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US taps pension fund to avoid passing debt limit

Once upon a time there was a massive company built on a ponsi scheme. All went well until the top heavy pyramid couldn’t stay upright. The managers tried to save the company by surreptitiously “borrowing” the employee contributions to the company’s retirement plan – but alas the company failed before the “loan” could be paid back. There was a big scandal. The “loan” was renamed to “theft”. The managers were determined to be criminals – sent to jail. The Feds should thank Enron for showing the way to forestall insolvency.
 
Ha. Let's do like Hostess and rob that sucker by selling them all the toxic mortgages.
 
Private 401k's are next . I betcha a dime to a dollar.
 
can't happen if people do their own retirement plan that does NOT involve Wall Street.....

if I was starting out now, I would buy rental property ....
 
Blue_State said:
Extremely sad to see this thread so silient.
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You mean educated people didn't take the rightwing bait?

Sorry, the termporary use of cash in the pension funds to get over the Tea Party hostage threat is a good policy. Once the Tea Party is defeated, again, the funds will be returned and we can get back to progress as conservatives and their hostage taking fades from memory.

Pseudoproblem noted.
 
head of joaquin said:
You mean educated people didn't take the rightwing bait?

Sorry, the termporary use of cash in the pension funds to get over the Tea Party hostage threat is a good policy. Once the Tea Party is defeated, again, the funds will be returned and we can get back to progress as conservatives and their hostage taking fades from memory.

Pseudoproblem noted.
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And yet I'm sure you don't mind Social Security being used as Washington's personal slush fund. Makes sense.
 
Gipper said:
And yet I'm sure you don't mind Social Security being used as Washington's personal slush fund. Makes sense.
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I mind the misuse of the term slushfund, but I've gotten use to the misuse of words by conservatives.
 
head of joaquin said:
You mean educated people didn't take the rightwing bait?

Sorry, the termporary use of cash in the pension funds to get over the Tea Party hostage threat is a good policy. Once the Tea Party is defeated, again, the funds will be returned and we can get back to progress as conservatives and their hostage taking fades from memory.

Pseudoproblem noted.
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Dude...put down the crack pipe and step away. You don't actually think they'll repay it...do you? Or do you think Social Security was repaid?
 
Since I posted this last night, it has been brought to my attention that our government has done this several times before, going back well over a decade... hence, all the moronic whining about the Tea Party is easily and justly dismissed... and that the money has always been paid back with interest. That's good. If so, I think that would be an important tidbit to include in the linked article.

And again, if so, while that does make me feel a little better, it still worries me that we have to do this so often. I also worry if/when the first time the money isn't paid back will be.
 
Fenton said:
Private 401k's are next . I betcha a dime to a dollar.
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it has been discussed several times.

the government wants the 401k's vested in u.s. treasury notes.

leaving the people who invested their money with worthless those fiat paper notes.

giving investors money to entitlements and those living off government...more redistribution of wealth.
 
What needs to be done is

1. Dissolve the retirement fund for Politicians, elected political office was never intended to be a "career", it was a civic duty. They can have their own private 401k like the rest of American public

2. Put elected politicians on Medicare for their health services

3. Attach their raises to the debt, no raises "if" the debt is over 3%

With us allowing them to establish their retirement, benefits and control over their own raises we have effectively established the American Aristocracy
 
ernst barkmann said:
it has been discussed several times.

the government wants the 401k's vested in u.s. treasury notes.

leaving the people who invested their money with worthless those fiat paper notes.

giving investors money to entitlements and those living off government...more redistribution of wealth.
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Whose 401ks? I haven't heard of this.
 
radcen said:
Since I posted this last night, it has been brought to my attention that our government has done this several times before, going back well over a decade... hence, all the moronic whining about the Tea Party is easily and justly dismissed... and that the money has always been paid back with interest. That's good. If so, I think that would be an important tidbit to include in the linked article.

And again, if so, while that does make me feel a little better, it still worries me that we have to do this so often. I also worry if/when the first time the money isn't paid back will be.
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It is an incredible problem. Under the way the fund is set up, it is a crime to borrow from it. $0.02
 
radcen said:
Whose 401ks? I haven't heard of this.
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every Americans 401k's

it know it was talked about at least twice.

taking the money from the market 401k's are vested in and moving the money into u.s. treasury notes.

then the government taking that money from investors and spending it on the government and the nanny state.

401k's have billions and billions of dollars the government wants to get its hands on.

here is just 1 story from the net, but their are many...

Senate Hearing: Seizure of 401k Accounts May Be Reality Soon

Senate Hearing: Seizure of 401k Accounts May Be Reality Soon
 
ernst barkmann said:
every Americans 401k's

it know it was talked about at least twice.

taking the money from the market 401k's are vested in and moving the money into u.s. treasury notes.

then the government taking that money from investors and spending it on the government and the nanny state.

401k's have billions and billions of dollars the government wants to get its hands on.

here is just 1 story from the net, but their are many...

Senate Hearing: Seizure of 401k Accounts May Be Reality Soon

Senate Hearing: Seizure of 401k Accounts May Be Reality Soon
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Men.... this hype has been around for awhile, l don't see it happening for if it did people would riot.
 
ernst barkmann said:
well i think so too, but i find it strange that the government would even have talks about taking private citizens money.
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That's government for you, exploring every option to lie, cheat and steal from the people ;)
 
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