401k withdrawals spike 10 year high; will Obama steal your pensions?

obama national socialist steal 401k

401k nest egg cracked

‘”The current economy has forced some workers to borrow from their 401(k) accounts in order to pay for critical living expenses, ultimately jeopardizing their future retirement,” said James MacDonald, president of workplace investing for Fidelity Investments.'”

It should be very very obvious that all future money will be in the hands of the globalist elites who will rob and plunder the worlds economies into their privately owned and ruled banks who will dump all of the nations accumilated wealth into their coffers. Gone will be all social security and 401Ks and all pensions as they will take everything that people own and steal it for their own use (like paying interest on loans that can never be repaid).

It is very strange indeed that the FDIC is looking toward private pension investors to puchase toxic debt that the US government was practically forced to purchase in the wake of the Great Recession. This is because there is approximately 2 trillion dollars that are unaccounted for that were used to bail out various financial institutions, but we see that the likes of Geithner and Paulson were not able or unwilling to tell people where the money was spent. This is no joke.

Will the USA nationalize 401k pensions like Argentina and other countries have done?

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401(k) withdrawals spike

By Aaron Smith, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — Hardship withdrawals from 401(k) retirement saving plans rose to the highest level in 10 years during the second quarter, Fidelity Investments said on Friday, in the latest sign of a dismal economy.

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Fidelity reported that, as of the second quarter, 2.2% of all 401(k) participants had made a hardship withdrawal at some point over the preceding 12 months. That’s up from 2% in the prior year, and was the highest level in 10 years.

Think it can’t happen to the US or anywhere else?

Argentina has already vowed to push through similar measures in the name of rescuing the wider financial system. Last month, the government of the South American country signed a bill to mandate the National Social Security Administration takeover of $30 billion worth of private pensions.

The move sent stock markets plummeting with critics accusing the government of stealing the pensions to get their hands on extra money at a time of economic crisis, as citizens protested across the country. Source: infowars

obama national socialist steal 401k

Failed Banks May Get Pension-Fund Backing as FDIC Seeks Cash

By Dakin Campbell

March 8 (Bloomberg) — The Federal Deposit Insurance Corp. is trying to encourage public retirement funds that control more than $2 trillion to buy all or part of failed lenders, taking a more direct role in propping up the banking system, said people briefed on the matter.

Direct investments may allow funds such as those in Oregon, New Jersey and California to cut fees for private-equity managers, and the agency to get better prices for distressed assets, the people said. They declined to be identified because talks with regulators are confidential.

Oregon’s retirement fund may contribute $100 million as regulators seek “the support of state pension funds to solve the crisis surrounding ongoing bank failures,” Jay Fewel, a senior investment officer at the Oregon State Treasury, said in a presentation at the fund’s Feb. 24 meeting. New Jersey’s fund may also participate, said Orin Kramer, chairman of New Jersey’s State Investment Council.

The FDIC shuttered 140 lenders last year and expects the tally may be higher in 2010. Regulators have avoided signing up private-equity firms as rescuers on concern that they might take too much risk. Pension funds, whose 100 largest members manage $2.4 trillion, could provide capital to acquire deposits and outstanding loans from collapsed banks, according to the people. You can find the original article on Bloomberg.

8 thoughts on “401k withdrawals spike 10 year high; will Obama steal your pensions?”

  1. Many workers are withdrawing money from their retirement funds in order to pay their property taxes! This is a travesty. In our Connecticut town the property taxes are $6,000 a year on a modest 2,000 sq ft home and two vehicles. Since we are eligible for any government dole, and our take-home income has been reduced to $500 a week, our property taxes now consume 3 months of labor. We have been forced to take funds early, from our IRA, in order to pay the taxes on our home, which is paid for in full. Every penny of our mortgage was paid off. Our government penalizes those of us who were responsible with demands for our savings and rewards the irresponsible.

  2. Money serves two purposes in this world. One it enables trade to be more easily facilitated and two it allows those who have it to control those who don’t. Item number two is a good reason to find an alternative to item one.

    As long as others control the creation and distribution of money you are a slave. There is no long winded explanation needed. You feel like a slave because you are one. End of story.

    Now what are you willing to do about it?

  3. When obama was elected(?) My wife said to me , “Pull your 401K because obama and the democrats are going to nationalize all pensions at some point.” I did just as she suggested and paid off all debt and made some wise investments.
    I know it is comming, it is just a matter of when?
    obama has no idea what to do! Oh Right, It’s Bush’s fault! obama never accepts responsibility for anything.

  4. porch monkey O’Token will steal everything he can for his wealthy Rothschilds banksters who control him via Geithner’s dick.

  5. I already yanked all of my 401K money from the system. The fees were a bitch, but considering how long I’ve had the thing, I didn’t pay any of the money I’d saved, and actually cme out ahead, if you disregrd inflation. I seem to be involuntarily partly retired, but from the looks of the mess we’re in the world may totatally fall apart before the money runs out.

    Works for me.

  6. And the theft continues. I have to wonder what it will take to wake up 300 million plus people to the fact they are getting fcked over endlessly by these Globalist boot licking Gov liars and fraudulent bankers. When do you all say ” ENOUGH!”

    I swear to God more than half that Country is retarded. What will it take? Another fake attack on America? when do you give a sht? When will you stop sitting on your arses and protect your children and your children s children? When do the American people stand the fck up? You are supposedly the light, the beacon of Freedom? What you are all acting like right now are a bunch scared little puppies, whilst you hide in the corner, these people are dismantling your Country, and your letting them.

    You all should be ashamed, your forefathers and the people who fought for your constitution are ALL rolling in their graves. They fought for nothing> Your letting all their sacrifice be for nothing. Good job.

    I don’t know what it will take, but continue this sitting on the fence, what you see now is nothing compared to what they plan to do. Sit on that fence a little longer and you’ll be witness to the eventual fall of America and then the World. The Mid East unrest has taught you all nothing. Those people, regardless of why they are doing it, have balls. Seems the American people have lost theirs. Easier to kill brown people in faraway lands than stand up to your own Gov for being corrupt.

  7. Funny you noted the 2 trillion number. That was just under what the pentagon couldn’t account for as Rummy Rumsfeld announced it on Sept 10, 2001. Timing is everything

  8. Slap says, “And the theft continues. I have to wonder what it will take to wake up 300 million plus people to the fact they are getting fcked over endlessly by these Globalist boot licking Gov liars and fraudulent bankers. When do you all say ” ENOUGH!”

    The reason that Amerikans are complacent is that they are drugged with fluoride, heavily vaccinated with mind numbing mercury and lied to by their media. The difference between them and the nations of Islam is that the Muslims will not ingest any impure materials into their bodies. Adolf Hitler realized that he needed a small fraction of the guards necessary to maintain the concentration camps when the inmates water was fluoridated. It has a mind numbing effect. IG Farben produced this chemical then and now.

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