IRA’s and 401K's to be used to provide capital to the US Treasury market?

peaceandlove · 01-13-2010, 06:28 AM

401k/IRA Screw Job Coming?

Friday, January 8. 2010
Posted by Karl Denninger

Now this is a guaranteed rape job.

In a short conversation this noontime that CNBC apparently has omitted from their archives (Why's that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market.

Where would they get this?

From your 401k and IRA accounts!

From Businessweek: http://www.businessweek.com/news/201...-ici-says.html

The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort

.

Let me tell you what this is - it is an attempt to prevent the collapse of the Treasury market!

Continues: http://market-ticker.denninger.net/a...ob-Coming.html

01-13-2010, 06:28 AM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	IRA’s and 401K's to be used to provide capital to the US Treasury market? 401k/IRA Screw Job Coming? Friday, January 8. 2010 Posted by Karl Denninger Now this is a guaranteed rape job. In a short conversation this noontime that CNBC apparently has omitted from their archives (Why's that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market. Where would they get this? From your 401k and IRA accounts! From Businessweek: http://www.businessweek.com/news/201...-ici-says.html The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort . Let me tell you what this is - it is an attempt to prevent the collapse of the Treasury market! Continues: http://market-ticker.denninger.net/a...ob-Coming.html