialist agenda very nicely.


Hi Rich,

Really my opinion is somewhat of a guess.  Let me use an analogy for a moment.  In Ireland most folks who are wealthy do not want to publically display evidence of their wealth.  This probably goes back well into the history of the country because the "tax man" would visit them each year and they would be taxed on their wealth.  As a result they tried to hide their wealth....

Now our creative idiots in Washington could probably go two different ways.  They could easily apply a tax on your bank accounts, brokerage accounts, etc. much like a personal property tax.  The state of Florida does that and all but IRA money and money invested in FL municipal bonds is included in the amount to be taxed.  Now this is a tax that just keeps on giving and giving and giving much like the Eveready battery.  The federal government could impose such a tax, require the banks and brokerage houses to pay it and then you would file with the money already being withheld.  Of course they would start small like they did with the income tax which was never, ever to exceed 3%.  Either that or they would set rate adjustments like they do in our income tax rates so they get you big time when you earn it and again when you hold and invest it.  Over time they would likely raise the rate, plus add other investments like IRA's etc to their coverage.  I can see the day where they tax all investments other than those invested in US government bonds or something in order to get us, the public, to finance their deficit spending.

Or, as you mention, there is a possibility of a windfall profit tax or some such item.  What they realize is their is billions of dollars in IRA's, 401K's all over the country.  If they try to go after that, millions of Americans will just cash out, pay their federal income taxes on the money as I did when I rolled my traditional IRA into a Roth.  Personally I think there is a big chance they would make a mistake here because they likely would try to "attach" IRA's over a million dollars or something.  That is the traditional rhetoric about the rich, greedy millionaires, same old, same old to justify their confiscation.  Their mistake will be that there are a whole lot more people with a million or more in their IRA's than they probably imagine and that will really cause a political backlash.

Depending on your age, the quicker you can get your 401K, or traditional IRA into a Roth, the better.  It has to be in a Roth over five years, plus you have to be older than 59 1/2 before you can take it out of your Roth without penalty.  I am holding my breath, keeping my fingers crossed, because in January 2011 I am home free.  Anytime I want after that date I can liquidate my Roth without taxes or penalties.  If I liquidate now it will cost me another 10%.....and that is after I already paid 35% taxes when I rolled it from my traditional IRA.

And finally, the real kicker is this.  We are one of, I believe, three countries in the world that has a death tax.  All they have to do is impose a huge inheritence tax starting at a million or so and they can, over time, confiscate most of the wealth in this counrty.  In the process of course they will probably really hurt 2/3 of the small businesses because they likely have to sell to pay the damn taxes.  It will also kill a good number of the family farms that still exist in this country.

Personally I think we have several items to be concerned about, high taxes, confiscation, and a dollar that goes the way of the Mexican peso.  That is why hundreds of millions of dollars are being sent offshore right now.  People are still paying their taxes to the government on the investment income but it is not accessable to the government, nor is it denominated in US dollars.  The idea that folks are trying to "evade" taxes is probably more BS than truth, they really are just putting their money where our government cannot get their hands on it.....in non-US dollar denominated investments.  When the currency goes the way of the peso, one of the things governments do is make it illegal to take their money out of the country.  Argentina and Brazil have both done that in recent history.  That means Toyota, etc. can make tons of money in the US but they cannot take the money out.  Sounds cool but the citizens get really screwed when the dollar becomes worth zilch on the world market.

Bottom line now is diversification.  You want to hedge against inflation.  Remember it is your money despite the fact the government thinks it is theirs and you are only the temporary custodian.

regards,
5412

Offline 5412

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Re: I am getting really frustrated and scared frankly
« Reply #30 on: May 10, 2009, 07:42:20 PM »
Thanks, I signed up for the newsletter. CMIGS has a great article titled misunderstanding, myths, lies regarding gold confiscation along with laws governing the purchase of gold and what triggers reporting to the IRS. Looks like the double eagle gold coins are the only coins that are not reportable over the $10k threshold. You are correct about that amount of gold one can take out of the country.

Panama does not allow US citizens to open a bank account there unless you go thru an attorney who draws up legal document classying you as an entity. After that, it is my understanding that you can fund the account with cash or wire transfers.

Hi,

Glad to hear you joined up.  You will see articles and references about a company titled "Asset Strategies International".  Call one of the folks there and you will find them to be very knowledgable on the subject and they are very patient as they educate us.  I deal with both Rich and Glen......they are good folks.

regards,
5412

Offline rich_t

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Re: I am getting really frustrated and scared frankly
« Reply #31 on: May 10, 2009, 07:56:22 PM »
Thanks, I signed up for the newsletter. CMIGS has a great article titled misunderstanding, myths, lies regarding gold confiscation along with laws governing the purchase of gold and what triggers reporting to the IRS. Looks like the double eagle gold coins are the only coins that are not reportable over the $10k threshold. You are correct about that amount of gold one can take out of the country.

Panama does not allow US citizens to open a bank account there unless you go thru an attorney who draws up legal document classying you as an entity. After that, it is my understanding that you can fund the account with cash or wire transfers.

I signed up today as well.  Why not?  I'm already a US military veteran and therefore considerd a possible US terrorist according to DHS.
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline rich_t

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Re: I am getting really frustrated and scared frankly
« Reply #32 on: May 10, 2009, 08:10:14 PM »
BTW,

I can recommend a fictional book written by James Wesley, Rawles that tells a pretty good story concerning a ecomomic collaspe in the US.  It is titled Patriots; surviving the coming collapse.

I read it several years ago, and it seems pretty relevant now the way things are going.
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline Chris_

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Re: I am getting really frustrated and scared frankly
« Reply #33 on: May 10, 2009, 11:48:42 PM »
If you want to hear piss scared folks, read my situation.

By decree of Lord Zero, I haven't worked since the end of January.  Just prior to that, my was was in the accident, and much of what we'd been able to put together in savings was gobbled up with that wonderful trial and tribulation.

Every employer I talk to these days is scared:  they know that it's only a matter of time before the economy breaks south, and the only question left in their minds is "how great will be the fall thereof".  And so even with the reputation in my field that I have, everybody that has a chair is holding on to it for dear life.  So getting hired on anywhere is getting harder and harder.

So what is my plan?  What are my options?  Well folks, I've got a nice little island on National Forest land chosen as the target destination for OpPlan 'BugOut'.  My family and I already enjoy roughing it, and we have what we need loaded aboard our sailboat, ready to go on about 48 hours notice for an extended "camping trip" in the boonies.

I'm hoping it doesn't come to that extreme, but I'm also looking forward to the possibilities that open up from shedding most of the trappings of civilization.
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline 5412

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Re: I am getting really frustrated and scared frankly
« Reply #34 on: May 11, 2009, 04:41:13 PM »
Howdy 5412,

I can easily see this happening under the current regime.  Based on your own experience and personal opinion what $ amount do you think they might use as a confiscation starting point?  Anyone with $500k, $250k, $100k etc. in 401k, IRA or other retirement accounts.

Additionally do you think they will also target non-retirement investments like mutual funds and stock/bond holdings?

I can see them doing all of the above.  I can also see them stealing from anyone with $500k or above in any type of retirement/investment accounts.

I mean let's face it, the government has already removed many investment and savings incentives with capital gains taxes and the like, so it won't be much of a stretch for them to take the next step... all in the name of the so called "common good".

If the current president is willing to impose a windfall profit tax on companies (like he proposed on the campaign trail), the next step to impose a wealth tax on we "rich" people might suit his socialist agenda very nicely.

Hi again,

As a follow up to your question of what might happen.  I just saw a blurb go on the bottom line on the Fox news channel.  The administration wants to raise $600+ billion to fund the national health reserve fund.  They plan to tax wealthy estates, and individuals $60 billion per year to fund this program.

In other words, they will not only tax your income, they are going to find a way to tax what you have accumulated, plus take the money back from you when you die.

Getting uglier by the day,

5412

Offline Lacarnut

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Re: I am getting really frustrated and scared frankly
« Reply #35 on: May 11, 2009, 05:07:55 PM »
Hi again,

As a follow up to your question of what might happen.  I just saw a blurb go on the bottom line on the Fox news channel.  The administration wants to raise $600+ billion to fund the national health reserve fund.  They plan to tax wealthy estates, and individuals $60 billion per year to fund this program.

In other words, they will not only tax your income, they are going to find a way to tax what you have accumulated, plus take the money back from you when you die.

Getting uglier by the day,

5412

In the future, I look for a lot of reversals and outright theft by the Democraps/Obama's tax policies. For example, the lowering of the inheritance tax rate and lowering capital gains threshold amount on your home. I have a good mind to sell my house. What scares the living crap out of me is that Obama might be eyeing the trillions of dollars in civil service and private retirement accounts. Putting IOU's in there like the Feds do for SS would be a disaster for us savers. 

Offline 5412

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Re: I am getting really frustrated and scared frankly
« Reply #36 on: May 11, 2009, 07:52:18 PM »
In the future, I look for a lot of reversals and outright theft by the Democraps/Obama's tax policies. For example, the lowering of the inheritance tax rate and lowering capital gains threshold amount on your home. I have a good mind to sell my house. What scares the living crap out of me is that Obama might be eyeing the trillions of dollars in civil service and private retirement accounts. Putting IOU's in there like the Feds do for SS would be a disaster for us savers. 

Hi,

I can appreciate your concern.  My guess is he would go after private money first because he can get his hands on it by playing one economic group against another.  Would be a hard sell for those who have state pensions.

One way or another, it is absolutely clear that he really is doing all he can to transfer wealth from the evil, rich, greedy white man just like Jeramiah told him to do.

Saw on Beck tonight that 80% of the republicans are now afraid of big government, whereas the democrats have a much lower number and are more afraid of big business.  The pole was interesting to me because it looks like BO is uniting and mobilizing the republicans.......we are ripe for a Gingrich type conservative to step up.    God I hope so and soon......

regards,
5412

Offline Carl

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Re: I am getting really frustrated and scared frankly
« Reply #37 on: May 11, 2009, 08:11:46 PM »
Hi,

I can appreciate your concern.  My guess is he would go after private money first because he can get his hands on it by playing one economic group against another.  Would be a hard sell for those who have state pensions.

One way or another, it is absolutely clear that he really is doing all he can to transfer wealth from the evil, rich, greedy white man just like Jeramiah told him to do.

Saw on Beck tonight that 80% of the republicans are now afraid of big government, whereas the democrats have a much lower number and are more afraid of big business.  The pole was interesting to me because it looks like BO is uniting and mobilizing the republicans.......we are ripe for a Gingrich type conservative to step up.    God I hope so and soon......

regards,
5412


I am going on 45 and most that I know my age or a bit younger believe that....

  • There will be no Social Security
  • They will never be able to retire

Now my circle of aquaintences doesn`t amount to much of anything so hardly representative I expect but if it is somewhat the norm then it would be an easy "sell" to promise a retirement program but would require voluntarily surrendering existing 401K or IRA funds.

You will be given a choice to opt out but if all that money was removed from the financial sector what would be left would be a pitience.

Offline 5412

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Re: I am getting really frustrated and scared frankly
« Reply #38 on: May 11, 2009, 09:15:48 PM »
I am going on 45 and most that I know my age or a bit younger believe that....

  • There will be no Social Security
  • They will never be able to retire

Now my circle of aquaintences doesn`t amount to much of anything so hardly representative I expect but if it is somewhat the norm then it would be an easy "sell" to promise a retirement program but would require voluntarily surrendering existing 401K or IRA funds.

You will be given a choice to opt out but if all that money was removed from the financial sector what would be left would be a pitience.

Hi,

The original idea that was floated was to confiscate all the IRA and 401K money and replace it with government IOU's.  To INDUCE fools to go along the government would make you whole on the investment losses and guarantee something like 3% interest.

I fear your peer groups fears are correct.  First of all can you imagine what that would do to the stock market, there would be no investment capital......and the government would basically be buying all the stock in the investment accounts with IOU's......so they would own everything....kinda sounds like communism to me.

Second thing they would do is print money to cover all this because all the countries in the world could not lend us enough to cover the deal.  The dollar then goes the way of the peso and you get your 3% guaranteed but your retirement fund is worth zilch as far as buying power goes.

Good Lord, I hope I am wrong, I have children your age who are working their collective asses off just to stay afloat.  The standard of living our generation enjoyed will disappear from the face of the earth.

You may want to go to the politics thread and take a look at the post I did about Maslow, etc. it is totally related to what I fear is going on.

As you have seen me post before, I am getting as much money out of this country and denominated in other currencies as I feel I can afford.

regards,
5412

Offline rich_t

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Re: I am getting really frustrated and scared frankly
« Reply #39 on: May 12, 2009, 02:53:43 PM »
I am going on 45 and most that I know my age or a bit younger believe that....

  • There will be no Social Security
  • They will never be able to retire

Now my circle of aquaintences doesn`t amount to much of anything so hardly representative I expect but if it is somewhat the norm then it would be an easy "sell" to promise a retirement program but would require voluntarily surrendering existing 401K or IRA funds.

You will be given a choice to opt out but if all that money was removed from the financial sector what would be left would be a pitience.

I'm 43 and all of my associates around our age feel the same way you do.  I know I do.  I heard on Rush today that medicare is expected to be bankrupt in 2017 and SS by 2037.

Not that I think there is any actual money still in the SS fund to begin with.
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline Lacarnut

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Re: I am getting really frustrated and scared frankly
« Reply #40 on: May 12, 2009, 03:27:41 PM »
I'm 43 and all of my associates around our age feel the same way you do.  I know I do.  I heard on Rush today that medicare is expected to be bankrupt in 2017 and SS by 2037.

Not that I think there is any actual money still in the SS fund to begin with.

Yahoo Finance has a good article on how the recession is hitting SS and medicare. Medicare looks to be in worse shape. Looks like Medicare taxes will have to more than double to around 7%, hospitals and doctors will have to charge less and patients will receive less care. At my age, 5 star health care is my #1 priority. The government screws that up, and I am out of this country.   

Offline 5412

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Re: I am getting really frustrated and scared frankly
« Reply #41 on: May 12, 2009, 05:08:16 PM »
I'm 43 and all of my associates around our age feel the same way you do.  I know I do.  I heard on Rush today that medicare is expected to be bankrupt in 2017 and SS by 2037.

Not that I think there is any actual money still in the SS fund to begin with.

Hi,

This came in today.  Seems that your social security likely will disappear if they get their way.  They will call it something else and fund it by stealing your IRA and 401K.  The idea that the damn government can handle your money better than you can is nauseating.......

regards,
5412



Who Wants to Confiscate Your 401(k) and IRA?
By Bob Livingston • May 11th, 2009 • Category: Bob Livingston, Government, Personal Liberty Articles, Wealth
 
If you’re like most people who are planning for retirement you have been socking away your money in an Individual Retirement Account (IRA) or 401(k) plan.

And when the Dow Jones Industrial Average reached 14,198.10 on Oct. 11, 2007, you thought you were set. The Dow was running up. Your retirement funds were growing. Everything looked good.

Then stocks began a downward slide that turned into a cliff dive by the following spring as the full extent of the financial crisis came to light. To make matters worse, the market then showed what it thought of the efforts of Congress and the President (both Bush and Obama) to stem the crisis—it tanked.

Fast forward to March 6, 2009. Stocks hit their lows and your retirement funds had dropped by 40 percent to 60 percent.

Now your retirement years no longer look quite so rosy. You’re thinking you may have to work an additional 10 years just to build that nest egg back to October 2007 levels.

Well, don’t fret, help is on the way. The same entity that’s done such a great job of managing Social Security may soon be managing your personal retirement plan.

Congressional Democrats have been holding hearings to decide what to do to help Americans prepare for retirement. Their conclusions: It might be a good thing for the government to eliminate tax breaks for 401(k)s, IRAs and similar retirement accounts, confiscate them and convert them to universal Guaranteed Retirement Accounts (GRA) managed by the Social Security Administration (SSA).

Now unions are joining the bandwagon. Ross Eisenbrey, vice president of the Service Employees International Union (SEIU), was quoted in a union publication saying that he supports a plan to centralize all retirement plans for American workers. His plan includes private 401(k)s and IRAs.

What he wants is for the government to confiscate your private retirement plan and set up a government pension system for everyone similar to the European system. And as is usual with grand government schemes nowadays, individual choice no longer applies.

The SEIU, by the way, is one of the nation’s largest labor unions and it invested heavily in getting President Barack Obama elected. Plus, the union is working with the left-leaning Economic Policy Institute and the National Committee to Preserve Social Security and Medicare on the plan.

In other words, the SEIU carries a lot of clout with this President and Democrat-controlled Congress.

But the SSA hasn’t done such a great job managing Social Security. According to the Congressional Budget Office, Social Security outlays will exceed revenue in 2019, and Social Security funds will be exhausted in 2049.

So, for a 20-year-old just entering the job market who will pay into the system for 40 to 45 years, there is no hope of recovering that money when he or she retires.

There is currently no bill in committee or before Congress to set up a GRA. But the fact that it’s being discussed in committees and pushed by Big Labor should be enough to frighten you.

It’s time to consider, if you haven’t already, your financial plans for your retirement years—whether you are 20, 70 or somewhere in between. Is it time to cash it out? That’s for you to decide along with a tax or financial advisor, as the penalties for early withdrawal are oppressive.

Regardless, as the Federal Reserve prints dollar upon dollar to fund its economic stimulus Ponzi schemes, gold as an investment looks better and better.

Offline rich_t

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Re: I am getting really frustrated and scared frankly
« Reply #42 on: May 13, 2009, 12:07:08 PM »
I don't know how that would stand up to the lawsuits that would surely follow, but it is scary as hell that some jackasses in congress are even talking about it.

On the other hand, it would be one step closer to the revolution that this country so desperately needs to restore us the the Constitutional Republic that our founding fathers fought and died to provide us.
« Last Edit: May 13, 2009, 12:08:52 PM by rich_t »
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline Lacarnut

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Re: I am getting really frustrated and scared frankly
« Reply #43 on: May 13, 2009, 12:29:59 PM »
I don't know how that would stand up to the lawsuits that would surely follow, but it is scary as hell that some jackasses in congress are even talking about it.

On the other hand, it would be one step closer to the revolution that this country so desperately needs to restore us the the Constitutional Republic that our founding fathers fought and died to provide us.

I do not see how that could happen unless the government confiscates a private company's retirement account that they have a 85% ownership in like AIG. I think private companies are very gun shy of taking any money by the Feds now. The Feds are even telling the states what they can and can not do with the stimulus money.

States like CA and NY are in very bad shape financially. So if the government bails them out, I could see them raiding the pension fund as a condition for the bailout. Put an IOU in there and take the trillions out and put it in the Treasury. Those two states have union civil service workers so I might be worrying for nothing since I live in a right to work state that's workers are not unionized.