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Its Coming, The Government Wants to Help Manage Retirement Accounts


By Ironman   Follow   Sat, 2 Feb 2013, 8:47am PST   1,905 views   28 comments   Watch (0)   Share   Quote   Permalink   Like (1)   Dislike (2)  

Many people, including myself, have discussed this threat over the past several years. The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts. It seems that day may be finally drawing near.

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.

http://libertyblitzkrieg.com/2013/02/02/its-coming-the-government-wants-to-help-manage-retirement-accounts/

Comments 1-28 of 28     Last »

Ironman   befriend   ignore   Sat, 2 Feb 2013, 9:02am PST   Share   Quote   Like (4)   Dislike (4)     Comment 1

robertoaribas says

If you weren't sourcing a retarded teaturd site for your info, I might bother to read it...

Here asshole, if you clicked through, you would have seen that the original article was on Bloomberg!!

http://www.bloomberg.com/news/2013-01-18/retirement-savings-accounts-draw-u-s-consumer-bureau-attention.html

Kevin   befriend   ignore   Sat, 2 Feb 2013, 1:15pm PST   Share   Quote   Like   Dislike     Comment 2

THEYRE COMING FOR OUR GRANDMAS!!!!!!!!

Ironman   befriend   ignore   Sat, 2 Feb 2013, 1:21pm PST   Share   Quote   Like (2)   Dislike (4)     Comment 3

underwaterman says

He says he is a professor but I question it because of his constant lack of intelligence in the forums.

Yup, it's very sad, Mr. Phoenix, math MBA, Land Baron, "thinks" he has far superior intelligence then every one else who posts here... it's too bad he is so delusional..... maybe his dog makes him feel so superior?? I wonder who has the higher I.Q. in his avatar??

Mick Russom   befriend   ignore   Sat, 2 Feb 2013, 3:23pm PST   Share   Quote   Like (1)   Dislike     Comment 4

robertoaribas says

If you weren't sourcing a retarded teaturd site for your info, I might bother to read it...

Very cosmopolitan.

Bigsby   befriend   ignore   Sat, 2 Feb 2013, 8:43pm PST   Share   Quote   Like   Dislike     Comment 5

underwaterman says

Had you gotten your head out of your ass you would see your buying in another bubble professor dummy.

I take it that yours was firmly stuck in 2003, 2005 and 2006.

tatupu70   befriend   ignore   Sat, 2 Feb 2013, 11:29pm PST   Share   Quote   Like (2)   Dislike     Comment 6

OK--I read Bloomberg. Please show me where it states ANYTHING about the government confiscating American's retirement accounts??

You (or the tea party) have totally misrepresented the original article and the CFPB's plan. Not surprisingly. Because the truth isn't nearly scary enough and fear is all you've got.

Ironman   befriend   ignore   Sun, 3 Feb 2013, 12:58am PST   Share   Quote   Like (2)   Dislike (4)     Comment 7

tatupu70 says

Please show me where it states ANYTHING about the government confiscating American's retirement accounts??

From the article at 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."

Any idea what the bolded areas could be referencing??? Based on how the government handles it's own finances, I don't think I want their help in managing mine!

tatupu70   befriend   ignore   Sun, 3 Feb 2013, 1:04am PST   Share   Quote   Like (1)   Dislike     Comment 8

Yep--giving advice on how to invest wisely and avoid scams. You know--exactly what they said when asked.

You really need to take off the tinfoil hat...

bob2356   befriend   ignore   Sun, 3 Feb 2013, 1:23am PST   Share   Quote   Like (1)   Dislike     Comment 9

Call it Crazy says

Any idea what the bolded areas could be referencing???

"The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion."

Maybe you should have read all the way to paragraph 3. What a stupid post. If the federal government wants to get at IRA's and I think there is a good chance it could very well happen, it won't be through the CFPB,. They will pass a law requiring some part of IRA's to be "invested" in government bonds, just like every other country that grabbed pensions has done. Is tin foil getting in short supply these days?

Ironman   befriend   ignore   Sun, 3 Feb 2013, 5:27am PST   Share   Quote   Like (3)   Dislike (4)     Comment 10

bob2356 says

"The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion."

Yea, that makes for a great cover... I can hear them now.. "We're from the government, and we're here to help". "We need to save you from financial scams, so let us handle your money for you"..... Riiiggghhtttt...

So when are YOU signing up and turning YOUR 401K over for them to manage for you??

Ironman   befriend   ignore   Sun, 3 Feb 2013, 5:31am PST   Share   Quote   Like (2)   Dislike (3)     Comment 11

bob2356 says

They will pass a law requiring some part of IRA's to be "invested" in government bonds, just like every other country that grabbed pensions has done.

I want to be first in line for that deal... Sure, Mr. Govt.... Here, take my 401k and give me worthless bonds from a country who can't even balance their own books and is broke.....

Gee, I can't sign up fast enough for that type of deal!!

Ironman   befriend   ignore   Sun, 3 Feb 2013, 5:44am PST   Share   Quote   Like (3)   Dislike (4)     Comment 12

bob2356 says

just like every other country that grabbed pensions has done. Is tin foil getting in short supply these days?

Yup, it didn't happen in Argentina either....

Argentina Makes Grab for Pensions Amid Crisis
http://online.wsj.com/article/SB122460155879054331.html

......."The government proposed to nationalize the private pensions, which would provide it with much of the cash it needs to meet debt payments and avoid a second default this decade."

Or didn't happen in Hungary

Hungary reverses pensions reform
http://www.ft.com/intl/cms/s/0/0e01c370-06de-11e0-8c29-00144feabdc0.html#axzz2JsGQMkS7

......"Hungary’s parliament has voted to approve the effective seizure of assets held in mandatory private pension funds, a move that reverses a 1998 reform and has unsettled investors."

Or Ireland... or France....

But, that could not possibly happen here in the US, even though the country is 16.4 BILLION dollars in debt...... Nope, not a chance.... Right??

bob2356   befriend   ignore   Sun, 3 Feb 2013, 6:16am PST   Share   Quote   Like (1)   Dislike (1)     Comment 13

Call it Crazy says

So when are YOU signing up and turning YOUR 401K over for them to manage for you??

Call it Crazy says

Gee, I can't sign up fast enough for that type of deal!!

Call it Crazy says

Yup, it didn't happen in Argentina either...

I'm, assuming that english isn't your first language. I'll type as slowly as possible so you can keep up.

The article said CFPB was looking into if they had the authority to investigate fraud in IRA's. How you convoluted that into managing IRA's is a deep mystery. The CFPB won't be the agency that will be grabbing any money from IRA's, which makes the OP just stupid.

I said I think the government WILL (if you are having trouble with big words like will let me know, I'll endeavour to explain the concept) try to make grab for IRA's like governments HAVE (another big word) already done in other countries. Most likely by requiring IRA's to invest a percentage of their portfolio in government bonds. You won't have to sign up for anything, your fund will just switch stocks for bonds for you.

Try this story, it's a much more realistic look at what could and is happening without the senseless teabagger paranoia that just makes you look foolish. WND has a pretty good grasp on what's going on behind the scenes. http://www.wnd.com/2010/08/196173/

Bought tin foil futures today, definitely a growth industry.

Ironman   befriend   ignore   Sun, 3 Feb 2013, 6:17am PST   Share   Quote   Like (2)   Dislike (4)     Comment 14

bob2356 says

"The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion."

Oh, you mean the Americans that have fallen to financial scams such as Social Security and Medicare? OK , now we need a different group from the government to "help" us manage our 401K retirement accounts.

Like the same government who did such a great job managing the former two programs with YOUR money.... Sure, let's give them a third try to get it right!!

Kevin   befriend   ignore   Sun, 3 Feb 2013, 6:18am PST   Share   Quote   Like   Dislike     Comment 15

They're taking away our tax subsidized retirement accounts!

Ironman   befriend   ignore   Sun, 3 Feb 2013, 6:21am PST   Share   Quote   Like (2)   Dislike (3)     Comment 16

bob2356 says

Try this story, it's a much more realistic look at what could and is happening without the senseless teabagger paranoia that just makes you look foolish. WND has a pretty good grasp on what's going on behind the scenes. http://www.wnd.com/2010/08/196173/

HA HA, "senseless teabagger paranoia" and you're posting links to WND and Jerome Corsi..

Now, that's funny!!! So... who's foolish???

Peter P   befriend   ignore   Sun, 3 Feb 2013, 8:07am PST   Share   Quote   Like (1)   Dislike     Comment 17

Kevin says

THEYRE COMING FOR OUR GRANDMAS!!!!!!!!

That may or may not be a bad thing. ;-)

bob2356   befriend   ignore   Sun, 3 Feb 2013, 7:11pm PST   Share   Quote   Like (1)   Dislike     Comment 18

Call it Crazy says

HA HA, "senseless teabagger paranoia" and you're posting links to WND and Jerome Corsi..

Now, that's funny!!! So... who's foolish???

WND manages to document pretty clearly the how and who of raiding IRA's, something that is clearly way over your head.

Ironman   befriend   ignore   Sun, 3 Feb 2013, 11:51pm PST   Share   Quote   Like (3)   Dislike (4)     Comment 19

bob2356 says

WND manages to document pretty clearly the how and who of raiding IRA's, something that is clearly way over your head.

I guess you didn't read the entire article at the link you posted....

Let's see, Americans have 19.4 Trillion in retirement SAVINGS while the US has 16.4 Trillion of DEBT. Hmmmm..... looks like a nice pie to carve into...

Now the CFPB is concerned that the baby boomers could be taken by fraud and want to "help" them protect their retirement accounts..... Riigghhtttt....

If the boomers made it into their 60's and still have their retirement account savings, I think they are intelligent enough to spot "frauds".... Unless that fraud is being perpetrated by their government.... you know, we can trust our government to do the "right" thing for us!!

tatupu70   befriend   ignore   Sun, 3 Feb 2013, 11:58pm PST   Share   Quote   Like (1)   Dislike (1)     Comment 20

Call it Crazy says

If the boomers made it into their 60's and still have their retirement account
savings, I think they are intelligent enough to spot "frauds"....

You're kidding right? Sure--old people never fall victiim to scams. Why would anyone think that??

The Professor   befriend   ignore   Mon, 4 Feb 2013, 12:07am PST   Share   Quote   Like (1)   Dislike (1)     Comment 21

robertoaribas says

It's tinfoilhatime somewhere I guess...

tatupu70 says

You really need to take off the tinfoil hat...

bob2356 says

Is tin foil getting in short supply these days?

Do any of you have any direct experience using tinfoil hats? I'm assuming you mean aluminum foil? Does size and thickness matter?

"A tin foil hat is a piece of headgear made from one or more sheets of aluminium foil or similar material. Alternatively it may be a conventional hat lined with foil. One may wear the hat in the belief that it shields the brain from electromagnetic fields, to prevent mind control and/or mind reading, or to limit the transmission of voices directly into the brain.

The concept of wearing a tin foil hat for protection from such threats has become a popular stereotype and term of derision; the phrase serves as a byword for paranoia and persecutory delusions."

Just because you're paranoid doesn't mean they're not out to get you.

zzyzzx   befriend   ignore   Mon, 4 Feb 2013, 1:37am PST   Share   Quote   Like (2)   Dislike (2)     Comment 22

The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams

Like Social Security???

Vicente   befriend   ignore   Mon, 4 Feb 2013, 1:44am PST   Share   Quote   Like (2)   Dislike (1)     Comment 23

Teahadists despise government assistance of any form. I'm certain they all adhere to principle and refuse FEMA if a storm flattens their house. FDA approval? HAHA, they'd rather eat food and take medicine from black market sources that are not under the gov't jackboot.

Ironman   befriend   ignore   Mon, 4 Feb 2013, 3:00am PST   Share   Quote   Like (3)   Dislike (4)     Comment 24

Even Jesse Jackson wants a piece of the action.....

...."At a three-day conference in New York that began on Wednesday, Mr. Jackson discussed a proposal for increasing the availability of capital by using pension money to make loans in low-income communities."

....."There is precedent in the city for getting creative with pension funds. Mr. Jackson recalled the fiscal crisis in 1975, when the investment banker Felix G. Rohatyn engineered a rescue. That plan involved pension funds backing the city’s debt."

http://dealbook.nytimes.com/2013/01/30/jesse-jackson-proposes-creation-of-a-new-lender/

FortWayne   befriend   ignore   Mon, 4 Feb 2013, 3:29am PST   Share   Quote   Like   Dislike     Comment 25

They'll go whereever they smell money that is laying around.

Kevin   befriend   ignore   Mon, 4 Feb 2013, 3:33am PST   Share   Quote   Like   Dislike     Comment 26

Wtf do NYC public pensions have to do with 401ks?

Wtf does Jesse Jacksons proposal for NYC have on the cfpb?

Quigley   befriend   ignore   Mon, 4 Feb 2013, 8:03am PST   Share   Quote   Like   Dislike     Comment 27

Kevin says

Wtf do NYC public pensions have to do with 401ks?

Wtf does Jesse Jacksons proposal for NYC have on the cfpb?

It's an application of "greater good" syndrome. Once the government is in charge, and people like him are in charge of government, they do what they consider to be "best for everyone."
His suggestion is to take money that is supposed to be for people's retirement and lend it to people and communities who operate in such bad faith that nobody else will give them a loan, since its understood that such a loan would eventually become a gift.
So there you have it: Jackson wants to gift your pension to "underprivileged" people and their underprivileged communities. For the good of everyone!

The relevant question then becomes: "how would this sort of behavior look on a national scale?" My guess is that the money would go to back federal loans, at minimal to zero interest. Then we inflate the dollar, money is less, and pensioners just saw half the value of their retirement accounts disappear.

Kevin   befriend   ignore   Mon, 4 Feb 2013, 8:31am PST   Share   Quote   Like (1)   Dislike     Comment 28

Jesse Jackson isn't in charge of anything. He advocates for policies all of the time. Virtually none of them get any attention from actual leaders. He only has a soapbox yo stand on because of his association with the civil rights movement.

Nobody is touching your 401k. Its a dumb paranoid argument made by dumb paranoid people.

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