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President Obama Explains The "Changes" He'd Like To Make To Retirement Accounts - Live Feed
Speaking at AARP headqusrters in Washington, President Obama will announce orders to the Labor Department to write new rules for financial managers who handle retirement accounts for working Americans. As USA Today reports, The White House says the goal is to end "hidden fees that hurt consumers and back-door payments that help Wall Street brokers," deals that costs retirees billions of dollars in savings. White House officials said they want new fiduciary standards that would require financial advisers to put clients' interests ahead of their own... and "buy our bonds."
We wonder how long before there will be an official asset allocation by dictat...
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What? You won't buy US bonds?!? You are ipso facto insane...and declared non compos mentis and "your" funds will be invested for you while you are sent to "camp" to be "rehabilitated!!!!"
Words of wisdom from the paragon of fiscal responsibility himself. Be still my heart.
How about you let me manage my own 15% social security TAX instead of creating more issues in the private sector.
Obozo’s money robbing method’s are simple….
You first rob after those that can’t complain. The future citizens are robbed by creating a huge debt pile that matures in 30 years. The dead citizens are taxed next with estate taxes.
You next rob those too dumb to understand. You then convert good investments into worthless government bonds. And so on and so forth.
All of this to bribe citizens with their own money to make them totally dependent on government so we vote as they tell us or our funds will be cut off …
Nonsense! Parts of that debt pile matures every damn day. The $18 trillion that you are referring to doesn't mature all at once 30 years in the future.
Folks, what you need to realize is that US Bonds have what plants crave...
“White House officials said they want new fiduciary standards that would require financial advisers to put clients' interests ahead of their own” sounds great.... right up there with if you like your plan you can keep your plan...
It is truly amazing that these asshats believe that they still have credibility. Perhaps if they actually walked into an establishment where their statements are being televised they would realize how laughable the propaganda has become.
Retirement accounts go to Washington.
Social Security, Medicare, and Medicaid checks (reduced for overhead) go out.
It is always funny how people expect that their money will multiply if they route it through DC.
hey, you know what else "costs retirees billions of dollars in savings" and also "helps Wall Street brokers"? a negative real interest rate. f'ing jackass.
I am a F**king Canadian and I'm f**king tired of this idiot, with all the changes he is doing to "make it better for the Merikan citizen"!
Tell that F**ker to go fn play golf and stay there!
Y'all Canucks should get started on a border fence NOW, the shit down here is starting to fall apart. Just yesterday a dude was on TEEVEE in his tighty whities.
In what insane world, heading to WW3, with a complete economic breakdown, with printing presses running at top speed, with a moron trying to end free markets and the rule of law in the USA, would gold be under $5000 an ounce? Oh yeah. This one. If I were running a foreign country, I'd bid 5k all day and all night until I got all gold available, and then monkey hammer the reset button with a bottle of Cristal.
This Barry fuck wants the government in all aspects of your life.
I vote military coup.
I'm grabbing my wallet because if Obama's talking there's some redistribution ploy in there somewhere.
Why not convert all public and private pensions to Social Security? Throw them all in a big hopper? Ha!
ZIRP is a far more damaging to savers and they know it, but the fee game in financial services is over the top as well. The brokers will get scapegoated so big gov. can take more control, and take what they want.
Just fyi. This is not about brokers ethics. In fact brokers are already required by law to put their client interest ahead of their own at all times.
"In fact brokers are already required by law to put their client interest ahead of their own at all times."
SO WHY DON'T THEY?
Is he late again or did I miss it?
Cut the shit though - "financial advisors" are rebranded brokers - akin to your wide grinned - suit & tie - bullshitting about your kids soccer game -barely graduated high school - car salesman as being a "personal transportation purchase advisor". Both sell overpriced shit to naive customers in order to reap fat commissions.
And no wonder, could it be possible that most Ed Jones recruits "financial advisors" directly from this nation's finest used car lots?
That's not fair...
Our local Ed Jones hired my kids old babysitter.
She had a whole year of Comm. College and a very nice rack.
Is there anything left in our lives that is not grasped and controlled by the long tentacles of the Federal Government?
No. Heck even table salt is regulated here.
Someone with zero experience and once hired has an abysmal track record, go on, I'm all ears!
If the over/under for ZIRP used during the speech is 1, take under.
if obamacare is any guide, this new rules to "protect consumers" will be written by the wall-street bankers and cost tax payers billions while contributing mightly to bankers bonus-pool.
Obamazon
One stop shopping for fucking up your world.
Makes me glad I cashed out my "retirement" accounts back in 2010. Lost most everything else in a tragic boating accident. House and two farms are paid for but not owned by me. I do have possession however.
Bless you. At least you know what's going on out there, you can make the best of it. Good luck.
Cashed mine out before the tax rates went up. That large pool of tax deferred funds is too tempting a target for a government that is this broke.
See he's looking out for the little guy. You guys are way to hard on this administration. Remember, this administration is the one that brought John Corzine to trial and convicted him. This administration has cleaned up Wall Street and took on those too big to fail banks. Obama's a regular ole Teddy Roosevelt.
I watched the movie "the Dictator" this week end. There is a scene in the movie where the Arabian dictator gives a speach in the UN. about how nice it is to be a dictator, and that amerika should try it!
The dictator says
"you could have 1% of the people have all the Nations wealth, you could help your rich friends gey richer by cutting their taxes, and bailing them out when they gamble and lose, you could ignore the needs of the poor for healthcare and education, your media would appear free but be secretly controlled by one person and his family, you could wire tap phones, you could torture foreign prisoners, you could have rigged elections, you could lie about why you go to war, you could fill your prisons with one particular racial group, and no one would complain, you could use the media to scare the people to suopporting policies that are against their interests. I know this is hard for you Americans to imagine, but please try, I will tell you what democracy is, democracy is the worst, and the stalking and listening to every stupid opinion, and everybodies vote counts, no matter how crippled or black or female they are"
It seems the writers of the movie know what is. I wonder when this will reach critical mass?
sacha baron cohen KNOWs whats going on for sure..
hes a non zionazi tribe member to boot...
boomers and foreign banks will be liquidating bonds to survive. someone will need to pick up the slack.
It's clear that the US government won't give up its paper, no matter how badly it pans out there. Because there's wealth in the printing press, even as the currency goes down, until nobody accepts it anymore. Funny, how the last people to realize it are the citizens who live here. Overseas, they are getting it, faster than I thought they would.
I have just now received an email from Vallerie Jarrett.
Excerpt:
"Overall, retirement savers receiving conflicted advice lose roughly 1 percentage point per year. This may seem small, but over a lifetime, that 1 percent could add up to a loss of more than a quarter of the savings a middle-class family could’ve otherwise built if they had received good advice. Taken together, American savers lose $17 billion a year due to conflicts of interest. "
IF every 'one percent lost could add up to a loss of more than a quarter of the savings a middle class family could've otherwise built', then what level of damage to savings might one infer from the combination of ZIRP and 2% inflation?
IF every 1% = $17 billion annually then every 1% that interest rates are below inflation = a $17 billion a year loss. -This does not even begin to consider the compounded loss of interest on the $17 billion a year that would have accrued as interest and become new principal upon which new interest would have accrued over the last 6+ years...
IF the historical median for interest rates over the last 30 or so years preceeding the Crash of 2008 was 4.25% or so then the loss of gross income based on that 1%=$17 billion assumption would yield a loss of
4.25 x $17 billion each year = $72.25billion.
Obama and his staff are decrying the theft of $17 billion a year when it is Obama and his staff that are actually responsible for more than $72.25 billion a year.
Year 1: $72.25B in foregone/lost interest payments.
Year 2: $72.25B in f/l intr. + $3.070625B in f/l interest on the year 1 total = $147.570625B
Year 3: $72.25B in f/l intr. + $6.27175156 in f/l int. on year 2 total + year 2 total = $226.092377B
I think you can all see where this is going and that I don't really have to do the math for the entire 6+ year period.
Obama and his cronies in concert with The FED cartel have robbed the middle class of over a trillion dollars in compound interest payments.
Obama and his cronies are trying to put the blame for impoverishment of the middle class onto crooked retirement fund managers.
Obama and his cronies are not taking responsibility for imposing long term financial repression against savers and thereby re-distributing their earned wealth and the entirety of what would be their due interest generated retirements income to insolvent financial institutions...
Further: IF every 1% = $17B on retirement savings, then what is the impact on the economy of compounded inflation of 2% or more? This inflationary destruction of savings must logically be equivalent to that of the purported theft of which Obama speaks and Vallerie Jarrett has written to me about.
2% inflation = 2 x $17B = $34B a year that is directly stolen by the government from retirement savings every year via inflation.
Between constant 2% or higher inflation and ZIRP it is apparent the the Obama administration and it's cronies have robbed the American Citizenry of well over 3 TRILLION DOLLARS in compounded interest earning on their retirement savings since January of 2009.
Obama has just inadvertently publicly incriminated himself and his entire Adminstration and The FED!
ZIRP and 2% inflation is a powerful combination of finacial repression and wealth redistribution on a grand scale.
Hate to be dick but, you have some fuzzy math going on 425% x 17 billion = 72.5 Billion 4.25% on 17 billion is 725,000,000 million. Nice rant though.
What Throx is saying is that if the lost 1% that Obama is decrying is $17B, then the losses on savings of 4.25% is 4.25 TIMES the $17B, or $72.5B.
The number is probably higher though because of lost earnings on money that would have been invested if only interest rates were normal (at historical levels). Instead, it made more sense to many to spend what they should have saved...but why save when you only get 0.01% interest?
"IF the historical median for interest rates over the last 30 or so years preceeding the Crash of 2008 was 4.25% or so then the loss of gross income based on that 1%=$17 billion assumption would yield a loss of
4.25 x $17 billion each year = $72.25billion. "
You don't seem to be able to read and comprehend plain english.
I'll just assume that you are in fact both and American and educated in the public system; -as well as a dick.
"What Throx is saying is that if the lost 1% that Obama is decrying is $17B, then the losses on savings of 4.25% is 4.25 TIMES the $17B, or $72.5B. "
Yes, YOU are correct.
Obama is decrying a 1% loss of $17B through account management improprieties..
I calculated that cumulative losses from the combined current Obama/FED Administration imposition of ZIRP in lieu of the historical median interest rate of approximately 4.25% a FED pursued annual inflation of 2%, is actually something on the order of $3 Trillion Dollars in lost purchasing power and interest income.
This is not even close to the real damages.
The inflation rate, that is: the growth in the supply of credit/moneyness in the system, has been running at much much higher than 2% during the period spanning January 2009 to present.
Obama has attempted to obsfucate or blame financial repression of $17B annual on fund managers when it is OBAMA & HIS CRONIES THAT HAVE STOLEN TRILLIONS.
So what your saying is that 1% of 1.7 trillion dollars is 17 billion and if people were earning 4.25% on that 1.7 trillion dollars the interest earned per year would be 72.5 billion dollars. I guess that is the way I would have worded it, you know since I went to a American public high school. OK fine, let's throw in the 2% inflation number you use. So at 7.25% per year (interest, zero percent loss on inflation and the skim of 1% a year) over a 6 year period, compounded daily you would get 980 billion dollars, that's again assuming 4.25% interest, 0% inflation and 1% skim, on that 1.7 trillion. Ending balance after 6 years 2.68 trillion dollars. As you say the inflation rate of 2% is probably more like 5% so in the end we'll say you have to earn 10.25% a year on 1.7 trillion x 6 years and you'll get 1.44 trillion for a total ending balance of 3.14 trillion. I know adding inflation to the percentage of interest not earned and the skim is simplistic, and that the 1.7 trillion in 2009 $ is probably closer to being worth 1.3 trillion, through fiat creation and real inflation. So I get what your saying. I just would have worded it differently. Sorry I'm really bored.
The gov't's own limits and rules on contributions to retirement plans by far dwarf any malfeasance by financial advisors.
"President Obama will announce orders to the Labor Department to write new rules for financial managers who handle retirement accounts for working Americans."
Do we really need a congress anymore? It seems to be superfluous any more, when the President can order this or that department to make the laws.
Congress is now a Fed. jobs program for the morally impaired.
"Good jobs for good wages. Hire the handicapped."
I believe the congress is literally filled with donkeys and elephants. I thought they were just mascots, but they are really job qualifications. No wonder my horse can't win an election. The last horse to win was in Rome. Now, those were the good old days!
There goes the rest of the middle class money. At the pathetic returns they will offer, your money will be inflated away before you ever find out they don't have it anyway. Think of it as Social Security II, but even more disappointing.
The dumb black muslim is on crack
Carlin said it best "They Want It All"
What Would Jerry Do?
Keep on Truckin'?
Just like "net neutrality" and "affordable care act" it means the opposite of what he says.
Headline fixed: President Obama Explains The "Changes" His Bosses At Goldman Sachs Would Like To Make To Retirement Accounts.
Obama wouldn't know how to change a retirement account anymore than he would know how to fix a flat tire. Media gives him 20 more I.Q points than he deserves.
That's not bad, actually, since Harvard had to give him 30 just to get him through the door.
Is there a list of specifics that he wants to change? The announcement seemes like a bunch of nothing. Mostly around 'hidden' fees.
For the bad financials: If you liked your bailout, you get to keep your bailout, however, we need to give lipservice that you also don't get to keep your skim and tax loopholes.
For the good financials: pay no attention to what said to them (above), you never needed or wanted bailouts, skims or tax loopholes. even on behalf of your clients, 'cause you are the hard working, honest, prudent americans.
... We now return to bombing people on the otherside of the world. We can't really tell if they are brown or not, because even the 7 foot tall dudes are wearing head to toe burkas and hajib's now. Kinda fruity, but ... just one more reason ... for 'Merica Fark yeah!
Specifics from a politician - really? you ask too much. here are the specifics, for those of you lucky enough to have a retirement account - the gubbermint is going to help you by taking it over. specifically this means those accounts will exist no more having been replaced by a gubbermint promise. Please see Obamacare, Social Security and gubbermint pension accounts for precedent and expectations. now - please get back to paying interest on your house, car, education and ever toy you bought so that Wall Street can continue to bleed you. and never ask such a question again or i'll turn off your REID chip
None of these things are ever written with specifics. That way, you can justifiy whatever specific policy measures you wish to take retroactively.
We IRAed some folks....
U mean Myra'ed
"We bondaged some folks"
And Jesus pointed to a printing press and said, "Teach a man how to print money and prosperity will reign FOREVER...."