401(k) accounts to be seized?; Obama's revenge.
On November 1, 2008, I predicted that Obama would seize private retirement accounts, including 401(k)'s. I provided more detail on November 15, 2008.
A story in Time Magazine now appears to lay the groundwork for just such action. If Time Magazine is pushing a policy, you can bet that such a policy is already a high priority on the agenda of the Democrats in Washington.
This is more of what Obama had in mind when he spoke of getting revenge. If you have a retirement account, you are part of the answer to the question - "Revenge against who?"
The only way to address this oncoming robbery to is publicize the issue now as often as possible. If opposition grows now, enough politicians might get scared away from supporting such a measure.
Also, publicity will cause people to stop contributing to their IRA's and 401(k)'s. [It may even cause some people to withdraw their funds now, regardless of the penalties.] This decline in contributions will place downward pressure on the stock markets. Declining stock and equity values in general will present a less inviting target for the government.
This is an example of why it is good to elect Republicans, even if they will not reverse the disastrous course the U.S. is on. If a Republican congress or president can merely slow down the onrushing socialist consolidation of power, some of us might reach retirement age before they seize our retirement accounts.