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Today's Nuze

"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

Nobody's listening.

GOVERNMENT CONTROL OF THE BANKS

By
Neal Boortz
@ April 8, 2009 8:56 AM Permalink | Comments (10) | TrackBacks (0)

How many of you remember the "Know Your Customer" program that the feds wanted to impose on banks some years ago? Now that Barack is so determined to control the banks in this country, could "Know Your Customer" be on the way back? Not the Know Your Customer program put into effect under the Patriot Act ... I'm talking about the program proposed by the Clintonistas many years ago.

If you don't remember the program, perhaps you need to be listening today. I'll remind you of what was and may be again.

I'm just waiting for the Obama crowd to bring back the imputed income idea and, if we're really lucky, a one-time seizure of pension and IRA funds.

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What others are saying

  • Once Again......
    Stan Gable wrote:

    "My bank account was rolling, stocks were going up, and gas was CHEAP during the Clinton years. Dont know if anyone can say the same during a Republican run government."

    I not sure where you get your figures from but the Stock Market did pretty good under Clinton and Bush. My accounts did rather well till recent history. As for gas prices, they really didn't go up till the Dems took control of the congress in 2006.

    So once again its limited thought and limited memory.
    By D.D. @ 04/09/09 07:26:00 AMreport abuse
  • local currency
    i read this article on local currency -http://www.examiner.com/x-6571-Atlanta-Political-Buzz-Examiner~y2009m4d8-Local-currencies-to-the-economic-rescue

    it sounds good to me, take away power from the fed by establishing your own local currency.
    By monica @ 04/08/09 01:12:17 PMreport abuse
  • Imputed Income
    One common reason for imputed income is life insurance paid by your employer for some multiple of your salary. If this amount exceeds $50,000 the amount of insurance premium for the insurance over $50,00 is taxable. The extra premium is 'imputed' income. It is a taxed benefit. The imputed amount is added to your taxable income, but of course you do not receive this money in your paycheck.

    Anyway, this is common enough that many payroll processing companies and programs have a line for it.
    By Ben @ 04/08/09 12:29:36 PMreport abuse
  • Imputed income
    For a couple of years now my paycheck stub has had an area labelled "IMPUTED INCOME". For now nothing is entered in it. It appears the payroll processing companies are ready for it. Very scary.
    By Capt. Jack @ 04/08/09 11:39:02 AMreport abuse
  • The worst is that the government would eliminate tax deductions for 401k and IRA contributions.
    Wow, Uncle would tax the money as it went in to the 401K/IRA and tax it again when it came out. There's a screwing.

    401K and (conventional) IRA: gub'mint doesn't tax what goes in, what comes out is taxed as ordinary income. Slightly less of a screwing.

    Roth IRA: taxed on the way in, tax free on the way out. Still less of a screwing.

    Understand the term "tax": money that you earned is taken away from you. Government would have you believe that they have a right to take your hard earned away from you. Government does not have such a right (ref: government by consent of the governed).
    By anonymous @ 04/08/09 11:00:05 AMreport abuse
  • Do what Clinton did
    Obama could do whatever Clinton did w/ the banks and have no argument with me. My bank account was rolling, stocks were going up, and gas was CHEAP during the Clinton years. Dont know if anyone can say the same during a Republican run government.
    By Stan Gable @ 04/08/09 10:35:18 AMreport abuse
  • Source?
    Neal, what is your source for saying the imperial federal government will seize IRA and 401k balances? I found this link which says the story was wrong:

    http://www.factcheck.org/askfactcheck/print_are_congressional_democrats_talking_about_confiscating_ira.html

    The worst is that the government would eliminate tax deductions for 401k and IRA contributions. While that would suck, it doesn't even compare to having my entire balance confiscated!

    As far as the imputed income goes, that one scares me more, because it's easier to convince the people that don't own houses that the homeowners are the evil rich.
    By Tom @ 04/08/09 09:44:07 AMreport abuse
  • Banks
    What I fear is the Gov might decide to seize the CD's of people who are receiving SS. No one can live on SS and BTW Medicare is not free. We have to pay almost $100 plus a fee for the drug program and unless you want a huge bill supplemental ins. Most businesses don't charge more for health ins.
    By Betty @ 04/08/09 09:39:50 AMreport abuse
  • KYC
    I work in this area. KYC, the key components of it, existed well before the actual KYC program was proposed. It exists today under a different name. I remember Neal talking about this in the past, he really has many facts wrong on this topic. Trust me.
    By Club-a-Liberal @ 04/08/09 09:30:17 AMreport abuse
  • Cash Only
    I don't care for all the junk fees charged by banks and credit card companies. I particularly don't care for how the government will use your banking activity to snoop on you....so....I'm think about starting a business that is cash only. I'll report the income along with every tax deduction allowed unless we pass the Fair Tax soon.

    I'm just curious if government would have a problem with it.
    By Patriot til' Death @ 04/08/09 09:14:30 AMreport abuse
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