The hearing was a platform for advocates of Guaranteed Retirement Accounts (GRAs), a program authored by Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York. Back in November 2008, Ghilarducci testified to Congress that 401(k)s and IRAs should be confiscated and converted into universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
“You don’t hold hearings on something you don’t intend to do,” points out the Market Ticker blog. “I hate it when I’m right. I hate it even more when tens of millions of Americans are going to get reamed to pay for the crimes of the handful on Wall Street, and their crony enablers in Washington DC.”
"Why would they bother with this?"
The 7-10T in these accounts that's why. They want to borrow against it like everything else. they also want to redistribute some of this money, they have to keep the ones voting for them happy.
Here's another kicker they are throwing around, that if the House and Senate fall, Obama will use the executive order to ram through much of his agenda.
Oh it's possible...
It happened a few years ago in either argentina or brazil.
I'll withdrawal my 401K and gladly bend over for the 10% penalty before I let the US gov 'take' my money .
I mean, they did a great job administering SS right ? (also money I and my employer put in)
The reality is that something will kick that second revolution off. It really becomes a matter of just what. Why not that sort of idiocy?
I've been taking a poll of late asking folks how they feel the average person they run into in a business environment is feeling. The words used are nearly always, edgy, anxious, on the brink...that sort of stuff.
Remember, one day there was a Soviet Union and the next day there wasn't. Let's not make the same sorts of mistakes that they did in Russia.
YDM: "401K's and IRA's provide more than half the stock market. Seizure by the government would topple the entire market system.Govt has meetings on the lunatic fringe all the time."
The socialist-marxist-democrat progressives are pushing this confiscation of wealth. They are no longer the lunatic fringe when it comes to power and influence in Washington DC and many state capitols. Soros and the progressives brag that the have bought and paid for the democratic party and many of the current progressive republicans as well. They have already cloaked it as a guaranteed retirement account (GRA) with a 3% return in U.S. Treasury Bonds on your money.
They know this proposed seizure would never fly with the majority of the American public so the GRA will get passed as a voluntary option (part or all) for IRA and 401K holders. Then the government will gobble it all. Slowly with republicans in power, more quickly with democrats but never-the-less it will progress until the $6T is all consumed.