February 3, 2013
Many people, including myself, have discussed this threat over the past several years.Â The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in Americanâ€™s retirement accounts.Â It seems that day may be finally drawing near.
I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my retirement account entirely.Â I havenâ€™t made any decisions, but will be watching closely.
Iâ€™m sure the government is just trying to protect your retirement account from terrorists.
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agencyâ€™s first foray into consumer investments.
â€œThatâ€™s one of the thingsÂ weâ€™ve been exploring and are interested in in terms of whether and what authority we have,â€ bureau director Richard Cordray said in an interview. He didnâ€™t provide additional details.
The bureauâ€™s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPBâ€™s deliberations who asked not to be named because the matter is still under discussion.
Are we going to let these thievs steal this,Â they want even more control of your money, soon as we near a cashless society, it gives them even more control over your money and not allow you to have it when they choose.
When one steps back and look at it, this is not hard to do. Look at some parents who haven't paid child support, once they find out where that father is, they can freeze their entire account and you have no access what so ever to that money until you pay up. They don't care what amount it is.Â It is almost like an electrical blackout. Debit card wont work etc.
If the people vote for this and or support this means even more trouble. Hell look what they have done to social security,Â Millions have worked hard, slaving away only to be told there won't be any social security, there are still millions who are in their 30's and 40's and 50's who aren't going to see that money.Â Yet the Feds still take out chunks of your money even more so now.Â The work hours have slashed, so has good jobs for the PHD's.
40's hours doesn't exist for most not any more. Many have laid people off already, many businesses are closing down becuase they can't afford to pay obamacare.
The idiot has totally dismantled this country and he's going through the middle class, and will be hitting the poor too.
I would never supportÂ this if my life depending.