Thread: It’s Coming: The Government Wants to “Help Manage” Retirement Accounts

It’s Coming: The Government Wants to “Help Manage” Retirement Accounts

Mike Krieger
Liberty Blitzkrieg
February 3, 2013

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

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.

Full article here.

In Liberty,
Mike
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HAHAHAHAHAHAHAHAHAHA .... Oh lord I cant breath from laughing so hard

HAHAHAHAHAHAHAHAHAHA

The Government Generously Offers To Help You "Manage” Your Retirement Account

Submitted by Tyler Durden on 02/02/2013 19:33 -0500

• Richard Cordray
• Securities and Exchange Commission

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.

The Government Generously Offers To Help You "Manage

Oh Lord thank you... I laughed my ass off

These are the same Broke ASS's that cant BALANCE a Checking Account

These are the same Broke ASS's that Rely on Pay Day Loan's from China just to make it through the YEAR

These are the SAME Broke ASS's that have the U.S. Debt at over 16 Trillion Dollar's ... let me repeat that "These are the SAME Broke ASS's that have the U.S. Debt at over 16 Trillion Dollar's ..."

Oh HELL NO

Take your BROKE ASS over there to the Unemployment line that stretches into Infinity and Beyond

There is 19 Trillion in retirement savings and another 3.4T in 401 K's. Democrat and Republican, they have been looking at that for a long time and according to the Bloomberg article, Dodd Frank gave them the vehicle.

My God. Does it ever stop with these a-holes? Every day it's something new!!! Sick of it.

Been thinking of taking what little we have in our 401K out anyway and spending it on a much needed retaining wall as our property has some drainage issues.

They can't take what isn't there!