Dems Target Private Retirement Accounts

[victorchai]

Dems Target Private Retirement Accounts
By Karen McMahan

Democrats in the U.S. House have been conducting hearings on proposals to
confiscate workers' personal retirement accounts — including 401(k)s and
IRAs — and convert them to accounts managed by the Social Security
Administration

Triggered by the financial crisis the past two months, the hearings
reportedly were meant to stem losses incurred by many workers and retirees
whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis
at the New School for Social Research in New York, in hearings Oct. 7 drew
the most attention and criticism. Testifying for the House Committee on
Education and Labor, Ghilarducci proposed that the government eliminate tax
breaks for 401(k) and similar retirement accounts, such as IRAs, and
confiscate workers' retirement plan accounts and convert them to universal
Guaranteed Retirement Accounts (GRAs) managed by the Social Security
Administration.

http://www.augustreview.com/news_commen ... 081107104/

[victorchai]

NOW what.......
OBAMA FANS......
You get what you asked for...

[Charles Dean]

You do realize that he isn't president yet, right? That Bush is still President for the nest 2 1/2 months? And that this hearing took place a month before the election?

Any articles on this from a non-tinhat website?

Here's the article from the actual committee's website showing that she wasn't the only one who spoke before the committee: http://www.house.gov/apps/list/speech/e ... aring.html

It was a discussion on how to protect people's 401k plans. Most of which have dropped 30-50% over the last year.

This will get about as much traction as privatizing social security I'm guessing.

[Charles Dean]

Tim, this should be in economics, not seattle real estate. I can has move?

[deejayoh]

hmmmm. some other vital articles on "The August Review" include: The Plan to Disappear Canada and Global Banks Embrace Islam

Perhaps an article from a believable source, posted in an appropriate forum - would be a bit more credible?

or are you going to be our new RobRoy?

[Charles Dean]

Man, I really hope so.

[rose-colored-coolaid]

[Charles Dean]

You know, I was thinking about this a little bit more today, and what if you had a self-directed 401k? Wouldn't it make sense to have some sort of option like that if you wanted to?

[Charles Dean]

Amazing. I just read about how the day after the election, Rush started going on and on about how we're in the "Obama Recession" now. Seriously? Are people really that stupid?