Bankrupcy August 2nd

[GhostTX]

I've heard several times that they (insert government) propose to "borrow" from pension\retirement accounts and if need be personal retirements like 401's, ira's, and so forth. If this does happen to be the case and they pull it off, I'll take the penalties and hits and empty my Simple IRA and stuff the mattress with the cash left over. At least that way I'll have a better chance of having something at the end. I don't consider an IOU to be worth a shit from the broke dick GOV

They didn't want to borrow, they wanted to convert ALL of it into SSN Part 2. The sell was we, the gub'ment, will give you more stability rather than the mean ol' market where you just lost a percentage during the crash.

I haven't heard about the issue in a while.

[FastFox]

Cashing in would give Buckwheat the with holding and the penalty. I don't think that plan will ever make it. If it does, it won't make any difference anyway. We will be in full civil war by then. Bullets and dry beans will be the only thing that will worth anything.

[The King]

I've heard several times that they (insert government) propose to "borrow" from pension\retirement accounts and if need be personal retirements like 401's, ira's, and so forth. If this does happen to be the case and they pull it off, I'll take the penalties and hits and empty my Simple IRA and stuff the mattress with the cash left over. At least that way I'll have a better chance of having something at the end. I don't consider an IOU to be worth a shit from the broke dick GOV

The only sources the Treasury is borrowing from currently are Federal employee pension accounts, so in effect the government is borrowing from itself and that's only going to sustain operations until August 2nd or thereabouts.

[Broncojohnny]

I've heard several times that they (insert government) propose to "borrow" from pension\retirement accounts and if need be personal retirements like 401's, ira's, and so forth. If this does happen to be the case and they pull it off, I'll take the penalties and hits and empty my Simple IRA and stuff the mattress with the cash left over. At least that way I'll have a better chance of having something at the end. I don't consider an IOU to be worth a shit from the broke dick GOV

There have been a few nutcases, generally academic types, speak before congress about taking 401k and IRA accounts but no one has ever proposed legislation actually doing it, they would probably be strung up by their own party. The idea would be so unpopular that it would probably result in an armed revolt.

[aggie97]

The only sources the Treasury is borrowing from currently are Federal employee pension accounts, so in effect the government is borrowing from itself and that's only going to sustain operations until August 2nd or thereabouts.

If this is true, that is probably why Congress has told the USPS that they can't have any refund of the $50B they have overpaid into the fund...namely, it's already gone.

PMG recently stopped paying into the funds to keep USPS above water... maybe there is another reason why?