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Confiscation of retirement.
- Thread starter FAST.AM
- Start date
While this will never happen, is it really such a bad idea?
Most everyone, no, make that everyone I work with, associate with, or otherwise know outside of the trading world has been killed in their 401K's and IRA's.
Heck, 3 out 4 topics on this board refer to the utter stupidity of the average investor. Do you really think the typical 401K/IRA guy is ever going to be able to retire? Aren't they just going to end up being a burden to taxpayers one way or the other?
Most everyone, no, make that everyone I work with, associate with, or otherwise know outside of the trading world has been killed in their 401K's and IRA's.
Heck, 3 out 4 topics on this board refer to the utter stupidity of the average investor. Do you really think the typical 401K/IRA guy is ever going to be able to retire? Aren't they just going to end up being a burden to taxpayers one way or the other?
I can't believe any of you didn't check the source. the "John Locke foundation" responsible for this "journal" is an ultra right wing fear mongering rag....no way in hell is the congress ...Republican OR Democrat...thinking of this. This thread belongs back in chit chat.
Quote from RichardRimes:
I can't believe any of you didn't check the source. the "John Locke foundation" responsible for this "journal" is an ultra right wing fear mongering rag....no way in hell is the congress ...Republican OR Democrat...thinking of this. This thread belongs back in chit chat.
Sure. People with money and power have no hunger for either one. Yeah, I believe you...
Quote from GermanTrader:
Sure. People with money and power have no hunger for either one. Yeah, I believe you...
I have neither money (much) nor power (any)..I do have age and I remember a time when people really did believe in "what can you do for your country?" rather than "what can your country do for you". The change I am looking for is what we had BEFORE Regan when we believed in the power of people doing good, in helping your neighbor, trusting your friend. A rising tide does lift all boats, but "trickle down" economics doesn't work nor will it ever work. We need to focus on how we can leave a brighter future for our children and their children, rather than where we want to retire.
Yes it can pass. All the government has to do is make people very fearful. When people are scared they will go crawling to Washington begging them to take over their 401K's. The government will not have to force this upon anyone.
Quote from stevegee58:
Of course not. The only people suggesting this are academics as far as I can tell. If anyone in Congress suggested this, they'd be in political hot water.
Still, it's great fun talking about it.
Exactly.
Quote from hughb:
You guys are such drama queens!! You guys aren't leaving America and you aren't closing out your 401K's either.
Nobody should have a 401k or an IRA or any other type of regulated retirement account. NOBODY. When I talk to people at work who participate in the company sponsored 401K most of them say they participate in it because it is tax free, they obviously don't understand what "deferred" means. Others say they do it because the company matches their own contributions, up to a certain level. Here's the funny part - everyone I have ever talked to who is participating in a 401K that purchases stock, whether in the company or in a fund, believes that their money is guaranteed. If there ever comes a time that they actually read their statements and find that their 401K has declined in value not only will they not mind if the govt confiscates it, they will DEMAND it.
You guys here who have a 401K or IRA need to get your heads out of your asses. Nobody should have a savings account in which govt regulation limits how much you are allowed to save and how much you are allowed to withdrawal. And if you have a retirement account because you believe you are protecting your assets from some sort of future litigation, well then you really need to get your head out of your ass.