May 10, 2010

More buzz re: 401K Gov't takeover

With the collapse of the pension funds of SEIU, there is great pressure for a bailout.  And since the government cannot just print more money as the legislators are pushing back hard on that idea, then there's a need to find it elsewhere.  We've seen the recent SEIU organized protests to raise taxes.  http://www.youtube.com/watch?v=qlSA9iMgO-0


But that's not happening until next year.  Since as they say in the video, "They need cash fast.", then here's another place to get it.

Excerpt:  "...the federal government is desperate for cash, and the biggest untapped source of wealth is the hundreds of billions or trillions of dollars that Americans who are now nearing retirement age have saved over their lifetimes. I don't doubt for an instant that the Obama administration would like to get its hands on this money, which would go a long way toward resolving the current government debt crisis. An obvious way of doing so is to take the money now, in exchange for a promise to pay an "annuity" later. The bottom line is that, given what we know about the Obama administration's rapacious appetite for swallowing up private wealth, anyone who has savings should be vigilant."   More at:  http://www.powerlineblog.com/archives/2010/05/026260.php

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