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homestead - Re: [Homestead] 'Democratic discuss confiscating 401(k)s, IRAs'

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  • From: Clansgian AT wmconnect.com
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] 'Democratic discuss confiscating 401(k)s, IRAs'
  • Date: Sat, 8 Nov 2008 21:12:34 EST



> >Before you get your knickers in a knot over this, get some
> confirmation from a reliable source. No one is going to convert
> 401(k)s into social security without an Act of Congress.

It isn't going to happen anyway. It wouldn't help that much, the liability
of SS is far more than all the 401Ks combined. Not only that, 401K's are in
stocks, not cash. If the govenment attached them and then tried to liquidate
them, thier value would fall to near zero. That raiding the 401Ks is a real
red
herring.




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