The Cry Goes Up (Again): Obama is Going to Take Your 401(k)!

Mar 21 2011 Published by under Uncategorized

Care2.org sent me an email yesterday offering me the following tall tale from the tremendously reliable “Fifth Knight’s Blog“, your most trusted source in news (after FOX News, of course):

Friday, March 18, 2011

THE OBAMA ADMINISTRATION PLANS TO SEIZE CONTROL OF ALL U.S. INDIVIDUAL RETIREMENT ACCOUNTS (401K/IRA) — AMERICA IN THE RED!!!

*Please Share This Important Message Across The Internet . . . Thank You!

Yes, it looks just like that, but in bigger, eye-damaging letters, you know, like the other hysterical conservative email chain-letters that clutter your mailbox thanks to your naïve conservative friends and acquaintances. I didn’t like all the Vegan-fascist nonsense Care2 fills my mailbox with but I at least had some respect for them before this.

This article was dated March 18, 2011 and you would not believe the hysterical comments (generally of the “I told you so!” format) from conservatives who think this blog post proves all the evil rumors about President Barack Obama and his nefarious plans to destroy America.  Pink Mindy, the criminally gullible person who posted this to Care2.org (which needs to be more careful about submissions) had this to say on the Fifth Knight’s blog:

Pink Mindy said…

I am sharing this.

I am not afraid to share something that would most obviously affect our American way of life!

WE MUST STOP THIS FROM EVER BECOMING A REALITY … AND STOP IT RIGHT HERE AND NOW!!!

Big Government must be held accountable for their actions.

So SHARE, SHARE, FORWARD, & SHARE.

Be afraid, conservatives! Be very afraid! You do realize he’s “not one of us” don’t you?

Ironically, this is probably Obama's reaction to this stupidity - laughter

The image above is used by the “Fifth Knight” and you have to wonder if an opportunity to use this was (besides the gold and silver market) the reason to air these ridiculous claims again (see below).

The “Fifth Knight” goes on to make a list of ghoulish, Nostradamus-like foretelling:

ObamaCare, Bank Bailouts, Q1, Q2, Q3, QX — What’s Next???
How does the Obama Administration Expect to Keep the U.S. Credit Worthy and Continue to Borrow from China?

Tax: Baby Boomers, The Middle Class AND NATIONALIZE (IRA/401K) Retirement Accounts.

The Obama Administration Plans to De-Privatize Individual Retirement Accounts and Tax Us Till Death!

Most Americans Know, Accept and Expect Higher Taxes ….

BUT, Some Still Don’t Believe the Obama Administration is Planning to Nationalize/Confiscate Our Individual Retirement Accounts.

You’re about to see Two Videos to Prove it!

Video #1:  President Obama Announces “Government Guaranteed Income Accounts” – In Front of 45 Million People!

Video #2: An Interview of Teresa Ghillanducci, the Master Mind of the 401k/IRA De-Privatization.

*** Watch as She Reveals the Plot and Rules That You Will Have to Follow and Live With!!! ***

Yes, it’s all in red, and all in boldface in a 24-point font. Yes, my eyes still hurt.

But hold your breath! Before you can see the actual videos in question, you have to go to…KAZAAAM!!!!

GOLDWORTH FINANCIAL with its four reasons to own gold and silver! Request your full investment guide today!

But don’t actually order your full investment guide. Because it’s a bunch of hooey. Yes, I contacted Politifact.com and they pointed me toward their official “Pants on Fire” back in 2008, right here. But that’s not all. Without having to invest in a damned thing, you can also see the Fifth Knight’s claims refuted at FactCheck.org, here.

So save your gold and silver – and your time, and don’t worry about this little “sky is falling” episode of the Fifth Knight, who must be either as gullible as Pink Mindy or up to his ears in the gold and silver business.

I will do one thing he urges though: he says on his blog:

*Please Share This Important Message Across The Internet . . . Thank You!

So I am sharing it – with you my friends, so you can laugh as hard as I did. There is no truth to this at all; Obama is not taking your 401K and Teresa Ghildarducci is not Satan. As FactCheck.org related at the time these allegations first surfaced,

The Carolina Journal report claims that Democrats on the House Education and Labor Committee held hearings Oct. 7 on “proposals to confiscate workers’ personal retirement accounts.” The report describes in particular the testimony of Teresa Ghilarducci, a professor at the New School for Social Research in New York City. We’ve reviewed Ghilarducci’s written testimony and a video recording of the entire hearing, both of which are posted on the committee’s official Web site and are available to anybody who cares to read or listen. Contrary to the Carolina Journal report, nobody at the hearing talked about confiscating or seizing accounts. We also contacted Ghilarducci independently and asked if she’s expressed support for confiscation. She told us in an e-mail message that she hasn’t:

Teresa Ghilarducci, Nov. 18: It is utterly ridiculous [to suppose] that I advocate seizing 401k assets.

Now clearly this won’t convince the Fifth Knight or his Gullible Legion but then he wants you to invest in gold and silver and hide it under your bed instead of entrusting your retirement to Uncle Sam.

When Virginia Speaker William Howell picked it up, Politifact.com had this to say on the subject by way of closure:

Howell says there’s “talk in Congress about basically confiscating your private 401(k) or IRA,” which suggests there is serious consideration of such a proposal.  He cites two-year-old testimony by a think-tank economist that makes no mention of seizing tax-deferred saving plans.

We can’t find a single story in a national newspaper that warns of confiscation. AARP, the nation’s largest lobby for seniors with a reported 40 million members, says it “hasn’t heard anything about it at all.” The web sites reporting government seizure efforts cite statements and reports that, in fact, make no such suggestion.

And it gets even more ridiculous when Howell, himself, says he knows it’s not going to happen. We rate his claim Pants on Fire.

So let it go, Fifth Knight and Pink Mindy. You’re the best reason I’ve seen to oppose Al Franken on Net Neutrality. Save your bandwidth and go hide under your bed until it’s all over. Or if you believe in all that “making your own reality” nonsense go wish it all away. All of you who fell for this, do the same. We’ll tell you when sanity has been restored and we can get you safely deprogrammed.

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