WRKO>Audio & Video on Demand>>Retirement Account Nationalization?

Retirement Account Nationalization?

Feb 4, 2013|

There is $19.4 trillion sitting in personal retirement accounts in the Unites States and it appears this money may be too tempting for the U.S. Government. There is a thought in The U.S. Consumer Financial Protection Bureau that use of this money is a viable option for the Administration. Howie was extremely perturbed and asked can you say retirement account nationalization.

Transcript - will not be 100% accurate

Through this from The Washington Times. I've become a -- Jesse Jackson was talking about this the other day in that rush mentioned at the end of the show. For his wanted to bring it up by -- your 401K. About the be nationalized. And he was saying it might be a good idea to watch you know issue belongs to everybody that's got to 401K. You know I I think one reason they would they would like to do this is because it would it it would be better than it just taking your taking hold your stocks that you have in your 401K. That might be better that might. Be better than continuing to print money which is. Sooner or later gonna lead to big problems with with runaway inflation. Solicit from The Washington Times. The nine point the nineteen point four trillion. In picking point four trillion. Sitting in personal retirement accounts like the 41 K may be too tempting apple for a government that is quite broke -- momentarily and morally. The US Consumer Financial Protection Bureau that's -- Warren's agency. Her rock Vermont start. The -- created that's the one David Petraeus -- wife worked for for a mere. 183000. Dollars a year that's the that's the agency were more than two thirds of the employees make over a 100000 dollars a year. The US Consumer Financial Protection Bureau director Richard -- chords right. Recently mentioned these accounts in an interview stating quote that's one of the things we've been exploring and or interest and in terms of weather and what authority we have. Up all. The agency created by the 2010 Dodd-Frank act is very concerned about how safe your retirement savings are they apparently concerned the retirement retiring baby boomers may become victims of financial scams. I did the government taking over the taking over my account and giving me bonds would be the biggest financial scam all but you know what I don't have a 401K anymore I cashed out. Who I was afraid this was gonna happen. I was afraid either the stock market was gonna crash and moved everything into war a money market funds in the I just -- held on to money market funds electorate 59 and a half. And got the hell out of the 41 case before the tax rate went up. And before the government to its match the money. So now I have way now I have a house. I've I have -- rental property that's all paid for and again I'm not saying they can't grab a rental property but they grabbed the rental property it's all over anyway you know. It's this is this is this could be step one and I'm not saying it's gonna happen but I'm just saying you know what how can you trust how can you trust anything. With the government now days I mean this is that this is the worst government we have ever had in American history. This is the this is the ingredients -- the idea. The most corrupt. The the BO least accountable government in in history. If the government takes control of retirement accounts -- will not be called nationalization. Of getting it won't be. The world most likely be and in decipher bold document that provides an opt out. Option initially but why would you want to do that. The US government only wants to ensure the safety of your retirement balanced they did after all created new bureaucracy for that specific purpose. And -- piece for -- an investment in US bonds. This brings us back to that juicy apple hanging from the tree of our lights work and rationalizing the personal retirement accounts were all our government to -- we've -- more from its largest -- US citizens. Without further devaluing the currency. While this may seem far fetched as international pressure amounts to maintain the value of the dollar you will hear more about this. If that some day we find ourselves -- -- tipping point in international relations it may very well come down to nationalizing our 41 case. We're going to war many Americans are choosing to take their penalties and withdraw their 401K funds while they still count. Exactly. Exactly just like -- -- -- -- give Obama hip. I would suggest used -- might get that done this year that would be -- their cars that vice first sparked the current financial advisor tells you pull up the point that your money out of your 401 -- as soon as you can without a penalty. Doctor -- says get your regular and so that that they don't have a chance to was say which -- and her case. Forty what do we wanna save you four we've we've got to save his money for a offer frenzy illegal aliens who just got here. Now we go where we ought to provide them with the medical care they're the ones who deserve in my view you've been paying taxes all these years. We -- have to get help our friends who just got over here. Can't speak English. 18774694322. Do you think -- deeply for for the government can -- rather get get get around to -- national. Icing before one K. How we gas up fourteen cents last week where's the outrage -- -- the live news crews if I -- beast MSNBC isn't on this story if only bush were still president. Yup and now you know let's -- You know that's an -- and fourteen cents -- for gas were up fourteen cents last week have you heard anything about it throughout the -- -- Chris. -- -- -- in her arm. 187746. Mine if they think they will face resistance taking our guns -- just wait just watch -- they try to take our hard earned savings. The government already has a nationalized retirement plan that's called Social Security yup but they're not getting enough out of Social Security you know that's one of the things they wanted there was a wanna raise right now have to go over certain amount like at 2101000. Or so. You don't have to pay any more money into Social Security they want to war they wanna make -- like Medicare so that you just keep paying. Up up and up and up but forever. You know. And and that's not going to be enough either so they're gonna bigger need to what they gonna need to grab this money there's no question about it there's only the only question is do they think they can pull off. 1877469432218774694322. That's because you're one of the beautiful people live happily and us regular people can afford it we are not in the seven digit incomes -- wish it were in the seven digit income I noticed I noticed it was up fourteen cents. All right rod you're next with how we -- gore had run. -- -- I'm you know -- like that just might you know you don't already have your -- spears. Christina Kirschner. President apart from Argentina has already got its secretive group three or four years ago. And the liberals here at an infatuated with the idea of respect them have been numerous trial or balloon. On this very subject that reform or somewhere else that my liberal friends so you know. Went public health it'll all fall and gave it all why. Well guess what your columns. Now I -- I Ingraham I anybody who thinks this government is not capable of any thing is is really deluding themselves I think broad. -- that there is that there is it time to be paranoid in this is that this is one of those times. Well I -- my belt I just about last year. The -- of the panel to. It. Now I was fortunate enough not have to take the penalty but as soon as I could not as soon as -- got past that no penalty stage I got it all out all I -- I wouldn't. Within 48 to 72 hours. -- sort of -- banks in the -- -- and I kept that I let it build up again for another year or so and I waited and I knew the taxes we're going up so -- -- them all out right before the end of the year to again -- To get avoid getting hit with a higher taxes. So I just unit you know while law -- -- -- -- -- -- the company wants to was you don't -- -- to a degree match 50% or 30% whatever they match now. A lot I'll take it but I'm not done -- count on and I'm like come on Libyan air. Thanks for the call -- -- another Ron your next with how we cargo Enron. I now. If you if you remember correctly. Quite a few years ago and Hillary when she was one. -- this trouble -- same thing I was torn muscle in my we're all friends like talk with a time. That this is what what was in the -- they would -- -- it's not so funny now know. It's not so funny. Because they you know they get that that is to the dentist who I mean think of this nineteen trillion the -- That's still more than the debt big overall out of the country. Trillion here trillion there pretty soon you're talking serious money that's. That's right. And would that be the ultimate joke on the baby boomers you know well we told you that wasn't going to be any Social Security we were right there isn't going to be Social Security we told you about us -- up somewhat. For a while 41 K or 403 beer and S. -- CP. And I guess what they're not going to be around either worth -- we decided to take them but that's okay because we're gonna give you and I don't know just like we did what the Social Security. When wink nudge nudge. You look at afford to getting your Social Security check. Rod. I get it now how it's not a 102 dollars that's after they reduced bit. But -- them because I have a public -- you know yeah in the in the they'd like you very much governor. -- thanks thanks were on 18774694322. I get that well I get that letter from the Social Security Administration every every October -- guess it is. And it tells me how much money I put into Social Security equipment put into Medicare. How much money -- can now expect to take out by fight retire at age 62 or 65 or 67. And you know I just know -- I just think that my celery -- when this was if if this were a private company that was sending me this. I would I would call up I won't call up the secretary of State's office you know or the or the SEC. A call up some some some regulatory agency because. There were indeed there's no way that this can have in he'd be in the truthful bearing I mean this is this is about as believable statement as you get from -- made. You know they just don't have the money it's gonna went to be illegal aliens it went to the people with a -- disabilities who went out when they were 41 years old. Because they -- that crashed. You know there's nobody left just a bunch -- day in my case they're dating back to the LBJ administration. Probably freed you know what do whenever you started work on those are or you're you know Europe those -- well how far back your IOUs scope there's -- California. Matt you're next with how we cargo ahead -- I called the state -- -- now that we have more people that I. Don't work the work around. All countries throughout the whole country's getting to be like that -- Albeit not just. So anyway when he talked about you know the war one is follow laws. Worker out of school like Atlanta for gays and indeed just yet the it was. Thought was very concerned about. In the was it because is rated as the for awhile but even more so well. After talk about this the other day. In school today teacher at the end of the day. You take a long line -- the news. Online about -- US government. What things in the US government so hell not -- they left or what is now. There are so old people there and all of -- bigs got about -- -- extra. Eight -- out not just for one. -- believe in socialism and you're telling me is gonna sell all faithful. Well wait -- global problem we have all grateful the white out of the doldrums apparently so. Was all line. We sold out of Massachusetts. Matt we sold the tollbooth mr. boots and Alston and they now belong to Harvard. You know we're just written a we're just -- amount. So I guess I you know anything can happen. You know I -- -- very scary like you know watched you know what may become the state where you know. Nobody works anymore. Yeah I know I don't like Douglas of the governor all page talk about it and in part but he mentions his own family members who don't work anymore and how he -- and and he says Eddie you know when he pointed me the Guantanamo said Wear them last summer he pointed at me and said -- the -- -- one -- -- my my family. He moved to Massachusetts. OK and I polite I believe I believe them Dave your -- with how we cargo ahead day of. -- -- candidate not dump all all closed doors are -- Bring up an attitude anecdotal the borrower can't exactly what it -- -- -- two those security. We'd be better off we'll bring it up right and operations and ultimately lead guy and he laughed a little water Ralph. Oh. Yeah. At least Bernie Madoff was trying to bring in some new money to keep the scam going for a little bit I mean this -- just got a printing press going down in the basement -- just it's got to run of 24 hours today. If he takes it -- early -- -- real money. And the other big -- -- how he is right now you're better off owing money that you are happening because. The value of your thought I had the value of the dollar goes down as Barry in real value of your debt does -- Whereas if you got asset value of your assets exe you go to ball go to opposite directions or had great head on collisions that. -- -- -- -- -- -- China's so mad about is that they realize that they bought all this they've bought all this paper and and -- -- that the EU US really has no intention of paying them back with real dollars they have been they gonna pay -- -- -- -- -- box. Oh you are going out scrap way you know the. Exactly thanks for the call they've won 877469432218774694322. H a -- 43 in self employed just got my Social Security -- -- and letter by retired -- although the government to fund remarked I think he's kidding but it's probably that's probably drew close to the truth even though is giving. -- -- -- 18774694322. -- I'm contemplating closing out my IRA which has been in money market since Obama took off -- -- -- wallet and cash album only 34 years old skeptically you. I don't I can't tell you what to do but I would just I would read up on and just make your own decision about what you think the future of this government is under that this administration and that you know likely Democrat control of the for the next few that -- for the next Q4 year terms and see a much how much for eight US open their stewardship. Of the economy. Am I have not I have no wise no faith whatsoever. Two local stories -- 77. 741 in the globe gun crimes in Massachusetts of nearly doubled since strict gun laws enacted I was in today's paper. Two local -- -- rested with three bags of peril when night and 7500 bucks in cash after nearly crashing into cop car then running. Moral of the story you keep the flow of taxpayer money supporting -- bags like this'll keep my forty caliber Glock how might yet. Are they gonna are they going to shake my son's piggy bank to. Yeah -- don't let him know about your -- piggy bank though. Pro investing give them some cash rather than those -- savings bonds. Like we used to -- when we were kids. 1877469432218774694322. Is your 41 K about the be nationalized that's the headline in The Washington Times that day and it's not the first time the satellite has been around their rather -- -- they're looking for anything they can to war to get some get some cash they -- a Beirut they're. They're running out they're running out of dog and I know. You know you heard you heard Obama saying that it's today or yesterday that we need to we need more news. We need more revenues -- we've also got to make some cuts some of those cuts never get made though you know senate. Because it's just too and we can't afford to make any more it's because it you know might affect the might affect the the most of whom don't work and almost none of whom -- families. Scott you're next with Howie Carr gore had Scott. Scott you there. Sharon you're next with how we cargo had Sharon. Crowley I thought I read in the past few weeks that there are people are. My least from the central. Employees' pension funds. Yeah I mean that would make sense because I'll be easier to get to -- since they control that. Themselves and -- don't really. I know what makes me feel good if I were federal employees. -- I was I was worried enough when they when they they weren't borrowing the money that was just sitting there you know what a big pile. Knowing that they become afterward anytime they want that I mean you can't trust these people they're not they're not worry if you if you work for a living. It doesn't matter you know what what you do whether you work in the private of the public sector if you work for a living in that matter what color your skin as were religion you -- you have a target on your back. You know. It this is that it did this it's not it's now coming down to people who worked vs people who don't work. And them and the administration is on the side of people who don't work it's as simple as that. Thanks for the call. Sharing 18774694322. So -- -- quote from atlas shrugged 617 government takes what they wanted taxes what they leave behind. That's a good way to put it that's -- never good way to put it. 413 how we it's bad why do you think Germany will move its cold from the US. One when the government has done what the economy -- my 401K won't be worth anything anyway when all the more reason to close it out mighty can they take. My Roth IRA to. Not just mean you're paying after taxes went right I think -- right and I don't know what. You know we're we're by paying -- ever understood this whole thing about all I'm gonna pay off the taxes or don't have to pay the taxes you mean you trust the government. You'll really trust that the government is not gonna come after your money -- just because you pay of some upfront money. That's like paying money up front would expire. Yeah well. You'll only of the play this protection money once that I won't be back most think bombs -- bricks through referral ones well. -- six months where -- now. You wanna protect your place from a stink bombs and a brick referral when -- were back. Police. That's great rob I know Roth with the Republican he meant well but you know you never count on the guy named Obama. Kathy -- -- or Reid or Pelosi capping your next what powered cart or at -- I Alex I work so that the public sector that it worked for the private. -- think that irritating news at six is in the private sector. Because I'm in the public that there -- going to be. Challenged unmet Social Security. Is going to reduce that drastic -- an -- 200 dollar but what I should get. And and I am frustrated by our government because that's semitism congressmen all continued excellent place paycheck. They also continue to collect. -- get up for retirement. And I don't know how. -- -- Plus plus you know when they get sick you know what you know what -- that I -- that Huckabee in the emergency room with a million illegal aliens they're going to be a Walter Reed hospital. I know I'll begin now -- it. Get -- for the public sector but it helped plant I in and I am hoping attic get -- help out with something is screwed up my -- It's just don't trust our government and appointed Scott Brown not quite a lot. And I just terrible Pat Brown also collecting. Is collecting a paycheck from every position. He's now. And I think they should be pro rated. I don't think -- I don't think he's eligible for a furry congressional pension because he didn't served six years you -- serve soups you know you -- served six years. In not congress to -- -- -- house or the senate so. And I don't think EG -- -- he's old enough to collect a pension yet from the from the state government -- reason why he's a ways off from collecting. Made I don't know it may he may be able to collect something from via military. Thanks for the call about how car. What's the penalty for early withdrawal. 10% what -- got to pay the 3035%. Federal tax and what are but the state taxes at were real live. You and -- 401. Today. You know that's what they're gonna tell us when they did they move after the move around on them. A signal what you didn't velvety there on how we are.