Tuesday, March 17, 2009
IRA and 401k confiscation likely
So don't say no one warned you. It may take a while before things get bad enough, but I would think next fall might be a good time after a fresh plunge in the markets rips retail investors' faces off once again. A bear market rally into the late spring, which should start within the next month or so, will quiet these voices for a while, but the charge has already started. Here's a mainstream media link showing how lobbying groups are already involved.
It is important to have government apparatchiks manage your money, because they have shown AMAZING prowess at handling taxpayers' money and they are all much smarter than you are. This will be a disaster I won't wait around for. I'm out after this spring rally in gold stocks makes me some more coin. I'll take my chances with the tax consequences using a non-retirement account and will gladly pay the withdrawal penalty to avoid this coming debacle.
Call me paranoid, but I see what's coming and it ain't pretty. What better way to fund government expansion than to steal every one's retirement money and invest it in government bonds? This is not the first shot across the bow (see towards the end of this blog entry for the link of interest) and it won't be the last. Caveat emptor.