• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

The Treasury Is Soliciting Your Feedback Regarding The Proposed Annuitization Of 401(k)

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Mon, 02/01/2010 - 16:26 | 213650 10044
10044's picture

Let the looting begin

Mon, 02/01/2010 - 16:29 | 213660 Daedal
Daedal's picture

What's yours is mine, baby! Please get a new job, you're paying for 2.

Mon, 02/01/2010 - 17:48 | 213827 mikla
mikla's picture

+1

LOL!

Mon, 02/01/2010 - 16:27 | 213656 docj
docj's picture

Well, this ought to help fix that pesky bear-market rally anomaly we've been seeing.

Mon, 02/01/2010 - 16:30 | 213662 Gold...Bitches
Gold...Bitches's picture

Wait til they wrap it in patriotism and the flag.  It'll happen

Mon, 02/01/2010 - 16:31 | 213663 dumpster
dumpster's picture

hand it all over  ,, we be the guardians of cradle to grave goodness,

bend over stick out your a-- and go augh .

Mon, 02/01/2010 - 16:31 | 213668 buzzsaw99
buzzsaw99's picture

Dear usa treasury: EAT SHIT AND DIE!!

Sun, 02/21/2010 - 21:18 | 239601 Anonymous
Anonymous's picture

then they need to ROT IN HELL!

Mon, 02/01/2010 - 16:32 | 213670 LoneStarHog
LoneStarHog's picture

Not just no, but HELL NO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Mon, 02/01/2010 - 16:32 | 213673 crosey
crosey's picture

As Rahm expressed, never waste a crisis.

Another step in the slow grind toward a sad statist existence.  Not bad, if you're the one in power.

America, will you let them take it all away from you?

Tue, 02/02/2010 - 07:44 | 214517 Anonymous
Anonymous's picture

Ah, yes. The dreaded Statist experience. As if the current global system is so fantastic. Wal-Mart/Tesco/Goldman Sachs/McDonalds on every street corner while the peasants wear H&M Clothing. Absolutely dreadful. And McDonalds is shyte.

Meanwhile, the Finance Wizards keep pretending that Economics is a true science. Only if so they can convince themselves that they are worthwhile and relevant. Much like religion.

The problem with the current system is, as in science: The old guard needs to die before new thought will be accepted. After all, most people hate the very idea (and fact) that they have built their entire careers (and life) on sand. Could not admit that can we?

And socialism? It is a dirty word. Like communism. And capitalism is now. Why? Because, just like communism, socialism and capitalism are beset on all sides by special interests. Egos that seek to gain at the cost of others.

There is no more common weal upon which commonwealth is built. We are all sharks now. Solitary. Alone. Eating everything in existence until there is no more.

Communism died. Capitalism leads to corruption. Socialism, well, it is just a dirty word. However, common weal is socialist. Group survival over the individual.

No more assholes working in offices. Buying and selling pieces of eight on paper. All the while thinking they are performing some great intellectual feat and contributing to real wealth.

An eight year old randomly picking out stocks in the newspaper does just as good as the average stockbroker in some office on Wall Street. Great intellectual feat. My ass.

Intellectually challenged and intellectually captured by group think. Nice.

Mon, 02/01/2010 - 16:35 | 213675 Cognitive Dissonance
Cognitive Dissonance's picture

This insanity reminds me of something that happened to me as a child of around 9 or 10. I was petting a neighbors dog and I got rough with the animal. It turned and nipped at me and I grabbed the collar in an effort to control it and prevent it from biting me. That caused the dog to struggle further, thrashing back and forth in an effort to get free as well as bite me.

There I was, holding on for dear life to a dog who was at the same time both terrified and furious. What could I do at that point? If I let go, the dog would severely bite me. But to continue to exert even more control only caused the dog to panic more and more and to struggle even more frantically.

Eventually my father heard the dog yelping and barking and my terrified screaming and he rescued me from my stupidity. The dog wound up taking a large chuck of flesh out of his arm as he shielded me from my actions. But I never forget what happened and I always treated animals with more kindness and care from that moment on.

How do we bring this economic dog under control without doing more damage to the dog and ourselves? How do we calm a situation that is way past the point of no return? How do we put the genie back in the bottle?

While Dad is gone now, I always thank him when I think about this life lesson. 

Mon, 02/01/2010 - 16:36 | 213688 Harbourcity
Harbourcity's picture

If your dad was the US government he would have shot the dog.

 

Problem solved.

 

Mon, 02/01/2010 - 16:48 | 213726 Art Vandelay
Art Vandelay's picture

Au contraire...he would have allowed the dog to restructure as a bank holding company, lent to it a 0%, supported its decision to pay itself a huge bonus and than invited it to a televised hearing when it could issue grave warnings about what would have happened had it not been pet in the first place.

Mon, 02/01/2010 - 17:36 | 213801 Ragnarok
Ragnarok's picture

ROFLMAO!!!!

 

Really though, it is a sad day.  Is it too much to ask to wake up in the morning and not be under assult from my gov't, I mean every freaking day can't they just fuck off for one day.

Mon, 02/01/2010 - 19:09 | 213956 Anonymous
Anonymous's picture

Yes please just 1 day - Get off us!!!!

Mon, 02/01/2010 - 21:22 | 214189 DosZap
DosZap's picture

Rag,

Ain't it the damned truth........these SOB's make every day a DECISION day for us, and never a good one. I am sick and tired of never getting a breath of air.

Al Capone deserves a damn apology compared to these friggin THIEVES.

They seize our 401k's,( after stealing the SS Funds, Medicare, and Medicaid) I see some real violence coming into play.........

This is one VOTE, I would not be a party to.

Mon, 02/01/2010 - 16:56 | 213739 Stevm30
Stevm30's picture

Yes because the only thing that is FOR SURE controllable, is something that doesn't live.  Those who have power have a tendency to kill living things - for that reason... look at Warren Buffett: "The system was at stake"  No Warren - YOUR system was at stake.

Mon, 02/01/2010 - 17:41 | 213806 Anonymous
Anonymous's picture

ahh, no.

he would have shot you to protect the dog. The dog was too big to shoot(fail).

Mon, 02/01/2010 - 16:36 | 213689 LoneStarHog
LoneStarHog's picture

You EUTHENIZE the damn dog before it can BITE YOU!

Mon, 02/01/2010 - 16:44 | 213711 Cognitive Dissonance
Cognitive Dissonance's picture

I agree LoneStarHog. So who has the balls to stand up to this dog? Anyone? Anyone? Bueller?

I didn't think so.

http://en.wikipedia.org/wiki/Ferris_Bueller's_Day_Off

Mon, 02/01/2010 - 16:45 | 213714 GlassHammer
GlassHammer's picture

Who is the Dog Whisperer?

Mon, 02/01/2010 - 16:53 | 213735 Cognitive Dissonance
Cognitive Dissonance's picture

I'm actually very good with dogs and other animals in my old age. It's rabid Fascist governments I have a problem with and the people who enable them, including my fellow meek sheep who rather go along to get along and ignore the concentration camps dead ahead.

Mon, 02/01/2010 - 22:27 | 214248 Psquared
Psquared's picture

What's wrong with Concentration Camps? They get a bad rap. Its 3 squares a day, a roof over your head, a warm bed at night and great daytime exercise. If you behave you might get some time on the chain gang and see the countryside. Be glad you have that concentration camp. You could be living under a bridge to nowhere.

Mon, 02/01/2010 - 16:46 | 213723 economessed
economessed's picture

In this situation, you must use the "wood and water" method.  Beat the dog with a stick of wood until its eyes water. 

Mon, 02/01/2010 - 18:16 | 213872 Anonymous
Anonymous's picture

I hope you are speaking metaphorically. There is a special place in HELL for anyone that would abuse animals or even speak of it. Makes me sick.

Mon, 02/01/2010 - 21:54 | 214221 Anonymous
Anonymous's picture

"or even speak of it"

Bite me; we still supposedly have the right of free speech.

But I do agree regarding people who actually abuse animals.

Mon, 02/01/2010 - 22:38 | 214257 Anonymous
Anonymous's picture

When a person is faced with a choice between their safety and the well-being of an animal that is acting threateningly toward them, the animal is going to lose every time.

Mon, 02/01/2010 - 21:09 | 214175 mtguy
mtguy's picture

My guess is we're all going to have a few pounds of said flesh taken from us if they get their way!

Tue, 02/02/2010 - 11:25 | 214670 Anonymous
Anonymous's picture

The dog has rabies, put him down-18

Wed, 02/03/2010 - 22:26 | 216677 Anonymous
Anonymous's picture

Been out of town, getting caught up some. This was a provocative post. Nice work.

Wed, 02/03/2010 - 22:27 | 216679 Anonymous
Anonymous's picture

Been out of town, getting caught up some. This was a provocative post. Nice work.

Mon, 02/01/2010 - 16:33 | 213676 Chopshop
Chopshop's picture

the RR's who push the product(s) hardly have an f'ing clue of their construction and the vast majority of those with monies in qualified 'annies' (ahem, NYSTRS 403(b) option 2'ers w/o pop-1 /2 protection) don't have the foggiest concept of fee structure, let alone what pitfalls lay immediately ahead).

i'm sure FINRA et al really cares about what we all have to say and isn't just doing their public 'due diligence' so as to have plausible deniability, if (hah) it were to backfire / blow-up bc of 'unintended / unforeseeable circumstance(s)' ... great idea.

what is left of the CVLI / qual-annuity loop-hole is about get even tighter.

wonder how long til estate tax is finally re-branded death tax n effectively neutered as well ... then charities of all stripes will be crucified by the loss of 30-70% of their annual intake, but again, how could anyone see this ahead of time. 

Disclaimer:  long Zero Hedge, short "free and fair markets"

Mon, 02/01/2010 - 22:30 | 214251 Psquared
Psquared's picture

Don't the Bush tax cuts run out this year? Estate taxes will be another take away for the goobermint as we continue with the largest wealth transfer (make that heist if you die in 2011) in history.

Mon, 02/01/2010 - 16:35 | 213681 Harbourcity
Harbourcity's picture

Don't people normally get jail time for senior abuse?

 

Mon, 02/01/2010 - 16:35 | 213682 Anonymous
Anonymous's picture

the game is a foot. the masses won't catch on for a while, and when they do, the econimc conditions will be so poor that people will beg for jobs even if the job is riveting chains of bondage around their fellow countrymen's necks.

Mon, 02/01/2010 - 16:36 | 213687 deadhead
deadhead's picture

Get your Treasuries here, red hot Treasuries here!

 

Can't watch the ballgame without your red hot Treasuries!

Mon, 02/01/2010 - 16:36 | 213690 jkruffin
jkruffin's picture

So is this Social Security Part Deux?  So they can rape and pillage and send all retirement accounts into a fiscal nightmare?  They managed to send Social Security into the RED, now they want to pillage our personal retirement accounts?

This is nothing more than a ploy by this government to get people to pay for their stupid treasury debt they cannot seem to stop selling, since no other country wants it anymore.

This cannot be allowed to pass.

I am planning to move out of this country within the next 5 yrs, for good reason. They better not mess with my money or I am shooting someone.

Mon, 02/01/2010 - 19:59 | 214066 E pluribus unum
E pluribus unum's picture

Wait6 till they privatize Social security and place all those receipts into "the market" via GS.

Mon, 02/01/2010 - 16:39 | 213698 Catullus
Catullus's picture

A bond mutual fund you can never sell. Let me guess, it'll adjust for inflation? This sounds like the bush "privatization" of social security scheme from 6 years ago. I'm inching closer toward the exit doors.

Mon, 02/01/2010 - 18:40 | 213905 Gold...Bitches
Gold...Bitches's picture

yeah, it'll adjust for inflation.  just not the inflation measure that includes food or energy.

Mon, 02/01/2010 - 18:40 | 213907 Gold...Bitches
Gold...Bitches's picture

because, really, who uses those things?

Mon, 02/01/2010 - 16:39 | 213699 Anonymous
Anonymous's picture

The sheeple don't care. Just give them their Fucking American idol and iPhone and their fine. Let's see how many sheeple will actually cashout.

Tue, 02/02/2010 - 12:20 | 214757 T-888
T-888's picture

But I use my iPhone to read ZeroHedge...

Mon, 02/01/2010 - 16:40 | 213702 Gimp
Gimp's picture

Pull your money out while you can and f**k the tax penalities. Better off paying the 10% penalty on something and have access to my money!

 

 

Mon, 02/01/2010 - 17:08 | 213756 What a mess_man
What a mess_man's picture

It's far worse than 10% dude.  In fact when all is said and done I believe it's well over 50% with all the penalties and taxes paid. 

Mon, 02/01/2010 - 17:35 | 213800 tenaciousj
tenaciousj's picture

20% federal right off the top.  Then add in any additional fees and taxes if they apply

Mon, 02/01/2010 - 18:54 | 213933 DoChenRollingBearing
DoChenRollingBearing's picture

I took a total hit of about 24% taken when I cashed my IRA in in 2008.

Slept better ever since!  Or was that because I bought more gold...?

Mon, 02/01/2010 - 21:16 | 214184 mtguy
mtguy's picture

Actually the 20% is the federal tax part -you might owe more or less at tax time, but the required withholding from your employer is 20%. Oh, and at tax time don't forget that pesky 10% pre- 59 1/2 penalty to boot,which is taken on the gross distr. not the after-tax distr., just to add a little more salt in the wounds.

Tue, 02/02/2010 - 00:13 | 214368 Anonymous
Anonymous's picture

Better to pay 35%-40% now than wait a few years and watch the Fed take it all. (I think a forced conversion to Social(ist) Security will be the mechanism of choice, or a "one-time" special tax of %50% to prop up Social Security once it fails beyond the point of denial.)

I cashed in mine last year and paid off the house. Haven't slept so well in years.

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