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Martin Armstrong Warns "Kiss Your Pension Fund Goodbye"
Submitted by Martin Armstrong via ArmstrongEconomics.com,
I have been warning for some time that government was eyeing up pensions.The amount in private pension funds is about $19.4 trillion. The question that has been debated in secret behind the curtain is how to justify to the people taking that over. I have been warning that if this is seized by government, it will come after 2015.75. Just how that is to be accomplished was finally settled by the Supreme Court without any justification constitutionally.
The US Supreme Court ruled last week in the unanimous, 8-page decision in Tibble v. Edison holding that employers have a duty to protect workers in their 401(k) plans from mutual funds that are too expensive or perform poorly. That is simply astonishing since there is no constitutional requirement for even government to provide social benefits. The Supreme court held in HARRIS v. McRAE, 448 U.S. 297 (1980) it was explained that the constitution is negative not positive. There is no duty imposed upon the state to provide a program for that would convert the constitution from a negative restrain upon government to a positive obligation to provide for everyone.
If we take the fact that the constitution is NEGATIVE and was a restrain upon government, then this latest ruling is completely unfounded. Monday’s unanimous ruling sends a warning to employers that they now must improve their plans and it is now an obligation to project employees. This comes just in time for then the next step is government to seize private funds and prosecute employers who choose badly a fund manager. This fits perfectly just in time for the Obama administration’s next assault as they prepare a landmark change of its own by issuing rules requiring that financial advisers put the interest of customers ahead of their own. This creates a very gray area wide enough to justify public seizure of pension funds under management.
This ruling will have a dramatic impact upon investment management and we have already received calls asking about using our model for management purposes since it has one of the longest track records that can be verified in the industry. What this ruling imposes is a tremendous duty upon the plan fiduciary who must now back up his decision with proof. This may also have the impact of foreclosing new fund managers from entering the business since they will lack the track record.
Yet this decision is even deeper. It sets the stage to JUSTIFY government seizure of private pension funds to protect pensioners. When the economy turns down and things get messy, they are placing measures in place to eliminate money in and physical dimension, closing all tax loopholes, shutting down the world economy with FATCA, and preparing for the final straw of Economic Totalitarianism with the Supreme Court reversing its entire construction of the Constitution to impose a duty upon employers to ensure the 401K plans perform in a world where interest rates are going negative. You really cannot make up this level of insanity.
The message here is not that all 401(k)s are bad or too expensive. In fact, costs have fallen 30 percent over the past decade as more plan sponsors turn to low-cost passive investing options. But this can be highly dangerous for to lower costs they turn to government debt where there is no need for fund management decisions. Yes, when I did hedge fund management, the cost was 5% annually plus 20% performance. That cost went to staff around the world that had to monitor positions and the world economy on a 24 hours basis. You paid also NOT to trade for most losses took place when traders were bored are would trade to try to make money when there was nothing to be done. Our track record was the best ever in the industry with the lowest drawn down perhaps in fund management. But that risk reduction cost money.
Today, costs vary widely. Plans with more than $100 million in assets usually have total annual costs below 1% whereas the biggest plans usually are below 0.50%. In small plans, the costs can be as high as 2% today. The focus is now on cost – not performance.
Financial service companies can charge a range of management, administrative, marketing, distribution and record-keeping fees for 401(k) plans. Plan sponsors can assume the costs, but employees are paying at least 85% of all fees typically. It is true that most workers do not know they pay the bulk of the share of costs. A 2011 AARP survey found that 71% of retirement savers do not think they pay any investment fees at all. It is true that the fees make a huge difference in returns over time. However, this drive to lower costs has also lowered the quality of funds management.
The U.S. Department of Labor estimates that a 1% point difference on a current account balance of $25,000 will reduce total accumulations by 28% over 35 years, assuming average returns of 7% and no further contributions. The focus is all on these management fees without any consideration of the problem. Trying to manage money varies according to the size of the fund. The more you gather, often the lower the performance because the markets are not unlimited. You can pick up the phone and say “sell at the market” when you have a $100 million fund, you cannot do that with a $100 billion fund. So the management fee was also a means to reduce the number of clients and it was never a question of unlimited capacity to trade. The numbers on performance would decline with greater amounts of money under management for the manager lost flexibility.
The Supreme Court case clearly shows that lack of understanding of the industry yet the battle centered on the 401(k) plan’s use of retail-class mutual funds when less-expensive institutional shares were available. The difference between those classes typically is 25 basis points. This will now put pressure on large plans to cut costs further but will not have much impact on smaller plans. That is because big plans have the buying power to negotiate better deals but at the same time they are the easy target for lawyers making them much more attractive targets for litigation.
Cutting management fees to the bone may in fact set the stage for massive losses for many of the older better traders are now just resigning. The quality of the funds management is more likely than not going to decline noticeably.
Between the court ruling and the Obama administration’s push for stronger fiduciary rules send a strong message that government can much easier seize the pension fund management industry of course to “protect the consumer”.
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Are you being sarcastic?
You just don't understand. See, while the constitutional Congress is passing laws according to the rules of the Constitution, and while the constitutional Supreme Court is finding the laws are harmonious with the Constitution according to the powers given it by the Constitution, and while the constitutional executive branch is executing those constitutional laws, the problem is the government is not obeying the Constitution. If they would just obey the Constitution, then we could live under a Constitutional government. Got it?
We are living under a Constitutional government. However, the founders intent has become corrupted. The followers have established corruption in the stead of liberty. Despotic government is simmering.
If the problem is that the government (that is, corrupted people) are not obeying the founders intent, then the solution is the constitution itself per Article V as the means to remove the corruption.
Somebody PLEASE correct me if I am wrong....
But I thought there is a distinct difference between Pension Plans and 401(k) plans. Mr. Armstrong seems to be using those 2 terms interchangeably in this article. Is he just that uninformed about the 2 types of retirement plans, or am I missing something? Is he saying that this ruling is making them one and the same to TPTB to replace the assets with US Treasuries? (or worse, maybe some of those toxic assets that the FED is currently holding?)
This ruling was about 401(k) plans.....how does he get to the ruling applying to pension funds?
How does Mr. Armstrong make that leap?
Where I work we have a now frozen pension plan that is managed completely by our corporate HQ and then a separate 401(k) plan which is administered by Fidelity. Our pension plan is underfunded using the pre 2010 funding standards (currently 54% funded by pre 2010 standards), but using the 'new' standards it is 85% funded. (Arrgghh) I'm not counting on seeing a penny of this money when I retire as I am sure that something bad will happen between now and 2021.
I don't want to upset your personal apple cart, but if and when the time comes that the government decides to seize money, do you honestly think it wll make a difference what the name of the plan is?
Standard Disclaimer: Cue Shrillary...
If that ever happens , your Masters will just pronounce you all ''anti-semites'' and start arresting people.
And most sheeple will say ''we are sorry'' as they are led away in handcuffs after getting tased.
Since the small people didn't rise up when Wall Street was bailed out along with the banksters they'll rob some more.
Bigger and bolder crimes now.
nationalize pentions, dont nationalize pensions, fact still remains yellen is a venomous cunt
"The Fedrealist" is authoritative as to the genuine meaning of the constitution, not the erroneous interpretations of judges, presidents or legislatures. Officials swear an oath to uphold the constitution not the federal government.
Propaganda created to justify the document and it's radical expansion of centralized, absolute, federal power over sovereign States is the best source of authority? Are you being sarcastic?
This is why I am so excited about the myRA. It will me mine forever and nobody elses, right?
What part of "My" is vague? If you can count on one thing, its DC upholding its promises and not changing the rules in the middle of the game. It'll be your till you die. Double swearsies.
This history is nearly never shown.
http://showrealhist.com
Deception by omission!
False advertising!
Fraud!
Federal felony!
I call this NOT taking care ...
Well, I just have to share this gem. It is a slightly different topic than the SCOTUS but it clearly defines .gov stupidity. Read it first and you will see how full retard it is.
http://www.twincities.com/localnews/ci_28174809/jobs-bill-includes-35-000-citys-july-4
Facepalm. Remember Special Ed from Crank Yankers? I'm channeling his character after reading that blurb of stupidity. YAY! So two of the non-profit orgs are not sales tax exempt and now they owe the state sales tax? One of those orgs is the Chamber of Commerce? Yay!!! So the state gives them a grant to pay their back taxes? YAY!!!! You can't even make shit like that up. You owe me money so here is what we will do; I'll give you the money you owe me for free and then you give it back to me to pay me what you me. YAY!!!!
I realize that this is a state level issue but it is no different at the federal level. These people should not be allowed around anything that passes for money much less make any decisions about how best for us to use our own money. Fucking morons.
The intent of the ruling appears to be allowing an employer to be sued by the employee in the event they hired a manager who trashed the 401K of the employee and complain within a 6 year time period. I just don't see some justification for Big Brother intervention.
"That is simply astonishing since there is no constitutional requirement for even government to provide social benefits." Zerohedge - this article is embarrassing. I know you're economists, and not lawyers, but don't you know any lawyers?
The case was about ERISA, which is a law passed by the Federal Govertment. Once a law is passed by the Federal Government, the job of the Supreme Court is to interpret it. The Federal Govt. can pass a law doing whatever it wants. The remedy of the people is to ask the Courts whether the law is unconstitutional. If the Courts say it is not unconstitutional, then the job of the Courts is to interpret the law, as written by Congress.
That's civics 210. Sure, there is no "constitutional requirement" to provide social benefits. But, if the Federal Govt. passes a law that provides social benefits, and the Supreme Court does not rule it unconstitutional, as in the current case, then it's entirely appropriate for the Supreme Court to ruse on what the law means. This case was a minor case about ERISA. Nothing to see here. Nothing about Con Law here.
Yes.
And no.
The courts deciding what is Constitutional was a power, per Jefferson's letters, granted to themselves and is itself not Constitutional. Notice how it has corrupted into the idea of courts making law, re: Roe V Wade, which legalized abortion. Or ObamaCare, declaring it legal because it's a tax, however it never originated in the House so it cannot be a tax.
Question if Election don't work for us in getting rid of Scheming Congressmen who network to destroy the "American Idea", allow US Capital to be Exported, Transfer our Technology overseas, get wealthy through insider contacts, Destroy the Middle Class Dream, and who do nothing to direct the labor, skills, and future of our Domestic Economy?
... then is it possible to Purge Congressmen, Lobbyist, Foreign Lobbyist, Media Owners & Managers, and Private Banking leaders?
Students allege political purge at Russia’s oldest university
Faculty dismissals stir controversy at Smolny College, hailed as a radical departure from Soviet teaching
May 23, 2015 5:00AM ET
by Matthew Luxmoore
ST. PETERSBURG — When it opened to great pomp and circumstance as Russia’s first liberal arts school in 1996, St. Petersburg State University’s Smolny College was hailed by many as a radical departure from Soviet teaching. A joint project between Russia’s oldest university and New York’s Bard College, its focus on critical thinking and academic exchange was meant to bring Russian education into a new era.
Nearly two decades on, a series of faculty dismissals has raised suspicions of a political purge at the school.
“When things started we didn’t know how bad they would actually get,” said Smolny student Alexandra, 20, one of the leaders of an informal student movement at Smolny taking a stand against the university administration and calling for the reinstatement of several teachers dismissed under dubious circumstances.
- Wait this must be part of what happened to American Education
Late Soviet Russian was best educated in world.
Russian Federation still is in many ways but less.
See TopCoder rankings...Russian and Russian schooled coders dominate. Chine now coming more placings.
your article source? most likely this is about cleanup of the NGO and not meant to be good
for Russia types infiltered... been too much of that, and about time
Hey I am broke; therefore I have no 401K issues.
lol. what pension fund?
I'm one of those morons that keeps his job in the public sector.
If they fell justified to seize your cell phone during a "treason stop," then pension funds in the grifting banksters' banks are as about a safe as the fattest pig on a farm.
Liberty is a demand. Tyranny is submission..
I wonder if SCOTUS knows what Article 3, Section 3 says?
Tibble v. Edison holding that employers have a duty to protect workers in their 401(k) plans from mutual funds that are too expensive or perform poorly. That is simply astonishing since there is no constitutional requirement for even government to provide social benefits. The Supreme court held in HARRIS v. McRAE, 448 U.S. 297 (1980) it was explained that the constitution is negative not positive. There is no duty imposed upon the state to provide a program for that would convert the constitution from a negative restrain upon government to a positive obligation to provide for everyone.
If we take the fact that the constitution is NEGATIVE and was a restrain upon government, then this latest ruling is completely unfounded. Monday’s unanimous ruling sends a warning to employers that they now must improve their plans and it is now an obligation to project employees.
I read the "Tibble v. Edison link. It said they unanimously agreed that the plaintifs did not prove failure in fiduciary duty so they sent the case back down. Further, the only issue this link addresses is the passing of the 6 year statute of limitations on the particular funds in question (of which there were just 6 in two years, 1999 and 2002).
So what's the big deal?
U.S. Constitution - an ancient document that no longer applies unless it can be used against "the little people"....sad but true.
Was this article written by someone who's native language is not English? Or a bot? Sentence structure and grammar is really clunky. Not to mention TLDR for such a poorly written, nonsensical article. My patience ran out about half way through it. I was surprised how much more there was to go, but I didn't bother. No stars.
Right? It was as if it had been translated from another language.
Marty Armstrong's grammar is always deficient. He's a math guy.
You're pretty much a dink if you really thought you were getting paid on a pension anyway. I'll gladly pay you in 40 years for a cheesburger today, what could go wrong with all the thieves in the middle between now and then?
Racketeering and putting in the Fix is going on Right now.
"JPMorgan Chase & Co. put allegations of currency-fixing largely behind it with a guilty plea, but it’s not out of the woods yet.
With its new felony record, America’s biggest bank needs to seek the Department of Labor’s permission to keep managing money in the $8 trillion private pension market."
- Ought to be news that the Biggest Bank will use it's influence to keep EBT Card Program, Be a FED Prime Dealer, and keep managing $8 Trillion Pension Fund. What else are they getting preference on? Buying US Treasuries? Federal Contracts? Making loans to the US Treasury??
So, this is what Armstrong had to do to get out of jail?
Marty Armstrong is a dink too, his models are supposedly based on math and time cycles to the quarter and which can't be violated, yet he writes opinions on fundamentals as if they could change the future. Which is it Mar-tay?
Seems that anybody who could take Armstrong seriously would also be somebody that subscribes to Dennis "wrong way" Gartman, whom eventually shall be correct.
However, your pension probably is smoked, and was stolen a long, long time ago.
Marty Armstrong went to jail for Contempt of Court, when he refused to give the government his models. I understand that Marty Armstrong's models are built on fundamentals, but LOTS of fundamentals. If Marty Armstrong thinks he can predict the future based on those models, then it's okay with me if he thinks that.
Spolier alert, Jade Helm 15 is in place because it will happen..sooner rather than later.
States which have petitioned govt for succession seem to be where JH maneuvers are taking place, I noticed.
Clearly the author is incompetent to read the actual 8 pages of the decision as it bears no resemblance to the extravagant claims he makes.
What the decision says is that under the common law of trusts there is a fiduciary responsibility of the trust managers and that the employees can sue for breach of that trust even though it has been more than 6 years since the original investment decisions were made and they weren't materially changed. Not a damn word about the constitution but hopefully you enjoyed the advertisment for his website.
I'm guessing ZH is getting lot's of clicks with this crap but the quality of the articles and comment here is steadily declining.
Let's not forget that Armstrong is a convicted felon who ripped off his clients for millions of dollars, alththe while claiming that the government was persecuting him. It's a sign of how low ZH has sunk that it continues to print his vapid bullshit.
Hmmm....
I would check that. He is NOT a convicted felon and was NOT incarcerated for ripping off his clients.
From what I understand, he was incarcerated for contempt of court and never charged with anything.
Doesn't make much sense but then in America Conrad Black was found guilty of Mail fraud because he moved a box of documents from a closet in his house in Chicago to Toronto. He was charged with 136 things but that's the only one they got him on and here's the thing, there was no complaint by anyone. Fitzgerald, the DA in Illinois just went after him.....just because.
Jamie Diamon is free.
John Corzine is free.
Explain those ones to me.
The United states has become a banana republic.
In short, Marty is NOT a convicted felon.
Squid
What jury of his peers convicted Marty Armstrong of a crime?
And did Marty Armstrong rip off his clients, or did Marty Armstrong make his clients more money than his competitors, and did his competitors respond by using the government to try to steal his models? And wouldn't the latter story be plausible, as it seems to be something that has happened countless times in human history?
Oh, make no mistake, they will take it. Other than outright seizure, which they know the repercussions (lots of politicians getting lead poisoning) there are three ways, inflate the money so it is worthless, raise taxes on withdrawals, and lower the tax deductible amount that you can put in.
o
Liberal/Socialists/Communists love to be packed in the ass. Trouble is the rest of us get bent over by the perverted rulers and their masters. Barack The Bastard, Mitch The Bitch and John The Pond-Scum are lubed up, and your ass has a bulls eye on it!
"love to be packed in the ass" thats called being liberated.
you seem to be rather obsessed with anal sex.....could it be you havent come out of the closet?
aside from some problems with grammar, syntax, spelling, sentence structure, verb tense, and general content - an interesting article
Your retirement plan is a roach motel for money. You can put in as much as you want... good luck getting it out.
Nationalize healthcare, federalize police, nationalize pensions, nationalize education, etc, etc, etc. See a pattern?
bolshevise
Absolutely a pattern, total repudiation of the Constitution by the liars who swore before God and man to protect it. A pattern of dictatorship, absolute dictatorship. It's on us like an overwhelming tide.
aaaannnd it's gone.
https://www.youtube.com/watch?v=-DT7bX-B1Mg
I hope they do it maybe this will wake up the American people to fight back the traitors in the WH.
Gotta go after the private funds because the state already raided most of their employees pensions.
"Most"?
SS---gone.
Medicare---gone.
Congress's own nest, WELL OF COURSE THAT'S STILL THERE!!!!
Government employee funds, those will be raided the same time as private 401Ks.
Riddle me this batman: "What didn't the American electorate spit the proverbial dummy when Congress designed their own pension scheme in the seventies?". Isn't that the canary-in-the-coal-mine move telling you that they were in the process of spending SS?
Just asking.
Squid
Isn't the word "restraint" ?
it's Bread and Circus for The Sheeple folks.
(We Sheepled some folks)
The P in pension stands for "POOF".......I guarantee it.....
Looking past this ruling to the question of how easy would it be for .gov to confiscate assets, I'd suggest the paper assets (starting with bank deposits, currencies, and sovereign bonds) would be the easiest. Next easiest to confiscate would be corporate bonds or equities. Then physical assets (gold,silver, precious stones, art, wine). Finally, land would be the hardest to take away. Why? B/c with land, you have to remove the owner, then occupy that land with someone else while protecting your installation. That's a 24/7/365 proposition. With gold, they come by your house/storage locker/grandma's basement once, and they've got it. Good luck getting it out of their vault. Rural agricultural land has the highest probability of seeing you through interesting times while also being able to generate cash flow during OK times.
They will outlaw gold possession like drugs with prison term that's all. With land they just erase the county records and outlaw paper land records and kick you out or kill you if you have a gun. You cannot hide and beg your freedom you must fight since at the end nothing is sacred for power lusting banksters.
Easiest way gonna be to confiscate iPhones. NSA will just press the button to explode the shit. Two birds killed with one stone, an iPhone and moron who bought it. It's not all bad.
On land, you choose whether to evade or fight. You also choose whether,when, and how of sending in a scalping party to destroy whomever 'they' install after expropriating it. Under all scenarios, 'they' could always simply attempt to destroy you before taking any asset. Up close and personal is the way to go. This way, you wait for the soft target and watch the blood run.
huh. youre a dipshit and you dont even own an iPhone. Imagine that!
This is a SCREAM!
The gov't is going to nationalize pensions because of alleged poor fiduciary responsibility on the part of employers?
Really? Oh stop, you're killing me.
This is happening all over the world. Most pension funds are in dire straits due to massive fraud and theft by their corrupted managers who should go to prison.
All those pension funds are hollow loaded with massive liabilities due to catastrophic derivative trades. That's why they are being transfer to government to cover up the fact that they are worthless and what worst they would have legally to pass their enormous liability to individual pensioners since the collateral that was pledged was their individual rehypothecated assets.
Yes. Not only grandpa won't see a penny at old age but would be on the hook for hundreds of thousands dollars without nationalization.
Then government will annul all contracts and pay whatever wants. That's the end game.
When Jeb Bush was Governor of Florida, Florida's State pension fund bought a ton of Enron stock as it was going down. I was always curious that the Press in Florida did not complain loudly, and are still not complaining loudly.
When you tender the right currency in the appropriate amount, the presstitutes become deaf, blind, and real dumb.
Mark my words: Coming soon -> an Individual Mandate (a la Obamacare) that all "qualified" retirement accounts must hold x% in government bonds (regardless of yield). It's the next best thing!
If you think the CRIMINALS, are going to allow you to keep that "hope chest" intact, you're fooling yourself and you know it!!
just try to see it or touch it and see what you get...oh, good luck
Retired last month. Since my trust level for men in suits is so high, and the market is obviously overpumped, I decided to cash out my 401k. You'd have thought I'd spit on the baby Jesus. Had to argue with 4 different "senior consultants" who were aghast that I did not want to roll it into something else. They said I'd be bent over for taxes if I cashed it out. When I pointed out that I truly didn't believe there would even BE a stock market by the end of the year, they relented. A smaller chunk of something is way better than a huge chunk of nothing.
Going to put almost all of the remainder into PM and a canoe.
Good luck with yours.
Ditto
Paying your Pound of Flesh I call it.
The Cost of Freedom for an indentured servant.
Nuts!
Don't think this counts with Grandfathered. Take it while you can get it. Or take it in the ass.
IMHO, this is a reason to buy stocks and ETFs. Many Mutual Fund managers have it too easy. Many of them have been on the Gravy Train too long. Some are good, of course. But the best ones have high loads, and, I can imagine, might therefore be the first to be targeted. It is the government's job to assure mediocrity, since those who support the government have to spend so much time and money supporting the government that they have little time or money left over to do exceptional work. Ayn Rand was partly correct.
The author insanely jumps to a strange conclusion.
Matin, was this google translated or dictated to your computer? Get a proof reader.
That said, 90% of my remaining 401(k) is in a brokerage fund ( I have withdrawn all I can under my plan). I wonder if they will say I am a bad manager and relieve me of my duties...
Does putin control the US Supreme Court, because this ruling is striaght out of the Duma (remember that the Duma is over 47% communist). .. ?
Obama and his communists aim to seize EVERYTHING they can to empower their budding socialist tyranny.
He's been on that 'hot line' with Russia!
All I wanna know is 'Does it have a Lock Box?'
/s
Epic comment for the man that claimed to create the Internet. Too bad the carbon credit index crashed. I am Al, therefore I am.
/sarc
Do I think private pensions are being targeted to bail in the banks and the government? Of course. Next outrage de Jour please.
I'll say this... this article has been good for one thing... it's shown who is a knee jerk fifth column commie bootlicker in desperate need of red meat, and who actually understands what was in question under the ruling and how US govt actually works...
when Volkodav crawls out of his hole oozing a slime trail behind him to comment, you know you've got a real winner of an article on your hands :P
Can you tell ZHers how you really feel? Just confused with your rant. I've had plenty myself.
If you think that this government is above using a screwdriver for a shiv, you are confused. with each obscure and perfectly reasoned policy choice and SCOTUS decision they further ensnare us. Who would have thought we could have ended up here with OUR constitution? Do you think they just decided to take our liberties away one day and passed a law to that effect?
NO! Instead they have passed law after law. Given our promise of state's right and sovereignty, who would have thought the commerce clause would be interpreted and turned into a hammer? Who would think something so harmless sounding as the Affordable Care Act would actually be the single largest takeover of our economy in history?How about the Consumer Protection Act that has handed the keys to ALL financial transactions to the government. How could that loving gesture be anything but good, right?
I will clearly state that I am no lawyer, much less a constitutional scholar, BUT, it takes no genius to see what is happening, only blinders to prevent one from seeing what they do not want to see.
http://m.youtube.com/watch?v=013gL5AMZbE
It's coming, be prepared.
I trust Martin Armstrong. He assures me that precious metals and the stock market are not manipulated. I trust Jeffrey Christain too.
The 7 year cycle has been consistent. We are a few months behind. Apple Watch was a pending focal in market growth. Product is dead.
Welcome to Fractional Reserve Retirement....
If you want a good laugh, head over to bis.org. Don't forget to pick up your new handbook.
https://www.bis.org/
Capital Liberty Service Inc. Is that insured by the FDIC?
http://www.bis.org/about/warning0405.htm
TL; DR
a quick skim is enuf to say this is a stupid article
What's yours is Mone and what's mine is my own.
How true is that in today's society, especially if your working for a Jewish Banking Cartel.
This is a total stretch and fabrication designed to incite people. People with no legal training should not give legal opinions and people reading such opinions should know better.
The failure of junk bonds will bankrupt more people than is currently fathomable to even Armstrong...
http://www.globaldeflationnews.com/the-biggest-debt-bomb-in-history-and-...
This article reads as if it were written by a 10 year old, and merits no credibility. And of course employee benefit plan fiduciaries must protect their participants from out of control fees.
Carlin had this article beat by years so why is everyone so shocked and why didn't they start their own, as in singular, pension fund
https://www.youtube.com/watch?v=ALlzClE67os
Pensions should be retroacively 'right-sized.' Let people keep them but force the various to retroactively 'get real.' Too bad those with pensions drank the kool-aid for so long and cheered those in charge when they demonized those that said promises were excessive and the pension systems would never work.
Now were supposed to feel sorry for these bullies? 'Bullies' being each and every pension dupe? In fact, they should be kicking themselves.