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View Full Version : U.S. Issues Do you want the Government involved in your 401K?


HonestChieffan
02-03-2013, 05:24 PM
http://www.bloomberg.com/news/2013-01-18/retirement-savings-accounts-draw-u-s-consumer-bureau-attention.html

La literatura
02-03-2013, 05:32 PM
Thread seems a little premature considering the recent court opinion on Obama's recess appointments, no?

scott free
02-03-2013, 05:35 PM
Its rigged and scary enough as it is, NO.

cosmo20002
02-03-2013, 05:37 PM
Do you want the Government involved in your 401K?

Regarding fraud? Seems ok.

"The bureaus core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPBs deliberations who asked not to be named because the matter is still under discussion."

HonestChieffan
02-03-2013, 05:54 PM
Regarding fraud? Seems ok.

"The bureaus core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPBs deliberations who asked not to be named because the matter is still under discussion."

Fraud risk vs. Government.

Ill take the risk, I made the fucking money

La literatura
02-03-2013, 05:55 PM
Fraud risk vs. Government.

Ill take the risk, I made the ****ing money

Get your gubment hands off my government sponsored retirement account!

HonestChieffan
02-03-2013, 05:59 PM
Get your gubment hands off my government sponsored retirement account!

Government sponsored?

La literatura
02-03-2013, 06:06 PM
Government sponsored?

401k is a government created tax-deferred retirement plan.

CoMoChief
02-03-2013, 06:13 PM
ROFL no

ClevelandBronco
02-03-2013, 06:28 PM
401k is a government created tax-deferred retirement plan.

I'll bet you thank strangers when they don't rob you.

cosmo20002
02-03-2013, 06:33 PM
Fraud risk vs. Government.

Ill take the risk, I made the ****ing money

You know where the term "401k" comes from? You might be surprised.

Anyway, no one's forcing you. Use your mattress or a coffee can in the backyard if you're nervous.

rockymtnchief
02-03-2013, 06:45 PM
They can't run my Social Security or Post Office. So, no, I'll lose my money on my own.

cosmo20002
02-03-2013, 06:48 PM
Its rigged and scary enough as it is, NO.

Fraud risk vs. Government.

Ill take the risk, I made the ****ing money

ROFL no

I'll bet you thank strangers when they don't rob you.

They can't run my Social Security or Post Office. So, no, I'll lose my money on my own.

None of you actually read the article, did you?

La literatura
02-03-2013, 06:51 PM
I'll bet you thank strangers when they don't rob you.

No, but I am happy when strangers don't rob me.

rockymtnchief
02-03-2013, 06:54 PM
None of you actually read the article, did you?

Yes I did.

Then I answered a simple question with a simple answer.

HonestChieffan
02-03-2013, 07:13 PM
You know where the term "401k" comes from? You might be surprised.

Anyway, no one's forcing you. Use your mattress or a coffee can in the backyard if you're nervous.


Im not nervous at all. Are you retired yet? Living on your 401? Plan to some day? Have a job?

cosmo20002
02-03-2013, 07:20 PM
Im not nervous at all. Are you retired yet? Living on your 401? Plan to some day? Have a job?

No, no, yes in part, yes

Not sure how this is relevant.

La literatura
02-03-2013, 07:25 PM
Im not nervous at all. Are you retired yet? Living on your 401? Plan to some day? Have a job?

Have you posted in my Personal Finance & Investments thread? Maybe you could pass on your wisdom to some of us younger folk.

Comrade Crapski
02-03-2013, 07:27 PM
Thread seems a little premature considering the recent court opinion on Obama's recess appointments, no?

yeah I remember the same drone prattle from O-bots like you a few years ago when i was warning the bastard was going to destroy the Bill of Rights.

Welp, here we are Neckbeard.

La literatura
02-03-2013, 07:30 PM
yeah I remember the same drone prattle from O-bots like you a few years ago when i was warning the bastard was going to destroy the Bill of Rights.

Welp, here we are Neckbeard.

Oh noes.

HonestChieffan
02-03-2013, 07:32 PM
Have you posted in my Personal Finance & Investments thread? Maybe you could pass on your wisdom to some of us younger folk.

No. I have not. An internet discussion board is likely the last place you should seek such advice. Or for such help to be offered.

La literatura
02-03-2013, 07:34 PM
No. I have not. An internet discussion board is likely the last place you should seek such advice. Or for such help to be offered.

Then why are you asking us here if we want the government involved in our 401k?

HonestChieffan
02-03-2013, 07:38 PM
Then why are you asking us here if we want the government involved in our 401k?

You have a point. I don't give a rats ass what happens to your 401K. I do care about my sons however. I should confine my question to him I suppose. I would however the government stay away from my 401k. Its bad enough they force me to withdraw money I do not need to withdraw so they can tax it after I reach 70 1/2. Its my money. Leave me alone to manage it as I see fit.

La literatura
02-03-2013, 07:42 PM
You have a point.

Good. Keep that in mind and stop making threads.

cosmo20002
02-03-2013, 07:57 PM
You have a point. I don't give a rats ass what happens to your 401K. I do care about my sons however. I should confine my question to him I suppose. I would however the government stay away from my 401k. Its bad enough they force me to withdraw money I do not need to withdraw so they can tax it after I reach 70 1/2. Its my money. Leave me alone to manage it as I see fit.

This is a pretty ridiculous gripe. As you probably surely know, income is subject to tax the year it is earned. In exchange for deferring the tax for many years, there are certain rules, such as the mandatory withdrawals when you reach a certain age.

Here's the key: If you don't like these terms, no one is forcing you to enroll.

CoMoChief
02-03-2013, 08:14 PM
None of you actually read the article, did you?

I sure did....and I answered the question to the thread.

Comrade Crapski
02-03-2013, 08:56 PM
Oh noes.

You stupid son of a bitch.

La literatura
02-03-2013, 09:31 PM
You stupid son of a bitch.

I love it when you use your angry voice.

Comrade Crapski
02-03-2013, 09:39 PM
I love it when you use your angry voice.

I love it you'll be a hundred grand in debt and no way to pay it back. ROFL

ClevelandBronco
02-03-2013, 10:28 PM
None of you actually read the article, did you?

I can't speak for the others obviously but I have no intention of reading the article. If my comment appeared to have anything at all to do with the article, you may safely ring that up to nothing but coincidence.

patteeu
02-04-2013, 07:20 AM
401k is a government created tax-deferred retirement plan.

If we had a consumption tax would you be worshipping government because all savings were government created tax-deferred plans? Or do you only give government this kind of praise when it establishes a baseline of taxation and then carves out a limited tax deferred savings program from that baseline?

KILLER_CLOWN
02-04-2013, 07:31 AM
"The best argument against democracy is a five--minute conversation with the average voter." -- Winston Churchill

patteeu
02-04-2013, 07:46 AM
"The best argument against democracy is a five--minute conversation with the average voter." -- Winston Churchill

That's awesome.

KILLER_CLOWN
02-04-2013, 08:04 AM
That's awesome.

Only because it's true, yes?

FD
02-04-2013, 08:08 AM
Keep government out of my Medicare!

patteeu
02-04-2013, 08:45 AM
Only because it's true, yes?

Yes, absolutely.

loochy
02-04-2013, 08:48 AM
Keep government out of my Medicare!

Keep government out of my government!

La literatura
02-04-2013, 08:55 AM
If we had a consumption tax would you be worshipping government because all savings were government created tax-deferred plans? Or do you only give government this kind of praise when it establishes a baseline of taxation and then carves out a limited tax deferred savings program from that baseline?

If we had a consumption tax, I would be criticizing the government for allowing such a travesty and injustice onto the American people. Fortunately, we don't.

My statement wasn't a "kind of praise," though the 401k scheme seem fine to me. It was a statement of fact: 401k plans are products of governmental legislation. Asking government to get out of it seems to miss that point.

patteeu
02-04-2013, 09:20 AM
If we had a consumption tax, I would be criticizing the government for allowing such a travesty and injustice onto the American people. Fortunately, we don't.

My statement wasn't a "kind of praise," though the 401k scheme seem fine to me. It was a statement of fact: 401k plans are products of governmental legislation. Asking government to get out of it seems to miss that point.

I don't think it misses that point at all. I think that point is pretty irrelevant. The government could have created a 401K with any degree of government micromanagement or none at all. Preferring a more hands off approach is no more hypocritical (as you seemed to imply in post 7) than preferring a heavily micromanaged approach.

La literatura
02-04-2013, 10:10 AM
I don't think it misses that point at all. I think that point is pretty irrelevant. The government could have created a 401K with any degree of government micromanagement or none at all. Preferring a more hands off approach is no more hypocritical (as you seemed to imply in post 7) than preferring a heavily micromanaged approach.

The fact is that it did create a 401k. It's involved, and the question that opens this thread appears oblivious to that. If government weren't involved with 401k plans, we wouldn't have 401k plans.

If honestchieffan wants a more accurate thread title, as I think he should, he could consider something like, "Do you want the government to prevent fraud with your 401k plan?"

patteeu
02-04-2013, 10:15 AM
The fact is that it did create a 401k. It's involved, and the question that opens this thread appears oblivious to that. If government weren't involved with 401k plans, we wouldn't have 401k plans.

If honestchieffan wants a more accurate thread title, as I think he should, he could consider something like, "Do you want the government to prevent fraud with your 401k plan?"

You can't possibly believe that HCF is unaware of the fact that 401Ks were created by the government.

La literatura
02-04-2013, 10:20 AM
You can't possibly believe that HCF is unaware of the fact that 401Ks were created by the government.

I think he's pretty stupid.

patteeu
02-04-2013, 10:28 AM
I think he's pretty stupid.

:spock:

FD
02-04-2013, 10:28 AM
You can't possibly believe that HCF is unaware of the fact that 401Ks were created by the government.

I really wouldn't be surprised.

patteeu
02-04-2013, 11:14 AM
I really wouldn't be surprised.

Come on. Does he really get under your skin that bad?

petegz28
02-04-2013, 11:27 AM
They need to define the role they want to take and what managment they think they are going to help with. At first blush they need to stay the fuck out, is my opinion. The Fed Gov can't even produce a budget let alone live by one. The last people I want touching my money is them.

Predarat
02-04-2013, 11:41 AM
The more our Government get involved in things, the more our country sucks.

FD
02-04-2013, 12:17 PM
Come on. Does he really get under your skin that bad?

No, but he really is pretty clueless on a lot of things.

cosmo20002
02-04-2013, 12:20 PM
You can't possibly believe that HCF is unaware of the fact that 401Ks were created by the government.

Doesn't seem too far-fetched:

Get your gubment hands off my government sponsored retirement account!

Government sponsored?

BucEyedPea
02-04-2013, 12:23 PM
I read back in 2009, that the Obama regime wanted to go after 401ks. This sounds like some scam to scare folks to allow govt more involvement, which could lead to possible takeover, because they'll wreck it with their involvement but blame something else.

BucEyedPea
02-04-2013, 12:25 PM
Fraud? There's already fraud laws on the books.

cosmo20002
02-04-2013, 12:29 PM
I read back in 2009, that the Obama regime wanted to go after 401ks. This sounds like some scam to scare folks to allow govt more involvement, which could lead to possible takeover, because they'll wreck it with their involvement but blame something else.

"Go after" :facepalm:

Thanks for adding your worthless 2 cents, and thanks, again, for not adding anything that would support your worthless vague assertion.

La literatura
02-04-2013, 12:38 PM
I read back in 2009, that the Obama regime wanted to go after 401ks.

Link? I wonder what "go after" means.

cosmo20002
02-04-2013, 12:41 PM
Link? I wonder what "go after" means.

The important thing is that she "read it" which is a slight departure from her usual "I heard."

patteeu
02-04-2013, 01:56 PM
Doesn't seem too far-fetched:

"Government sponsored" is an unusual way to describe it. If we were to talk about a homeowner's "government sponsored" mortgage or a parent's "government sponsored" kids, it would probably earn a response like that too.

La literatura
02-04-2013, 02:06 PM
"Government sponsored" is an unusual way to describe it. If we were to talk about a homeowner's "government sponsored" mortgage or a parent's "government sponsored" kids, it would probably earn a response like that too.

It would also be unusual to say, "Keep government out of my child tax deduction!"

patteeu
02-04-2013, 02:11 PM
It would also be unusual to say, "Keep government out of my child tax deduction!"

That's actually something you said, not something HCF said. When you referred to a 401k as a government sponsored retirement account, HCF responded reasonably by asking for clarification. When you read his title and found it unusually phrased, you responded with snark. Seems to me that he comes out looking pretty good by comparison.

La literatura
02-04-2013, 02:13 PM
That's actually something you said, not something HCF said. When you referred to a 401k as a government sponsored retirement account, HCF responded reasonably by asking for clarification. When you read his title and found it unusually phrased, you responded with snark. Seems to me that he comes out looking pretty good by comparison.

Okay, so it would also be unusual to say, "Do you want the government involved in your child tax deduction?" as if it's some inherent, God-given right that parents of dependent children get a deduction from their income because of the birth(s).

King_Chief_Fan
02-04-2013, 02:18 PM
"Go after" :facepalm:

Thanks for adding your worthless 2 cents, and thanks, again, for not adding anything that would support your worthless vague assertion.

just in case you need it spelled out for you: http://www.google.com/url?sa=t&rct=j&q=barack%20obama%20401k%20plan&source=web&cd=4&cad=rja&ved=0CGoQFjAD&url=http%3A%2F%2Fwww.care2.com%2Fnews%2Fmember%2F242942586%2F3489366&ei=pyQQUaXHKs382gWD14H4Ag&usg=AFQjCNHnV9WR2aJG_ge0W72vcPNQgtEiMQ&bvm=bv.41867550,d.b2I

This was a buzz a few years ago, maybe you remember, maybe you ignored it. "Push to Confiscate" title may have been mis-leading

cosmo20002
02-04-2013, 02:25 PM
just in case you need it spelled out for you: http://www.google.com/url?sa=t&rct=j&q=barack%20obama%20401k%20plan&source=web&cd=4&cad=rja&ved=0CGoQFjAD&url=http%3A%2F%2Fwww.care2.com%2Fnews%2Fmember%2F242942586%2F3489366&ei=pyQQUaXHKs382gWD14H4Ag&usg=AFQjCNHnV9WR2aJG_ge0W72vcPNQgtEiMQ&bvm=bv.41867550,d.b2I

This was a buzz a few years ago, maybe you remember, maybe you ignored it. "Push to Confiscate" title may have been mis-leading

It was a buzz among dipshit nutjobs who thrive on fantasies of Dictator Obama.

Please highlight the part where "Obama" wanted to "go after" or "take over" 401ks.