Mark should have challenged the idiot on 401K fees...one can move the account around it is a free market...some charge fees as low as one quarter of one percent to manage your money....IRAs, 401Ks and medical savings accounts were good ideas from government.
This being an older interview adds to the danger of it coming to fruition before 2016. A nitwit like this comes up with a far left progressive idea, gives people the time to laugh it off as far fetched, lays low for a while, ordinary people think the idea is dead, meanwhile its gaining locomotive strength behind the scenes in congress, every leftist in government gets pork barrelled into agreeing its the right thing to do, out comes the revamped (limits) idea, viola, your social security check has been doubled and you'll like it. I'm glad I'm closer to the end I'm at rather than the end this new gov't takeover will supply for me with MORE of my money.
When the heck are people gonna wake up to this socialist, communist, fascist (hey, call it what you want) road we're on. This nitwit should be allowed no more than 5 miles close to any school. And that includes not picking up her grandchildren who will hate her by the time they're ummmmmmm maybe 30 years old. Unless of course they become so acclimated to the new society they live in that they like the color coordinated uniform they have to wear to their job. Yeah, thats not far off, all secretaries must wear a beige pants suit. But don't fret girls, its been designed by Chelsea Clinton with her Mom (the Mother of our New Country) in mind. And you, you, the lawn maintainance guy, you didn't but a new pair of pants this year, for that we'll deduct $75 from your gov't allowance this winter. Oh, you got a puss on over that. You're lucky we're not deducting the full cost of the pants ($150).
I talked about this a couple of years ago. I actually read comments made by Nancy Pelosi concerning this....around the same time as the BHOcare crappola. They are serious.
They are pushing us very hard. I hope more people wake up!
go Vanguard...very low fees....what a fool this ass hat is.....and she purports to be a college professor....and this is a shining example of the American Education System...shame shame.....
They are coming for your 401k's but I have a gripe to air before the links. Many of you had no problems going after Social Security a program that is entirely self funded by people and their employers that doesn't add one red cent to the deficit. The common theme was it's broke because the politicians filled it with IOU's. Now that they may take your 401k's the whining starts? I voted for Mitt as most people in my age group did but that is something Conservatives are way off base on. People who understand the Constitution know that it is against the Constitution to not honor our debt. Furthermore it would be outright theft and immoral.
Sect. 4 of the 14th Amendment. It reads in part:
”… .the validity of the public debt of the United States, authorized by law… shall not be questioned”
If you use entitlement in reference to Social Security in the sense that people are entitled to get back the money they were FORCED to pay in you are correct it's the law. Doesn't matter if it was a so called Ponzi Scheme or not the fault lies with the politicians who passed it into law to begin with long before the boomers who are starting to collect now had any say in it.
And second, there is this Criminal Mischief statute
18 US 1361. Government property or contracts
“Whoever willfully injures or commits any depredation against any property of the United States, or of any department or agency thereof, or any property which has been or is being manufactured or constructed for the United States, or any department or agency thereof, or attempts to commit any of the foregoing offenses, shall be punished as follows:
If the damage or attempted damage to such property exceeds the sum of $1,000, by a fine under this title or imprisonment for not more than ten years, or both; if the damage or attempted damage to such property does not exceed the sum of $1,000, by a fine under this title or by imprisonment for not more than one year, or both.”
The TRUTH About Who Really Owns All Of America's Debt
Republicans About To Fall For A World Class Social Security Bait-And-Switch Con
NSC Warns Means Testing Could Be Part of Congressional Deal
Keep that in mind if you were silent about the Politicians stealing from people who along with their employers paid for Social Security.
Private Savings Accounts May Be "On the Table" in Fiscal Cliff Talks
Fiscal Cliff: Why Congress Might Have to Mess with the 401(k)
It's going to happen. Why do I think that? Just see what the Left has accomplished with the GOP saying the same thing. It's EASY money and the American people will like it, because it makes it 'fair' to everyone. They don't have to think, just let the Gov do it for them.
I listened to this earlier in the day. The "great one" was simply toying with a typical liberal schmuck. Let's just say the government EVER tried to take our 401K's. Maybe then people might rise the hell up and be heard. I think there would be a revolution in a NY minute.
Well, with a socialist like Obama, nothing would surprise me if he issued an Executive Order confiscating all private pension plans. Friends, this is how revolutions begin. The only question is, do we end up with a French Revolution, or a Reagan revolution? Given how people feel today, don't be surprised if we end up like Greece and get a French Revolution as an added "bonus." It could happen here if people get desperate enough.
What do you all want to bet that barack hussein obama will try to get all the guns before he grabs everyone's 401k? People will go berserk if he grabs the money first. He is going to try to get the guns first. How? I don't know and I don't think he will succeed in getting our arms but we need to think ahead here and consider possible scenarios.
I never thought my own country would outright steal my money. I just keep thinking about what my father told me when I asked him, "How did you know it was time to leave Cuba?" And he answered, "When the government started taking Cuban-owned businesses."
It's happening here, maybe not as dramatically as it did in Cuba, but a 2nd term Obama will move at warp speed.
In my family, one relative lost his company one day while he was at lunch. The government came and they took it, just took it. A couple of years ago I saw a similar scene that played out in Venezuela. Someone captured it on a cellphone. Chavez's thugs came to a family farm and took it, just took it.
The goal a long time ago was to spend the US into oblivion and then steal the savings of the American people as the only viable rescue plan.
I say let it BURN!!! If collapse is coming, bring it on. The global banking mongers have been waiting a long time to bankrupt us and jump in and create the one world currency and this fight needs to come NOW!!
More Agenda 21. ALL private property whether land, money or our own bodies, will become sole property of the government. The Global Government!
After listening to the slime from the woman interviewed, I'm gonna have to go clean my ears out with soap. No wonder college grads can't get a McJob making change at a cash register!!!
The truth of the matter is that tens-of-millions of middle-class workers own 401(k)s and its non-profit equivalent, 403(b)s. I know because I worked with these employees, educating them about the tax benefits of saving for their retirements in self-directed accounts that would supplement their social security. They knew that social security alone would not provide them with even a quarter of the income they earned as wage earners. They all wanted to participate in the same tax-favored retirement investment accounts that were available to high-income earners. They knew that compounding of earnings over time in investments suitable to their risk tolerance and time horizon could reap them a retirement near-equivalent to their current income.
And now our "benevolent and fair-minded" federal government is planning to play Indian Giver on a massive scale, in effect telling all owners of tax-favored accounts that the money they set aside for their future -- in an effort to be responsible for themselves, delay gratification or sacrifice today to secure financial soundness in the future and not to be a burden on their children -- is to be STOLEN from them so that our derelict, ILLEGITIMATE, and obscenely immoral federal government can have the funds with which to practice patronage on a grand scale so as to secure its tyranny into perpetuity.
I would freak if they tried that here in Canada. I have two kinds of tax sheltered accounts. One is indeed taxed when you take it out. The other is not taxed when you take it out (you put in cash you earn after income taxes). One of the accounts is self-directed. I love it. With mutual funds, people consider it a good investment if you make 8% a year (4% these days is good). I can make 4% in a month in my self-directed account. Lots of risks though. I lose more than that on occasions, but tend to make it back quickly and profit.
Now you're going to tell me they're planning in the US to take my mutual funds (if I were in the US) and they're going to invest it because they think that pooling assets will give less risk and better rewards? Are they nuts? That's not how the market works. Right now, there are plans you can take according to your tolerance. Index mutual funds tend to do as good or better than other funds and the government thinks it can do better than these money managers and better than index funds?
Yeah, ok. I'm now totally sh**ting my pants.
BTW, how would they be able to use the money? Would they IOU the hell out of it and give back the amount due when someone takes it out like they did Social Security? This is really nuts.
401k's aren't the problem. A bad economy and lack of good information is. I'm a programmer and it took me forever to fully understand how a stop limit order works. Or better yet, what a front load mutual fund is, MER and all that jazz. That's kinda important for the "middle class" to know.
"it took me forever to fully understand how a stop limit order works"
I know what you're saying. I learned all that stuff in high school. Yes, they actually taught practical stuff like that back then... you know, back when the dinosaurs roamed the earth. Kids today don't even learn correct history, let alone how to become functional members of society. If kids today were taught that by starting a simple mutual fund at age 18, contribute $25 per month and earn a modest return, they'd be a millionaire at 65.
Of course, all that is going to be irrelevant soon anyway because when (not if) DuhOne gets his way and steals our money nobody will be investing anyway, the market will collapse, hyper-inflation will set in and we'll all be destitute... right where he wants us.
Boehner OUT!!! Bachmann IN!!!! She's twice the man cry-baby ba-ba could ever hope to be! And by that I mean Bachmann has guts, is patriotic, intelligent, steadfast, and don't become a sobbing mess every few minutes! She has backbone, spirit, and FIGHTS for America not tells us all to just lie back while our country is raped by NObama and his Socialist power grab (NObamacare) I could go on and on and on... But to recap... Crybaby OUT!!! Bachmann IN!!!!
I did not hear this interview at the time but I do remember Rush talking about this woman. Mark really baited her and pulled her in. He's the man!
BOEHNER IS A TRAITOR TO HIS PARTY!!! Make noise America...NO BACK-DOOR DEALS!!! This joke BOEHNER has given in to this guy for four years...raising the debt ceiling...giving in to OBAMACARE...Go Home Boehner! You are going to cause the demise of the GOP! We hate what you are doing you jack-ass!!!!!
OUR NATION IS DROWNING!!!! We MUST get rid of the dim wits like BOEHNER who KISSES OBAMA'S BUTT!!! Or else the republican party (lower case for cowards) is FINISHED!!!!!
The only thing they will manage, is to destroy the remaining hope for our lifelong savings. "You pick you crooks" she said... What a lunatic
I heard this one when it aired originally. Great interview, and it exposes the fraudulent way of thinking.
I'm not yet ready to believe that the government will simply steal money from our 401K's.
However, at some point, the politicians may decide to devalue the currency at a rapid rate.
Oh, they don't plan on stealing it. From reports I've seen recently (sorry, I don't have the links) they plan on replacing your money with debt bonds. Essentially, you are going to own the federal debt. What could possibly go wrong?
"Isn't that a little Fascist? Where in Constitution does it authorize Govt to say you're rich and you don't need that? Ladies and Gentlemen this is Tyranny. STOP destroying my Country." Beauty Levin...Beauty.
Commies seizing private assets! Wonder will BillO finally call NObama a Socialist now? You might remember how he's always saying that until he seizes private stuff he's getting a pass from him?
Regarding BillO, mix him with Beckel and what do you have? A tall, fat, bloviating liberal who gets to shine 0's shoes in an interview every coupla years. O and O will justify taking the money as it being the gov'ts already because it was printed on a US Treasury printin press. You didn't make that money.
Mark, You are so right. The money we have worked for 30 years to save for our retirement will be STOLEN by the Federal Government for people who don't Work for a Day!
I've heard this interview on Mark's show a couple of times, and this idiocy is downright scary. Now that there are four years to ram something like this through, I imagine it's going to happen. I'm thinking I need to get everything out of my 401k ASAP and take the penalty hit before it all disappears into the WDC cess pool.