Overheard on Bob Brinker's "Money Talk"

... that the Treasury Department is talking about (at this point, that's all this is ... talk) converting money from IRA and 401(k)'s into treasury annuities. They take all your money (again, this is just talk at this point, but they have opened the 'discussion' to take public comments) and then send you a monthly cheque.

Mr Brinker called this (correctly, in my opinion) 'confiscation.' Confiscation of all the money that you worked hard for, sweated for, perhaps bled for. Remember, all the money that you put into those accounts to take care of yourself in your older years and those in your family? Yeah, all that money. All that money (if this bone-headed plan goes through) won't be yours anymore, it'll be the government's.

Let's face it, these types of accounts have literally trillions of dollars in them. Trillions.

Do you honestly think the government would use that money to pay down the debt? Do you honestly think the government would use that money to pay for already-existing programs?

Please.

You and I both know they'd find new ways to spend this money ... new programs.

Here's the worst part of this: this wouldn't be an option, this would be mandatory. Mandatory; you'd have no say and no choice.

The sad fact is that Mr Brinker is right: there are two parties in this country when it comes to social issues, but there is only one party when it comes to financial issues.

And that is sad.

UPDATE:

Mr Brinker said this had made it into the mainstream media (MSM) ... and here's the link: http://www.businessweek.com/news/2010-02-09/insurers-test-market-as-obama-opens-annuity-door-for-401-k-s.html

UPDATE 2: The link Mr Brinker mentioned. Read it and weep: http://www.businessweek.com/investor/content/jan2010/pi2010018_130737.htm

And a note to Mr Brinker: Do you know what the meaning of the word 'teabagger' is? Please don't call the Tea Party Activists 'Teabaggers.' I had to look the sexual meaning of 'teabagging' and 'teabagger' up. I didn't know. Do you?

Please do better.