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Rumor needs verification or debunking

Submitted by Crowe on Tue, 03/10/2009 - 06:55
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I have been told by an unreliable source that the Obama stimulus plan includes a section that gives the government the authority to seize 401k and pensions. This apparently came from some talk radio show. This is the first I've heard of this, anyone have any information? Thanks

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It happened in Argentina.

Submitted by melgesman on Tue, 05/19/2009 - 15:38.

**“The man who does not read good books has no advantage over the man who cannot read them.” ~ Mark Twain **

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"...there is no doubt that it (socialism) could not possibly have affected us so widely and so deeply as it has, had it not been heavily financed". - B. Carroll Reece

Ask yourself this...

Submitted by apollo13 on Tue, 03/10/2009 - 08:25.

Has there been a run Banks. Has there been a run on stocks? Do I think I will be buying things that require long and medium term loans?

What segments of the market look promising? How long will it take America to retool and retrain for job growth? Will the entitlement programs spurn growth?

Will State and local governments ever down size? Are Government pensions
going to default? If I want to sell my house will I get a buyer? If I apply for a loan will I be accepted? What is going to happen to all of the vacant retail and commercial buildings?
Is a companies stock price based on future earning potential?
The point here is why would the government want something that is worthless?

Is going just long on stocks dangerous to your wealth?

If I buy gold and silver can I hedge my positions using an ETF to the upside and downside?

When I heard that

Submitted by ShineTheLight on Tue, 03/10/2009 - 08:03.

I thought the person (Rush or Beck maybe) meant that the huge amount of bailout would weaken the dollar and cause the market to crash which all in turn takes the retirement funds to the ground. So in effect, this whole mess empties the retirement funds. I don't know if more was meant.

There was a hearing in a

Submitted by cdbymatt on Tue, 03/10/2009 - 08:12.

There was a hearing in a committee last year about offering people pre-crash value of their 401k and making it a government controlled Social Security type fund. While what Crowe heard is not true, with all of the spending going on the any tax deferred or tax free investments are going to to be on the table for taxing or seizing in the future. I think it all depends on the 2010 election. If the Dems can get enough people dependent on the federal gov for basic survival, they will win the 2010 elections and our Republic is totally, officially destroyed. (I know a lot us think it is destroyed now)

It's not true. I guess because it was so large (1100 pages)

Submitted by MikeLawson on Tue, 03/10/2009 - 07:59.

That people made up some stuff that was never really in it. This happened on both sides.

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I used a search function on

Submitted by cdbymatt on Tue, 03/10/2009 - 07:49.

I used a search function on the following terms and could not find anything specific to say this is true: 401, 401k, retirement, investment, pension. Any other words to search?

I've

Submitted by oticonr on Tue, 03/10/2009 - 07:11.

heard this too., and i think when I read up on it it was a proposal at the time. Supposeofly this was being eyed by the democrats for some time. I'll look for it and post it here if i see it again.

http://kingsrightsite.blogspot.com/2008/10/democrats-baracks...

found this already, if u want take it and update.

http://bartonbulletin.wordpress.com/2008/10/23/house-democra...

here is another

heard similar rumors

Submitted by paul4won on Tue, 03/10/2009 - 07:03.

I did not hear that it was in the stimulus plan, just that there was some manuevering going on to get access to 401Ks. We have been telling anyone who will listen to take the penalty, pull out your 401K and put it in REAL assets: food, self-protection, gold and silver, for over a year. It is still our best financial advise... although we could not follow it very much. We had been trying to pay off property with every spare dime we had for years, and now that property is about to sink us. There is some great investment...

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Truth exists, and it deserves to be cherished.