Scary proposal

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Feb 20, 2010 7:44 pm

Frightening! Thats the only word i can find to describe this....

 
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=521423
Feb 20, 2010 7:57 pm
Sportsfreakbob:

Frightening! Thats the only word i can find to describe this....

 
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=521423

Biofreeze is rubbing his hands with an evil smile
Feb 20, 2010 8:48 pm

holy cow ... that is frightening. You've got to wonder if there's any way this could actually happen.

Feb 20, 2010 9:30 pm

Leave it to the "geniuses" in Washington to mess with "our" option of investing. It just pisses me off thinking about this. I wish they would just stop "fixing" things that aren't broken, and if they need money....STOP spending.

Feb 20, 2010 10:16 pm

I'd pay the taxes and the 10% penalty before I'd let that happen.

Feb 21, 2010 10:39 am

Guy lost credibility when he said the US Treasury couldn't sell it's debt on the open market.

30 year bonds paying under 5% I think we're ok in demand for treasury obligations

Feb 21, 2010 1:02 pm
LockEDJ:

holy cow ... that is frightening. You've got to wonder if there's any way this could actually happen.


A year or two ago I would have said no way. Today, i would believe anything is possible from "our" government

I agree with Indy. I would take every penny and pay the penalty.

Feb 21, 2010 1:50 pm
Sportsfreakbob:
LockEDJ:

holy cow ... that is frightening. You've got to wonder if there's any way this could actually happen.

A year or two ago I would have said no way. Today, i would believe anything is possible from "our" governmentI agree with Indy. I would take every penny and pay the penalty.







and then move to New Zealand....

Feb 21, 2010 2:04 pm
Omar:

and then move to New Zealand....





Great Response...... Why should we move?

Feb 21, 2010 4:07 pm
Indyone:

I'd pay the taxes and the 10% penalty before I'd let that happen.





Agreed. So, here's the question... How do They prevent that, if it's in the cards? I've often played that scenario out in my mind, and I think it would have to be sold along the lines of a 50%-100 % pop on each dollar that was converted/confiscated. In other words, BellSouth Barbie who has built up her 401k to 465,000 would have an "account" worth $697,500-$930,000 at the new, improved, turbo Social Security, if she elects to convert. There would have to be a huge "informational" campaign in a run-up to the event, convincing the sheeple that the evils of the market will never be tamed, and do they want to re-live the spring of '09 again right before their retirement? I've been having this conversation with clients over the last two years, and this rumor has surfaced several times in different forms during that time. Was anybody else watching CNBC about a year ago when some House rep actually talked about it on the air and said it was being discussed, or was I the only one?



And then there is the Logan's Run approach. Renew, renew.....

Feb 21, 2010 7:01 pm
2wheeledbeemer:

Was anybody else watching CNBC about a year ago when some House rep actually talked about it on the air and said it was being discussed, or was I the only one?





I don't remember......I think you were the only one.

Feb 22, 2010 9:42 am

Although I don't like the idea of the government getting involved, I think for many, many people, having all of their nest egg in an annuity would actually save them from themselves and from making stupid mistakes.  Not that I would EVER put all of someone's money in an annuity, but honestly, I have seen and heard too many horror stories of people ruining their retirement years through (1) bad investment management, and (2) bad personal financial management (i.e. bad spending habits).

Give 'em a paycheck for the rest of their lives, and they can't hurt themselves too badly.
Feb 22, 2010 11:48 am

This article was written by Newt Gingrich... consider the source gentlemen.

Feb 22, 2010 6:03 pm

This would be the best thing ever for advisors. Every single investor with a clue would be cashing out their current 401k's, paying taxes and the penalty, and bring us the funds. They then would stop adding to their 401k's and use those funds in taxable accounts. Then the meatheads who would let the government make that conversion will provide a huge flow into treasuries pushing bond prices up and yields down pushing even more people who are in CD's and bank accounts to us. Please let this happen. Please.

Feb 22, 2010 7:37 pm
CORR:
Omar:

and then move to New Zealand....





Great Response...... Why should we move?







You wouldn't understand, so you should stay put.

Feb 22, 2010 7:56 pm

Omar must have been down under.  Kiwis are the best.  Even less politically correct than Aussies.  Love the place. 


Feb 22, 2010 10:23 pm
Moraen:

Omar must have been down under.  Kiwis are the best.  Even less politically correct than Aussies.  Love the place. 


NZ is great
Feb 23, 2010 7:21 am

Feb 23, 2010 2:23 pm

I hope this article is real... I just liquidated my SEP, check in route, down payment on a California Spyder... 

Feb 23, 2010 7:57 pm
etj4588:

This article was written by Newt Gingrich... consider the source gentlemen.

That guy fell off the map... Was he one of the guys that got turned in because Larry Flynt was offering $1M for info on republicans during the lewinsky scandal?
 
Never mess with people who are friends with people like Larry Flynt.. Because they don't give a fck....