The $6 Trillion 401K Grab

Wednesday, September 15, 2010
By Paul Martin

by D Sherman Okst
FinancialSense.com
Wed, 15 Sep 2010

In 2008 I came across a disturbing article about 401k and IRA confiscation. The article appeared in the Carolina Journal Online. I’ve been following this closely. In fact as recently as February 1, 2010 I became the 93rd person to provide “Informational Comments” on the Department of Labor’s website. My comment was beyond scathing and is therefore posted without a link to it.

Let’s not mince words: The Social Security “Trust Fund” that FDR started 75 years ago is now a 14 trillion dollar black hole.

We trusted Congress to manage the fund and the morons (fiscally responsible Ron Paul, Paul Ryan and a handful of other good eggs excluded) looted it.

The “Trust Fund” now consists of a bunch of IOU’s that will be passed onto our children. It was spent on the day to day operations of a bloated government. If you or I managed a pension fund and we stole from it – we’d do time. If we used the money we stole to buy votes – we’d do more time.

Like Health Care, Congress can pass laws that they themselves do not have to follow.

The insanity continues: Tomorrow the United States Department of Labor is holding a hearing on options for retirement plans.

The Rest…HERE

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