Speaking of socialism - They want your IRA

[HCM]

They Want Your IRA
The White House pushes investors toward government accounts.



President Obama’s regulators aren’t slowing down, alas. And on Wednesday they unveiled another part of their plan to push Americans out of private investment accounts and into government-run plans.


http://www.wsj.com/articles/they-want-your-ira-1459985170

Considering Hillary floated an excise tax on 401Ks back in 1992, where do you think this is going?

[Wondering Beard]

They Want Your IRA
The White House pushes investors toward government accounts.





http://www.wsj.com/articles/they-want-your-ira-1459985170

Considering Hillary floated an excise tax on 401Ks back in 1992, where do you think this is going?

How many guesses do we get?

[sarcasm]

[Tamara]

...where do you think this is going?

Atlas Shrugged II: Electric Boogaloo!

[Chuck Haggard]

It's been done before in other places.

FerFal talks about things like that at length on his blog ref the collapse of Argentina

[JohnO]

They've done a spectacular job with the Social Security "Trust Fund". Haven't they?

[Hambo]

They've wanted to take over private pensions for a long time, why wouldn't they want your IRA, 401K, and the rest of it?

[PPGMD]

I'd rather stuff my money underneath my mattress.

[ralph]

I'd rather stuff my money underneath my mattress.

In reality, that's probably the safest place..

[ralph]

They Want Your IRA
The White House pushes investors toward government accounts.





http://www.wsj.com/articles/they-want-your-ira-1459985170

Considering Hillary floated an excise tax on 401Ks back in 1992, where do you think this is going?

Anybody that's stupid enough to put money in a goverment run plan like this, deserves to have it stolen.

[Dagga Boy]

I'd rather stuff my money underneath my mattress.

It's in my safe....N frames make the mattress lumpy:D

[PPGMD]

It's in my safe....N frames make the mattress lumpy:D

Well you could have a safe under your mattress:
https://www.safetysecurity.co/bed-safes/

[jh9]

As far as increasing the burden on private retirement account managers goes: good. It makes my blood boil knowing that there are people out there shaving money off Ma and Pa Kettle's retirement accounts while simultaneously doing literally nothing a Vanguard/Fidelty target date fund doesn't do at a fraction of the cost.

That nice elderly couple wants to play the stock market to get rich quick? Go to Edward Jones and enjoy getting taken for a ride to the tune of 1.5% annually along with whatever ridiculous fee structure they can concoct. Cavet Emptor.

That same elderly couple gets sold the same high commission products while planning retirement? I want the people profiting off them in the stocks at midday. If you can't show you're putting your customers' interests ahead of yours for a retirement account then you're selling snake oil. That corner of the market should be more tightly regulated.

Meanwhile, back in the penny stock and day trading world: knock yourself out. IDGAF.

It's not at all unlike medicine. If you want to go to a herbalist and pay ten grand for some chakra flakes, then you've got nobody to blame but yourself. But if I go to a licensed doctor I expect a real doctor. And if I don't get it I want legal recourse.

[BJXDS]

They Want Your IRA
The White House pushes investors toward government accounts.





http://www.wsj.com/articles/they-want-your-ira-1459985170

Considering Hillary floated an excise tax on 401Ks back in 1992, where do you think this is going?

Well, they need more money to help protect us "Ordinary Citizens"

http://www.cnsnews.com/news/article/penny-starr/dem-gun-control-laws-needed-protect-ordinary-citizens-wave-violence

I feel safer NOW!

[GardoneVT]

As far as increasing the burden on private retirement account managers goes: good. It makes my blood boil knowing that there are people out there shaving money off Ma and Pa Kettle's retirement accounts while simultaneously doing literally nothing a Vanguard/Fidelty target date fund doesn't do at a fraction of the cost.

That nice elderly couple wants to play the stock market to get rich quick? Go to Edward Jones and enjoy getting taken for a ride to the tune of 1.5% annually along with whatever ridiculous fee structure they can concoct. Cavet Emptor.

That same elderly couple gets sold the same high commission products while planning retirement? I want the people profiting off them in the stocks at midday. If you can't show you're putting your customers' interests ahead of yours for a retirement account then you're selling snake oil. That corner of the market should be more tightly regulated.

Meanwhile, back in the penny stock and day trading world: knock yourself out. IDGAF.

It's not at all unlike medicine. If you want to go to a herbalist and pay ten grand for some chakra flakes, then you've got nobody to blame but yourself. But if I go to a licensed doctor I expect a real doctor. And if I don't get it I want legal recourse.

Nope.

Bank analyst here.
Snake oil salesmen are a necessary evil of any business. For every Heckler & Koch, there's a Taurus Inc. somewhere making a buck off of consumer ignorance. You'd have better luck regulating the orbit of Pluto then trying to stop that.

Here's the social- political angle; the type of American who budgets and saves money in an IRA isn't usually a registered Democrat. The way the lefties figure it, if you can afford an IRA you can afford to pay for your neighbors retirement too.

The mattress, alas, is no savior either. Lefties tend to be very efficient at sabotaging cash value over time due to excessive inflation.

[jh9]

Nope.

Bank analyst here.
Snake oil salesmen are a necessary evil of any business. For every Heckler & Koch, there's a Taurus Inc. somewhere making a buck off of consumer ignorance. You'd have better luck regulating the orbit of Pluto then trying to stop that.

I'm not interested in stopping it. You can't stop it. But you can put them in prison (and possibly make them pay restitution).

Some things I'm totally okay with profiting off ignorance. Especially if it's wilful ignorance. Other things not so much. This falls in the latter category.

[Jeep]

It's been done before in other places.

FerFal talks about things like that at length on his blog ref the collapse of Argentina

Completely correct. Argentina told its citizens that the government was going to protect people who held its version of IRA's. You see, they have been tricked by the capitalists or somebody to buy dollar denominated investments, including stocks and bonds and bad stuff like that.

So the government of Christina Kirchner seized all the bad investments in the IRA's and gave the grateful citizens Argentine government bonds instead. Well, maybe the people weren's so grateful because Argentina has defaulted on its bonds something like 6 times since independence and is still embroiled in litigation over the last default (in 2001 or so). The citizens also weren't happy with the 6% interest rate on the bonds given that Argentina's real inflation rate (which was illegal to publish but which everyone knew) was over 20%. But Argentina took all the assets anyway and immediately used the money from them to buy goodies for the Peronist party voters.

Meanwhile, Argentina's inflation accelerated and the bonds are now worth something like a quarter of the value of the assets that were stripped from the IRA's. Or, to put it another way, the savings of Argentina's IRA holders were stolen by its government.

You can see why lefties everywhere, including the United States would love the idea. You loot middle class people's savings to fund "investments"--mainly giving goodies to other people so they will vote for you. Even better, the middle class losses its retirement money so it will need government help to retire--and in return for their help they better vote for you.

Socialism always poses as a noble concept but in practice it always turns out to be an instrument of evil.

[FNFAN]

I'd rather stuff my money underneath my mattress.

First they want to do away with that filthy money in your mattress and give you some nice digital currency, then they want to give you a nice little 10% trim. Find the IMF October report and enjoy!

[PPGMD]

First they want to do away with that filthy money in your mattress and give you some nice digital currency, then they want to give you a nice little 10% trim. Find the IMF October report and enjoy!

I would take all the digital currency they give me and convert it into something physical.

[RevolverRob]

Antiques never go out of style. Guns, knives, farm appliances, mechanical carburetors, whatever, buy now, liquidate later. Despite their best efforts to legislate us all into government-dependence at the end of the day they will fail. You'll never get rid of firewood, liquor stills, guns, or ammunition. As long as someone exists to make it, someone else will exist to use it.

And should they succeed in eliminating all of the independence granting tools then the amount of money you need to "retire", is either 1) The amount of money it takes to buy a rope to retire yourself with. Or 2) The amount of money it takes to buy a one-way plane ticket into some faraway and wholly undeveloped place. If you think the government will spend resources looking for you in the roughneck country of Mongolia or Kazakhstan, then you're overestimating your importance to them.

That's the one thing Orwell got wrong about 1984 - You can still escape, you just have to have the will and know-how.

PS: Digital Currency? Cryptocurrency or bust. https://en.wikipedia.org/wiki/Cryptocurrency

[Jeep]

First they want to do away with that filthy money in your mattress and give you some nice digital currency, then they want to give you a nice little 10% trim. Find the IMF October report and enjoy!

That, however, is the great thing about living in the US. Yes, the IRS and the Treasury want to ban cash and make everything digital. But the problem is America's biggest single export is almost certainly $100 bills (over $2 trillion in circulation abroad, which means we save $60 billion in interest charges per year) and they don't want foreign countries to ban cash because that would mean that foreigners might not use so many $100 bills. So the feds will have a hard time banning cash here.

Needless to say, they will try to dream something up, but it is going to be hard for them to do.

[Drang]

Considering Hillary floated an excise tax on 401Ks back in 1992, where do you think this is going?

Any day now we'll start hearing bout the "IRA Loophole."

[TGS]

Any day now we'll start hearing bout the "IRA Loophole."

Pay your fair share, Drang.