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The Government Generously Offers To Help You "Manage” Your Retirement Account
Via Michael Krieger of Liberty Blitzkrieg blog,
[ZH: We have discussed this threat over the past several years (must read).] 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.
I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my retirement account entirely. I haven’t made any decisions, but will be watching closely.
I’m sure the government is just trying to protect your retirement account from terrorists.
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 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.
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.
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Way easier to just take it all with inflation. Incrementalism.
If the government one day just announced it was taking all 401ks and IRAs there would be blood on the street. Better to just take a little bit every day.
In an "emergency or crisis" as they like to call them it would be BEGGED for by the sheeple. Just watch and see...
The Frst Step will be that if you have a Pension with any type of Federal or State - they will insure it with a caviat that a percentage ( 10% to start) be invested in Federal bonds - the jsutification is that this portion will add "balance and income" to the pension.
THey can justify this as the various states ( ie CA) can no longer fund their pensions adequately - think of this as "Pension Bailout and SEcurity"
Remove, pay tax, buy gold/silver, cleanse government toxicidity ....... REPEAT
Brilliant ... you are either a gov employee or at should be
Harkin had some big grand plan...thank god he's not running again!
If you look at the info he put out about it, which essentially was the soft peddle of the 401k/IRA siezure plan, it suggested that everyone needed a retirement account...whether they could afford it or not...which really means we're going to take from people who have some retirement savings and give to those who do not....classic redistribution.
I still have an IRA....had intended to cash out last year but didn't do it for some stupid reason. I am willing to take the hit just to have at least a portion of what's there and not be told what to do with it or have it Corzined by the govt.
I don't believe this will go over well but based on what's happened since 2008 it may not get any attention...who knows, but I'm less optimistic about people becoming alarmed about it now than I was 10 years ago.
Take the hit and get out....
"...may fall prey to financial scams...."
Oh, like anybody's going to be prosecuted for these scams.
If gold goes down 20% I'll probably cash out my 401k and put it all into metal or land.
I closed my IRA, MPP and PSP pension plans, took an ass-raping in taxes, and went long cash (actual physical), physical gold and silver. I hold all assets myself. Demand deposits are for fools-excepting the sums necessary for bill paying and convenience. Safe deposit boxes are extremes in foolishness. No need to discuss. It is self-evident. I sleep better, even though I lost big in taxes. I can visit my discretely stored hard assets when I want. Staying in pension plans is planning to be victimized. AR's and shotguns are part of the security system. Of course, these assets remain vulnerable to watercraft mishap.
While my silver was out on a three hour tour it ran into foul weather. My guns and ammo launched a valiant rescue effort but sadly all were lost to Davie Jones...
Walk briskly, don't run towards the exits.
(first come, best served).
Heil, vee ist zee Government and ist here to help. IRA Papers please! -Govt Offialdom
Everything Government touches turns to crap. – Ringo Starr
Who you gonna believe: Your "friendly" DHS/IRS Apparatchik or good ol' Ringo?
Governor Walker in Dairyland is essentially doing the same thing, Cheesehead style:
Walker to public pension fund manager: Can you spare $200 million?
By M.D. Kittle / February 1, 2013 / 6 Comments
By Ryan Ekvall | Wisconsin Reporter
MADISON – Nearly two years after demanding public-sector unions pick up their share of taxpayer-funded pensions, Gov. Scott Walker is asking government workers to bet part of their retirements on a plan to subsidize new businesses in Wisconsin.
The venture capital plan calls for moving hundreds of millions of dollars into an embattled quasi-public economic development agency that lost track of a $56 million loan portfolio, among other mismanagement problems.
Documents obtained by Wisconsin Reporter show that Reed Hall, CEO of Walker’s Wisconsin Economic Development Corporation, recommended that the State of Wisconsin Investment Board loan $200 million to WEDC.
Walker serves as chairman of the WEDC board of directors.
Hall said WEDC would use SWIB’s cash to promote business growth through taxpayer-subsidized government investments in Wisconsin companies.
Continue reading here>>>> http://watchdog.org/68041/walker-to-public-pension-fund-manager-can-you-spare-200-million
You are completely wrong, Walker is pretending to do good things with the money the Gub'ment will steal...
We did such a great job with SS ....now let us show you what kind of return you can really earn .........NO RETURN !
we are from the government and we are here to help
What is this 401k everyone speaks of? I never had one.
Me neither .... but I think the government allows you to defer taxes on income you stash away for retirement in these accounts .... to pay the taxes later .... during retirement years .... when most people's tax rates are lower .... due to "downward bracket creep" .... because your income is lower .... however, there are tax penalties .... if you change your mind .... and decide to spend the money or transfer it out of your 401K .... before you retire .... something like that !
"This is an assault on your RIGHT TO BEAR WEALTH !".... Monedas 1929
http://ppjg.me/2010/09/07/confiscation-of-private-retirement-accounts-us-departments-of-labor-and-treasury-schedule-hearing/
How about currently in the works...
When I cashed mine out they not only took the 10% penalty but also taxed the gains as regular income. Costs more than it's worth to fight...
2010, how do you call that, "currently"? We know they are going to get our money, it is now just a matter of how. I'm betting a wealth or asset tax. Why should Bill Gates have more money than me? He should donate most of that to help bail us out. You know the bull crap, people just can't wrap their minds around how large an amount 16 trillion really is. I can. We're fucked.
Oh Christ! Are you going to seriously quote Rush when commenting on economic matters? We are doomed!
This circus clown is a beneficiary of the current economic depression. He doesn't want a damn thing changed. He wants to continue the government using your tax dollars to bailout private interests. That's how this collectivist hog got so damn rich.
"Good. Maybe then the few who still love the government will wake the fuck up.
And as always ``it's for your own good``... YEAH RIGHT."
Well ^ voters,
Let me see if I understand you correctly. You much rather entrust your $$$ to the "free market" and to the "private sector" because the free market and the private sector concern for their profit and their motivation centered on "greed being good" is preferable to you for the safe keeping if your $$$.
Good luck with that
:-/
Do you actually trust politicians? That is ALL Gub'ment is made up of you know, there is no such thing as noble governence.
I'm sure Corzine will administer it!
Do you really trust the private interests who own the politicians? Do they have your best interests in mind?
Never said I did, I trust myself and that's about it.
Just during the last 4 years and 5 trillion spent, we've seen Chrysler and GM bailed out, most of the banks bailed out that were "too big to fail", a billion plus of taxpayer money to the 'green energy' companies, a bailout in TARP 2 of the Euro Banks. Chrysler has since sent some of their production recently to China, GM has been a loss for the taxpayer and a huge loss for the GM bondholders, the Eurobanks are near collapse, the 'Green Energy' sector is in shambles and has not returned profit on that investment (ie... Solyndra and others), we just edged up to 7.9% unemployment, the debt ceiling has once again been breached at the 16 trillion mark and you want the government to manage your retirement plan. Really?
You must be from MASS HOLE CHUSETTS.
And in my humble opinion,
The government can fuck right off as far as I am concerned. They have proven beyond all reasonable doubt that they are a criminal organisation full of incompetant pisswards hell bent on destroying what little privacy and morality we have left. On top of fleecing main street to fucking death.
Bring this fucker down.
"Every country has the government it deserves (Toute nation a le gouvernement qu’elle mérite)"
Joseph de Maistre
So Gen X and Gen Y not only have to pay for the ponzi scheme, er I mean Baby Boomers Social Security through higher taxes, but we now have to contribute additonal money to keep Social Security afloat via retirement/IRA/401k confiscation. Nice! We shall call it the 'Retirement Confiscation Act' henceforth. We just puked our way through the ACA now we're no doubt going to have to endure the RCA. "We have to pass the bill so you can see what's in it". I'll tell you what's in it for GEN X and GEN Y, a great big SH#@ Sandwich!
Your SS payroll taxes going to current, or soon to be SS beneficiaries, was and will always be the plan. Current workers support the current SS benefits. You are acting like you just discovered something big.
SS is not a pension system. It's social insurance. It provides a nominal amount of monthly benefits so our grandparents don't starve and freeze to death. The premise of the article is that there is a threat of private retirement accounts being used to insulate collapsing major banks. When you try to equate that with SS, your economic illiteracy shines through.
Remember how the libtards ridiculed "trickle down economics" and distorted it .... well, they have a trickle down government plan .... that eye on top of the pyramid on the FRNs .... will trickle down tears !
Right, but their Keynesian notion of "demand-side" economics means that Africa should be the wealthiest continent on the planet! If demand created supply...
Honestly I cant see it happening.
This theory was first floated back in 2007 but has to many wide ranging implication for mass liquidation into Treasuries. The Wall Street inplications alone for lost revenue from traders, money markets, ETF's, mutual funds into forced liquidation of investment to low yield Treasuries and the possible market drop would find wide ranging opposition. Many investors if forced to liquidate positions to reposition 401k's and IRA's could see sever losses from present held position and would require IRS special loss provisions to compensate investors for these losses.
What I could see is an adjustment in investment options. Generally in the past the investment options for 401K's and IRS's were rather benign, but as the ETF universe has expanded into more and more exotic products the risk profiles have changed. Investors today do not always have full knowledge of the complexities of the investment options they have chosen.
While I like and read ZH daily this just doesn't seem plausable to me.
Perhaps the timing of this stock market "echo bubble" is nothing more than a prequel to a fall, so that the uber rich who have prepositioned themselves for a quick picosecond exit from their positions thanks to HFT, can gorge themselves one last time at the "pump and dump" money trough, and then the government gets to say "See? the market is too volatile, your retirement needs the guarantee and protection of government treasuries."
Like Obamacare's "you get to keep your own doctor", this time it will be "you get to keep your own broker or mutual fund manager." And if the money managers get to charge you a new commisssion for steering you into the new government "protection plan", so much the better.
It will be like the government forcing me to buy electronic medical records (EMR) for my former medical practice, while at the same time eroding the profitabilty survivability of my practice that I had to close it down, and now I got this 5 year payment for Nextgen EMR to make. I literally have $1,338.30 withdrawn from my account every month to pay for something I don't and can't use use.
Meanwhile, TSI out of Raleigh , NC , who sold me the Nextgen EMR has "securitized" (sold) the contract to Key Corporation of New York. So do Nextgen or TSI have to worry that it sold me a POS software that I never would have purchased in the first place had the government not been forcing me to buy it?
There is and will be no end to the screwing over of people by these scumbags in Washington.
Perhaps the timing of the stock mocket echo buble is nothing more than a prequel to a fall, so that the uber rich who have prepositioned themselves for a quick picosecond exit from their positions thanks to HFT, can gourge themselves one last time at the pump and dump money trough, and then the govefrenment gets to say "See? the market is too volatile, your retirement needs the guarantee and protection of government treasuries."
Like Obamacare's "you get to keep your own doctor", this time it will be "you get to keep your own broker or mutual fund manager." And if the money managers get to charge you a new commisssion for steering you into the new government "protection plan", so much the better.
It will be like the government forcing me to buy electronic medical records (EMR) for my former medical practice, while at the same time eroding the profitabilty survivability of my practice that I had to close it down, and now I got this 5 year payment for Nextgen EMR to make. I litterally have $1,338.30 withdrawn from my account every month to pay for something I don't and can't use use.
Meanwhile, TSI out or Raleigh , NC , who sold me the Nextgen EMR has "securitized" (sold) the contract to Key Corporation of New York. So do Nextgen or TSI have to worry that it sold me a POS software that I never would have purchased had the government not been forcing me to buy it?
I don't think it's plausible either,once all the death threats start rolling in they will of course do whats right for their well being.
This will be prequeled by a DOW fall, IMO. Guess the last one was a warm up, remember the annuity idea was floated last time? This WILL happen, as it MUST in the eyes of some. Other Govts have done it, but is the "world currency"(think SDR/ Keynes' Bankor) a prerequisite, thus the reason for delay???
I think I'll learn mandarin and move to China. Atleast they have a Communist system moving towards a democracy/freemarket capitalist system. Here in the states, we have a Democracy/freemarket capitalist system moving quickly towards Communism.
Too bad the Chinese are fleeing. More capitol fled China last year then the next ten countries.
Oh where to go.
All I know is the retirement lobbies like the AARP will fight this tooth and nail. As bad as special interests are they do cut both ways. Maybe people need to group together and spend on their own lobbyists to make sure the politicians know under no uncertain terms this shit is unacceptable. It is not like the media gives people a voice anymore and writing/telephoning/emailing your local congressman seems to get nowhere either.
Haha. Don't count on AARP helping if there's money to be made by them. They supported Obamacare, death panels and all.
"Wondering what authority they have" HAHA hillarious. NONE. Full steam ahead though like everything else.
People aren't stupid. Everyone knows their retirement acct will become more of a worthless IOU than it already is.
When I see "WH denies plan to manage Retirement Plans" I'll know its time to cash out!
Those insolvent pension plans of the public sector and private sector unions won't fund themselves.
We're from the government, and we're here to help.
If the Feds are going to steal my 401K then I want to see what they invested the money in. Monthly statements maybe. For example:
Dear Govt401K holder your current holdings are:
0.000005% of a F35
0.004% of a Freddie Mac owned home
10% of a welfare recipient
0.04% of a student loan
0.00003% of a private jet used by your Congressman.
Kinda like a statement made out to Madoff's clients, except some of Madoff's clients actually got some of their money back!
Anyone else here question the source of the $19.4 trillion in retirement assets? Figures I'd seen a while back put it closer to 1/10th of that figure. Did Michael misplace a decimal point?
They are afraid of seniors falling victim to scams? Puhhlease.
The next scam might be to significantly raise the penalties on cashing out 401s.
They'll try and get it all, one way or the other.
So, in a similar line of thinking ,any theories on why the $billions printed in "new $100" were scrapped?? This I've often wondered, and please no "they were printed badly" shit, anyone have any idea?
Redesign?
Water print imprinted into new 100 dollar bill stated:
"That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness."
Credit to Tamz Broderick
http://www.roadtoroota.com/public/261.cfm
http://www.youtube.com/watch?v=hUALVgbyZ84 (Willie Wanka Money Factory)
Maybe the government should start with eliminating the biggest fraud perpetrated against the earth, fractional reserve banking.
1. Why do governments chose to borrow money from private banks at interest, instead of creating interest free money (see Lincoln's greenbacks)?
2. Why create money as debt?
3. How can a money system dependent on perpetually accelerating growth be used to build a sustainable economy?
4. What is it about our current system that is reliant upon perpetual growth? What needs to be changed to allow the creation of a sustainable economy?
Why is usury legal? Interest on loans used to be illegal.
http://youtu.be/0K5_JE_gOys
Doesn't anybody bother to read the law regarding income taxes
So they're going to protect baby boomer's retirement savings from financial scams by......wait for it.......creating a financial scam! Brilliant!
This stuff is literally starting me make me laugh.
It would be pretty cool if the started this with a "financial false flag". Manuver a financial scam by "private" criminal to end horribly badly and just after showing how disastrous it was ... go in with a "regulation".
Last coffer with anything of value to rob out of it. Also, you can take hard currency out - and put bonds in! After all, this is such a solid investment, this helpful entity would certainly invest most of the funds in bonds. This could seriously get a few more years out of this system!
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams,"
A very legitimate concern. I watched part of a documentary called Maxed Out:
30,000 complaints against finacnial companies were noted and State's attourney general were going after them, notably Elliot Spitzer. The narrator noted Bush sided with the bankers. The bankers won, as Bush was able to get prosecutorial power turned over to the federal government, claiming that interestate banking fell under the federal government. So much for states rights, when it gets in the way.
Goldman Sachs refers to its clients as muppets.
Morgan Stanley used to run ads saying your dream is our dream. Unknown to the clients, Morgan Stanley was running contests to get account managers to sell JUNK in house mutual funds to clients.
I have heard Bob Brinker say that 90% of annuitiews are inappropriate for the people who buy them. The financial companies who sell them could care less.
Accounting fraud
Savings and loan fraud
Appraisal fraud
Mortgage fraud
Mortgage debt securities fraud
Foreclosure fraud
19 trillion dollars, of which X trillion is babey boomer retirement funds. That is a really big cash cow for financial companies to exploit to their benefit and the retirees detriment.
Maxed Out: noted that MBNA was or was one of Bush's biggest contribors. Maxed Out: noted that MBNA wrote the 2005 bankruptcy law.
William Black noted that the recent Jobs Act allowed start up companies to hide finanacial information from investors. He said it moved fraud from the debt market to the securities market.
It is just one fraud after another.
Millions of baby boomers are just ripe for the picking, by uncrupulous financial companies. No wonder that republicans are against a consumer protectioin agency.
Are those people adults?
"ripe for the picking, by uncrupulous financial companies"
Do they sign the contract or not? They should read fine print or not sign it. Let them have some minimum of responsibility for thier own actions.
BTW If the State goes into "helping" them, they will very likely have no say over it. But it will be OK, becaues that is the big daddy Government and he always does good by his children - no worries here!
School system to grade 12 in the US is spitting out kids who are unable to read. Do you expect them to understand complex financial instruments? The dumbing down of America was done for a purpose and this is it. The signature on the dotted line is put there after skewed information is delivered. Bait and switch is what it is called and it has been the topic of conversation for half the last decade. Predatory lenders thrive on stupid people with an income. "bring your paycheck and check book" and the money is yours. When prices of living keep going up and up and the price of the pay check does not, you will have people who rely on credit. When credit dries up, unless your daddy has a bank account that allows for generous gift giving, you have no fucking choice but to take what is offered to you. It's either that or become a pimp, slut or a fucking homeless person. What is wrong with you people that you cannot see the grande scheme?
Globalization is a transfer of wealth right out of America, and developed nations including Canada, the euro, australia, new zealand and beyond, into developed nations where corporations find cheap labor and investment opportunites for newly formed and growing companies. Geesuz Christ, how many times do i have to type this....A solution to this problem is not wanted. It's globalization and this is how they are going a bout it. Nonelected officials from the UN (AGENDA 21) will be soon telling you where you can shit if thsi isn't stopped soon. Local communities are signing agreements to get funding because their tax revenue has been cut in half if not more (25% unemployment in Tulare Co, 15% in Fresno county).
The obvious stupidity of 'Liberty ... Blitzkreig' (typical word association of proto-Nazis who are waiting in the wings wrapped of course with the flag) is:
The government CANNOT run out of money simply because IT IS THE GOVERNMENT. It can produce as much of whatever kind of money it likes! This is one of the benefits of havng a government, there is no shortage of private sector money.
90% of the (dumb) articles on Zero Hedge are complaints about how there is too much money! Good grief!
Everything that follows the drivel -- when the government runs out of money -- is to be ignored.
C'mon, let's have some better quality articles, ZH! Bring back Robotrader, at least he offered some cheesecake ... instead of jack boots and 'Sieg Heil 2.0'. Not only, he was right about the post-2009 bull market.
Mugabe though the same. He had the printing press how could he ever run out of money?
BTW I ignore most of the technical day-to-day trading posts as I'm not into this and not even living in USA - but as I recall prognosis for stocks were rather good most of the time - as the thing that will be hit less severely that other options.
Gotta love it when the MMT-ers come out from behind the wallboard trim. :-D
" the debt ceiling has once again been breached at the 16 trillion mark and you want the government to manage your retirement plan. Really?"
There is always Goldman Sachs, where you will be referred to as a Muppet and GS will manage your money to their benefit, not yours.
George Bush said don't you think that the American peopleknow better what to do with your money, than the government does?
#22 According to one survey, 77 percent of all Americans are now living paycheck to paycheck at least part of the time.
#38 If you can believe it, one out of every seven Americans has at least 10 credit cards.
#53 One recent survey discovered that 40 percent of all Americans have $500 or less in savings.
A recent Walmart ad features a family being shown how they can cut their 300 dollar a month phone bill. If they are spending that kind of money on phone service every month, they definitely don't know better what to do with their money.
After the housing bubble burst, the conservative refain was that people did stupid things with their money- buying houses that they couldn't afford. Excuse me, but if people know better what to do with their money, they won't do stupid things.
Bush wanted to change Social Security so that people could put part of their tax into the stock market. In 2009 the S&P had crashed 57%. So who was Bush fronting for? It wasn't for the benefit of the average American. As i mentioned in my previous post, MBNA was one of Bush's bigggest contributors. MBNA wrote the bankruptcy law of 2005, afterward. What financial companies would have benefitted from trillions of dollars directed their way? Again, recall that Goldman Sachs refers to their clients as muppets. What derisive nicknames do other financial companies have for their clients?
And no, i am not saying that the government should manage everyones money. But when someone like Bush says don't you think the American people know better what to do with their money, that there is an ulterior motive behind that statement, which will be of great benefit to campaign contributors, not the public at large.
There is always Goldman Sachs, where you will be referred to as a Muppet and GS will manage your money to their benefit, not yours.
Got a Flash for you... GS doesn't NEED your money to do what they do. Like have you ever heard the term "naked short selling"? Once you accept that A) it's possible and B) GS does it all the time, then you extrapolate the principle across the financial transactions that are possible (especially the HFT trade) and you'll see that GS doesn't need your piggy bank.
Why not tax the foreign money flowing into the country buying RE? Many other countries impose a 15% (or higher) tax/fee on non-citizens. Hong Kong, South Korea to name two. This would generate huge $$$ and help cut the deficit.
Why not tax the foreign money flowing into the country buying RE? ... This would generate huge $$$ and help cut the deficit.
Why do people always think that raising or instituting new taxes will increase government revenues? (Such taxation usually has the opposite effect.)
Look up "Hauser's Law". Although not specifically applicable to your comment, the principle applies... imposing a 15% tax on foreign investment would pretty much ensure that said investment would find a better place to go than the US because by imposing the tax you cause the cost of the investment (and thus the required return rate for profitability) to rise 15% IMMEDIATELY!!! (ie it would be an "up front" cost!) And then after you've stripped the potential investor of 15% of their capital, you'll hit them with a tax on the returns as well...
I'm betting that if you did that, you'd find that the oil sheiks and other international investors aren't as dumb as you apparently think.
Our beloved government now has us right where they want us. They have basically converted our entire economy to digital currency. Do you have direct deposit at work? Do you use ATM's or debit cards? Do you inverst funds in the stock market electronically? When you buy physical gold, silver or other items, rest assured the feds have some record of it: They can trace those funds to you. Them taking over our retirement accounts is but one more action to gain control of our lives. Do you not think that one fine day, with no warning, the fed could cut ALL access to our assets? Think about how easy it will be for them to manufacture some excuse to do just that, all under the ruse of "we're doing it to protect you from [insert your own bogeyman here]". Poof, just like that we are all in the same boat of destitution. That's when the fun will begin my friends, and it's coming soon.
When you buy physical gold, silver or other items, rest assured the feds have some record of it. Pay cash, LCS does not have my name much less my SSN. No direct deposit, no ATM's. Debit cards for gas, etc. "Invest" in the stock market? You are kidding now. Trace away. Molon labe.
P.S. No IRA's or 401k's any more either. Suck on an egg.
http://agenda21news.com/2012/09/agenda-21-in-china-using-eminent-domain/
See Agenda 21, blighted land. This land grab will be done by the UN under the guise of "sustainable living and global warming."
The way many see it, there will be civil unrest within the US when they come for the guns. After a few years of blood flowing through the streets, NATO will show up to save the Americans from the DHS, but it's the plan and everyone approves who is in charge. Globalization baby!
If this happens the govt would control the stock invested in all public companies. Therefore the govt would have financial control over all public corporations.
I've been out two years.
Listen, the ONLY way to resolve fiscal problems at the Govt level, without threatening the very fabric of Govt authority, is to utilize confiscatory policy(401K/IRA grabs, maybe guns and gold, too, but those I doubt as outright, think "bullet" control, gold backed IRAs) with inflationary pressure. Not advocating anything, just thinking it through from their standpoint.
The Feds have been talking about this for DECADES. I read about it in the mid-90s.
I guess it will start with "helping to manage" and then will morph into taking it over.
But I think if they do this the backlash will be fierce.
yesterday morning 37,000 reads and now at 1am 57,000 reads. Is it me or are some of you concerned that your retirement is going to go POOF! Bubye! into the loving arms of the govt?
Paul Krugman will supervise it, your money is in safe hands
Getting more like The Walrus and The Carpenter every day. After they've eaten all the nest eggs bureaucrats will say no one could have predicted the losses.