Obama to meddle with your retirement account?

[zeitgeist]

There was a particularly interesting line in Obie's State of Confusion Speech last night which I ran across at the dump. 

Dump Link

Cant trust em  (1000+ posts)        Tue Jan-25-11 11:50 PM
Original message
Obama on social security from SOTU
 Edited on Tue Jan-25-11 11:53 PM by Cant trust em
To put us on solid ground, we should also find a bipartisan solution to strengthen Social Security for future generations. We
must do it without putting at risk current retirees, the most vulnerable, or people with disabilities; without slashing benefits for
future generations; and without subjecting Americans' guaranteed retirement income to the whims of the stock market.

http://www.huffingtonpost.com/2011/01/25/obama-state-of...
 

Note the section which I bold-ed. Then think about this:

Obama to meddle with your retirement account?
Administration considers forcing investors into Treasury debt
Posted: January 14, 2010
12:30 am Eastern


By Jerome R. Corsi
© 2011 WorldNetDaily



President Obama
 
The Obama administration appears to have come up with a novel way of financing trillion-dollar budget deficits – demanding IRA and 401(k) holders buy trillions of dollars in Treasury bonds.

With the Treasury needing this year to see another $1 trillion in debt to finance the anticipated federal budget deficit, and the Federal Reserve about to discontinue its 2009 program of buying Treasury bonds for the Fed's asset portfolio, the Obama administration is scrambling to find ways to sell government debt without having to raise interest rates.

Bloomberg reported Friday that Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Mark Iwry are planning to stage a public comment period before implementing regulations that would require private investors to structure IRA and 401(k) accounts into what could amount to a U.S. Treasury debt-backed government annuity.

CNBC's Rick Santelli broadcast the rumor the same day from the trading floor during CNBC's "Power Lunch" show.

Spokesmen from both the U.S. Treasury and Department of Labor confirmed to WND that the federal agencies about to enter a pre-regulation public comment phase on the proposed rule change.



Read more: Obama to meddle with your retirement account? http://www.wnd.com/?pageId=121891#ixzz1CB3iGzej

Read more: Obama to meddle with your retirement account? http://www.wnd.com/?pageId=121891#ixzz1CB2mPI4M

There is plenty of buzz about this for example:

Obama Wants to Steal Your 401(k), and Why You Should be Glad
By Eric Schurenberg | Jun 21, 2010 |


http://moneywatch.bnet.com/retirement-planning/blog/financial-independence/obama-wants-to-steal-your-401k-and-why-you-should-be-glad/927/

Do you think ObieWun was telegraphing his move in the SOU?

Think about FDR and Gold.  Here today, gone with the stroke of a pen.   

Ready cash to bail out SS and redistribution all rolled up in one neat regulation change.   

[Pat]

14 trillion worth to spend

[Jmartin]

And when the idiots in DC finally go bust every person with an account will lose everything.

[Lacarnut]

Betcha the Magic Negro would exempt his slimy friends like GM, G.S., J.P.M. and the Unions from forced confiscation of 401 and retirement funds. The Treasury bonds would have a similar backing like what is in the SS Trust Fund which is IOU's.

[DumbAss Tanker]

Selfishly, I know I'm close enough to cashing mine out that this won't happen to my own stash, but if God forbid the Dems ever got the upper hand again in Congress like they had in the two-year vale of darkness from which we just emerged, all bets are off on everyone else's.   

[Lacarnut]

There will be a giant sucking coming out of the stock market if he tries this. Mutual funds will dry up and those that can will move their 401k into an IRA rollover.