Texas Drifter: Obama’s Next Trillion Dollar Con?
Marshall’s Law Townhall Dateline Breaking News: Is Obama’s next scam designed to defraud millions of retired and retiring Americans out of trillion plus private sector dollars and force America’s seniors and crippled into "shrinking until death" dependency on Federal welfare programs?
Premise starts with excerpts of other citizens words.
Part I Excerpts
Mercer Sees "Worrying Increase" in Retirement Plan Withdrawals
Posted by: Lauren Young on January 15, 2009 Business Week.com
There’s even more evidence that investors are curbing retirement plan contributions.
Consulting Mercer giant says more retirement plan participants are requesting withdrawals compared to last year—requests rose 59% in November and December of 2008, according to a press release from Mercer.
Mercer says. These transactions, however, still represent a small fraction of overall plan participants, averaging less than 1% in both cases.
“The small number of people represented in these findings is the good news,” Eric Levy, Retirement Business Leader of Mercer’s outsourcing business, said in the press release. “What should sound the alarm with plan sponsors, however, is the growth trend, not the absolute figures. As most experts would agree, withdrawals from 401(k) type retirement plans and reducing participant contributions to zero are two actions that are completely counter to preparing for retirement. This may point to the dire straits that a small but growing number of participants find themselves in where withdrawals and zero contribution rates are seen as a type of financial last resort.”
Some 28% of 401(k) retirement plan participants have seen a 30% or more decrease in their account balances in 2008 through December.
Mercer’s findings are based on the January to December 2008 behavior of the 1.2 million participants for whom it administers employer-sponsored defined contribution retirement plans.
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Reader Comments
Frank
January 15, 2009 03:31 PM
Then there are the rumors that the federal government is planning to confiscate (steal) everyone's 401K and IRA money to fund the social security system.
Part II Excerpts
Investment Company Institute
U.S. Retirement Market, Third Quarter 2009
Key Findings
• Total U.S. retirement assets were $15.6 trillion as of September 30, 2009, up 7.9 percent from $14.4 trillion on June 30, 2009. Retirement savings accounted for 35 percent of all household financial assets in the United States.
• IRAs held $4.1 trillion at the end of the third quarter of 2009, up from $3.8 trillion at the end of the second quarter. Forty-six percent of IRA assets, or $1.9 trillion, was invested in mutual funds.
• Americans held $3.9 trillion in all employer-based defined contribution (DC) retirement plans, of which $2.7 trillion was held in 401(k) plans, on September 30, 2009. Those figures are up from $3.6 trillion and $2.4 trillion, respectively, on June 30, 2009.
• Mutual funds managed $2.0 trillion of assets in 401(k), 403(b), and other DC plans at the end of the third quarter, up from $1.8 trillion at the end of the second quarter. Mutual funds managed 51 percent of DC plan assets.
*See U.S. Department of Labor Employee Benefits Security Administration, Private Pension Plan Bulletin: Abstract of 2007 Form 5500 Annual Reports,
Washington, DC: U.S. Department of Labor Employee Benefits Security Administration, January 2010. Available at http://www.dol.gov/ebsa/pdf/2007pensionplanbulletin.pdf.
On to Texas Drifter's Words:
Is Obama’s well acknowledged one and only competency, his public status as chronic perpetual liar, make him the perfect poliopathic personality to start a “run” on private retirement accounts that will have same devastating affect on America’s economy as “run on banks “ leading into Great Depression?
Future historical fact; destroying America’s traditions, culture, society, constitutional republic, national security, and economy is Obama’s, his Administration, Liberal Democrats, yellow blue dog Democrats, “main stream media”, and Obama’s zombies only goals in life.
Strange as it may seem, counterfeit conservative aristocrats and moderate Republicans are willing to let Obama’s evil ones destroy America to show they are politically correct and not racists. How warped have America's aristocrats become to believe letting a minority member assault one's family makes one politically correct?
Regular scanners of Marshall’s Law Townhall postings, are familiar with Texas Drifter’s almost admiration of word “ironic”. How Obama’s Trillion dollar plus scam works, it is pure irony, there is that word again, that only time Obama’s words were not lies is what makes following con work.
Several liberal politicians have started floating “trial balloons” about feds administratively borrowing 401K and IRA type retirement accounts by one single Federal Court’s ordered “discreet computer transfers” over some long weekend. The government will explain, it was only temporarily borrowing the money for a new general trust fund to save Social Security and its affiliated welfare programs.
Citizens would have their assets returned to them as credit bonuses in their social security checks. Citizens need have no fear of government mismanaging their private accounts as same trust fund for original trust fund dollars was going to be used for all these new private retirement assets "loaned" by citizens to federal government.
Feds announce that earlier than expected collapse of Social Security and its welfare affiliates resulted from feds miscalculation costs of adding forty million to fifty million illegal immigrants as new America citizen beneficiaries. That is news for another story.
Back to Obama’s trillion dollar con, as word of “impending” scam spreads; patriotic blogs start putting out warnings, and citizens start downsizing their 401K and IRA retirement accounts.
Obama calls a special press conference to inform concerned citizens that his administration has no definite plans to carry out policies mentioned in trail balloons.
Enter irony, public concludes that since Obama’s has never told truth before in his personal or public life why would he start now? Public paranoia increases to point where panic “run” on retirement accounts occurs, causing two things to occur melt down of America’s investment community and trillion dollars profit for Obama’s gangster administration.
Let us not forget that cashing in some 401K and IRA accounts come with taxes due, early withdrawal penalties and other varied costs which run thirty to forty percent. Most Americans will be so glad to save sixty percent of their assets they will not even concern themselves with letting Obama’s gangster administration keep forty percent.
What was old fool’s adage? “Getting scammed out of forty percent is better than getting scammed conned out of one hundred percent.
Run the numbers yourself:
1. total available retirement pool – 4.1 trillion dollars;
2. two-thirds of investors make panic withdrawals;
3. withdrawn amount estimated two and half trillion;
4. estimated forty percent early withdraw profits for Obama’s gangsters;
5. estimated take trillion dollars plus one hundred billion dollars plus or minus.
Remember good old days when hundred billion dollars plus or minus hundred billion was more than spending change.
One closing thought, when irony as word can cannot be used, when trillion plus or minus dollars conned out of American people by Obama’s gangsters was misplaced while being transferred to Social Security trust funds account.
Advice is what one pays for advice, Texas Drifter might think about giving up drifting days for four percent security fee for warning people about Obama's gangster administration’s scam. Make that four percent of amount not scammed by Obama for Texas drifter orphan, some money; that is still Mr. Texas Drifter orphan, some money for Liberals and Obama zombies.
