From Bloomberg: The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments. That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details. The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau — established by the 2010 Dodd-Frank Act — sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.http://www.bloomberg.com/news/2013-01-18/retirement-savings-...--------First, we'll help 'manage' your money. Force 'investment companies' to come up with 'plans' that 'conform' to government regulations. Then we'll come up with guidelines as to how much you should invest in US Treasuries - say, half of your savings ( to help fund the bankrupt USA treasury)......so the Treasury can keep paying unsustainable benefits for another 10 years..until your savings vaporize.....then, they'll ratchet that up ...so when you are 70, 70% of it must be in US treasuries or the US 'savings plan'. No more 401Ks/IRAs...your paycheck will see at least a 6% 'contribution' to your savings plan (held by a government trustee) and your employer will be forced to match it , or pay a penalty......of say, $2000 per employee per year ratcheting up to 6% of pay. Then, when guidelines aren't enough, they'll be mandatory....you know, like an Obama Executive Order - the Safety in Retirement Proclamation and Mandate....Last, you'll have to roll over your money into a Government run 'SS Enhancement program' where they'll give you extra money if 'you are deserving' in retirement....or, if not, your money will be used to fund the welfare weenies and queenies. OH..but you'll only find that out when you go to retire and they check your other assets and income.....and 'means test' whether you really need 'their money' now. It's they win/you lose ....t.
Out of my deads hands.
For now it's slightly past the 'geek level' in that it may or may not make it to hard policy.But the fact that it got this far means it WILL be policy eventually.I don't regret not having ANY 401k'S OR ira's or whatever for a long time now. Eventually it will not surprise me if retirement accounts are screwed with by the Liberals (and establishment Republicans) in government. I still believe that one day, the gov't will figure out how to confiscate or at least tax capital that people are holding.Just look at mooch liberals on the PA board. They are always whining about "people and corporations are just sitting on capital". That shows the Liberal mindset. They think that your private saved stash of cash is really public domain and they resent you for holding on to it.Don't believe me? Think it's impossible?I ask you, demographically is America going more Right or Left? Are today's young people taught more collectivism or individualism? Will they be upset about turning over freedoms to government, or possibly, APPRECIATIVE of nanny government? JediG
"Don't believe me? Think it's impossible?I ask you, demographically is America going more Right or Left? Are today's young people taught more collectivism or individualism? Will they be upset about turning over freedoms to government, or possibly, APPRECIATIVE of nanny government?JediG "^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^When I visited Moscow, the elderly were enamored by the "old days" ofcommunist rule. The young seemed more interested in living withthe freedom of choice.Now in the out-lands, no one talked about the "good old days" - justtalked about how they got around the rules and regulations.Howie52The elites from government regimes really prefer being elites.Those who take down the names are always more upbeat aboutgovernment than those whose names are taken.
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