Not so good? Well, this is one of the schemes Obama is planning. Forcing you to convert your 401k investment into annuities having the government as the annuity salesman. It’s bad enough that the likes of Rep. Barney Frank forced banks into the CRA using Janet Reno holding a sledgehammer over lending institutions heads. Then protecting Fannie and Freddie into insolvency so the US Taxpayers have to give unlimited funds to cover the CRA mess Barney and his Democrat cronies created. It was so great that Barney was able to blame the banks and Bush for the housing bubble collapse, can’t wait to see how Barney manages this conversion.

From All American Blogger we read about the plan detailed in Business Week.

But what you won’t read in the Business Week article is this from Will Collier of Pajamas Media:

As noted later in the article, “Seven in 10 U.S. households would object to a requirement that retirees convert part of their savings into annuities,” and the “why” of that opinion isn’t that hard to figure out: they’re a bad deal for everybody except the guys selling them. Consumer gurus like Clark Howard have been warning people away from high-commission “guaranteed” annuities for years. I bet everyone reading this knows of somebody who’s been ripped off by an annuity salesman.

But now … now the government would be the annuity salesman – except that if the administration gets its wish, there won’t be any “selling,” you’ll just be forced to take the money you’ve earned and “convert” it to a construct that they’ll allow you to “invest” in. No more of this willy-nilly mutual fund nonsense for you plebeians; we’ll tell you how you’re going to pay for things, so hand over the cash – it’s your patriotic duty!

It would be plenty bad enough if the “guaranteed” government annuities were limited to bailed-out insurers like AIG. But Karl Denninger of The Market Ticker took a deeper look and found an even scarier outcome. Denninger believes this is really a scheme to prop up the market for Treasury bonds by forcing citizens to “invest” in them.

As Denninger points out, “Forcing people into Treasuries as an ‘annuity’ is exactly what Social Security allegedly is. Except that Treasury stole the money that was collected in FICA taxes and spent it!”

Another Ponzi Scheme from the Democrats to rape and pillage the US Taxpayer.

Obama 401k scheme, 401k Ponzi Scheme, Jeff Bingaman D-NM, Johnny Isakson R-GA, Herb Kohl D-WI

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