ARE THE FEDS COMING AFTER YOUR 401K? “I doubt it. Because first on the list of those who have accumulated wealth in reliance on the laws governing private savings accounts are lawyers.” Aside from that, I think that we would see — literally, not figuratively — members of Congress swinging from lampposts if that happened.
Monday, February 22, 2010
Are Your 401(k) Investments Safe - From the Government?
Via Powerline we learn that inspired by Argentina's confiscaton of private retirement accounts, the Obama administration is exploring the possibility of taking over American's private retriement savings over in exchange for annuities backed by Treasuries, the same ones that back Social Security now. The proposal is being put forward as voluntary, but that's not likely as we can buy Treasury securities in our retirement accounts now. No, it will quickly become mandatory. It's for our own good, you know. As Glenn Reynolds observes:
Read both the IBD and Powerline pieces. This makes my blood boil.