WatchMany 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.
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If you weren't sourcing a retarded teaturd site for your info, I might bother to read it...
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robertoaribas says
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
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Call it Crazy says
yeah, whatever...
you quote a retarded teaturd site of paranoia... and the click through to bloomberg is the consumer protection agency... you know, that nefarious group that made mortgage disclosures easier to read, and penalties if mortgage companies switch the terms at closing to rip off buyers...
I suppose that was "coming for all the mortgages" too...
It's tinfoilhatime somewhere I guess...
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THEYRE COMING FOR OUR GRANDMAS!!!!!!!!
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underwaterman says
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??
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underwaterman says
Nope, the sight is http://libertyblitzkrieg.com/ ... anyone with brains will recognize the value of that sight... they were completely distorting an article from bloomberg, since you didn't bother to notice that... post away your usual bs!underwaterman says
I've offered you repeatedly the chance to take an IQ test against me, for a $10,000 bet... just let us know who you are on here, so it can be verified, along with your short sale or foreclosure! (so you can't hire a local genius for the test)... I've tested routinley between 146 and 158... so bring it on!
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underwaterman says
I guess it would be too hard to verify something like that.. .before implying otherwise!
Hey here is a video I made for liberal arts students! It helps them compare renting to buying a home!!! had you taken my class several years ago, you woudn't have screwed up your home buying!!!
&list=UUtL6ohS1PlU-Zzp4CTk0qfw&index=3
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robertoaribas says
Very cosmopolitan.
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underwaterman says
I take it that yours was firmly stuck in 2003, 2005 and 2006.
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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.
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tatupu70 says
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!
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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...
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Call it Crazy 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."
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?
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bob2356 says
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??
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bob2356 says
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!!
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bob2356 says
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??
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Call it Crazy says
Call it Crazy says
Call it Crazy says
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.
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bob2356 says
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!!
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They're taking away our tax subsidized retirement accounts!
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bob2356 says
HA HA, "senseless teabagger paranoia" and you're posting links to WND and Jerome Corsi..
Now, that's funny!!! So... who's foolish???
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Kevin says
That may or may not be a bad thing. ;-)
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Call it Crazy says
WND manages to document pretty clearly the how and who of raiding IRA's, something that is clearly way over your head.
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bob2356 says
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!!
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Call it Crazy says
You're kidding right? Sure--old people never fall victiim to scams. Why would anyone think that??
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robertoaribas says
tatupu70 says
bob2356 says
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.
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The Professor says
Hey, when the rays are bad enough to require wearing a tin foil hat, more is obviously better!
For example, if one hat stops 90% of the government rays meant to control your brain, then n hats would stop [1-0.9^n], and personally, I'm not giving them 10%, or 1%, of my brain! I want to stop 99.999% of their damn rays!
Thus, I personally wear 5 tin foil hats... But, they have to kept separate to benefit from the entire effect! so in between each one, I place organic chemical free styrofoam. I buy from a local styrofoam grower, who i am sure is not planting genetically modified styrofoam seeds, and uses no pesticides on the styrofoam trees when they are young...
I will be selling my Super-5-Protector Series tin foil hats online soon, and will post the website as soon as it is up and running!
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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???
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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.
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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/
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They'll go whereever they smell money that is laying around.
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Wtf do NYC public pensions have to do with 401ks?
Wtf does Jesse Jacksons proposal for NYC have on the cfpb?
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Kevin says
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.
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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.