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Controversial Social Issues Discussions concerning controversial social issues. Topics include politics, religion, culture, social and economic issues, etc. Respect required at all times.


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  #1 (permalink)  
Old 02-06-2013, 04:52 AM
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Government wants to manage your 401K

Before you jump yo the conclusion that I have been smoking wacky tobacco you may want to review these and another 100 or so pieces of information online.

Quote:
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.

source: http://www.bloomberg.com/news/2013-0...attention.html
Quote:
In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions.

source: http://beforeitsnews.com/opinion-con...s-2572478.html
Gee. I wonder if they can do as well with my 401K as they have with the Federal budget?
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Old 02-06-2013, 06:30 AM
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First step to confiscation.
 
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Old 02-06-2013, 08:49 AM
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The retirement savings business in the U.S. is dominated by a group of companies that handle record-keeping and management of investments in tax-advantaged vehicles like 401(k) plans and individual retirement accounts. The group includes Fidelity Investments, JPMorgan Chase & Co. (JPM), Charles Schwab Corp. (SCHW) and T. Rowe Price Group Inc.

is dominated by a group of companies ... Fidelity Investments, JPMorgan Chase & Co. (JPM), Charles Schwab Corp. (SCHW) and T. Rowe Price Group Inc.


well, I manage my own retirement acc., non of the above and everything is paid for and no taxes owed and free to spend whatever I care to.

choosing between the characters above or the gov't is somewhat akin to the likelihood of success walking the plank off a pirates ship - of course I do own stock in a couple of the co.s.

pitting the gov't against the enterprisers can't be any worse than relying on either separately .... 2c.
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Old 02-06-2013, 09:20 AM
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Would you care to explain what
Quote:
is dominated by a group of companies ... Fidelity Investments, JPMorgan Chase & Co. (JPM), Charles Schwab Corp. (SCHW) and T. Rowe Price Group Inc.
this has to do with the topic under discussion?
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Old 02-06-2013, 02:09 PM
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Originally Posted by ScriptMan View Post
Would you care to explain what

this has to do with the topic under discussion?
http://www.bloomberg.com/news/2013-0...attention.html

from your source ScriptMan - I assumed you had read it ....
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Old 02-06-2013, 02:18 PM
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I did but I did not edit it to present an invalid point.
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Old 02-06-2013, 02:49 PM
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Originally Posted by Zap View Post
First step to confiscation.
Of course - That's way too much money to have outside of the federal government's control. People could actually do what they want to with it - just can't have that in a centrally-planned economy.
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Old 02-06-2013, 02:58 PM
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Quote:
Originally Posted by Breeze Wood View Post
is dominated by a group of companies ... Fidelity Investments, JPMorgan Chase & Co. (JPM), Charles Schwab Corp. (SCHW) and T. Rowe Price Group Inc.


well, I manage my own retirement acc., non of the above and everything is paid for and no taxes owed and free to spend whatever I care to.

choosing between the characters above or the gov't is somewhat akin to the likelihood of success walking the plank off a pirates ship - of course I do own stock in a couple of the co.s.

pitting the gov't against the enterprisers can't be any worse than relying on either separately .... 2c.
And, for now at least, people are perfectly free to do what you have done. Nobody has been forced to do business with any of those companies - the companies have been chosen by individuals and can only keep their business as long as they continue to meet their customers' needs. The only entity with the power to force you to do business with it is the government.

Your faith in the benevolence of government is unbounded, isn't it? Or does it only last as long as there's a Democrat president?

<added>
Quote:
the likelihood of success walking the plank off a pirates ship
Somewhat flawed analogy - While the companies don't have a sword at your back, the government does (for your own good, of course).
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Last edited by Bob Barr; 02-06-2013 at 03:11 PM.
 
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Old 02-06-2013, 05:30 PM
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Quote:
Originally Posted by Bob Barr View Post
And, for now at least, people are perfectly free to do what you have done. Nobody has been forced to do business with any of those companies - the companies have been chosen by individuals and can only keep their business as long as they continue to meet their customers' needs. The only entity with the power to force you to do business with it is the government.

Your faith in the benevolence of government is unbounded, isn't it? Or does it only last as long as there's a Democrat president?

<added>

Somewhat flawed analogy - While the companies don't have a sword at your back, the government does (for your own good, of course).

as I pointed out Bob I own stock in the co.s, by all means place your savings in their trust.
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Old 02-06-2013, 05:44 PM
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Quote:
Originally Posted by Breeze Wood View Post
as I pointed out Bob I own stock in the co.s, by all means place your savings in their trust.
Whether or not you own their stock is totally irrelevant to this discussion.

I trust private companies a lot further than I trust unelected government bureaucrats. When dealing with private companies, I have a choice - with the government, I don't (and neither do you).
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Old 02-06-2013, 05:51 PM
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Quote:
Originally Posted by Bob Barr View Post
Whether or not you own their stock is totally irrelevant to this discussion.

I trust private companies a lot further than I trust unelected government bureaucrats. When dealing with private companies, I have a choice - with the government, I don't (and neither do you).

speak for yourself, and you can trust private co.s all you want irregardless the irrelevance between that trust and "unelected government bureaucrats" ...
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Old 02-06-2013, 06:09 PM
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Quote:
Originally Posted by Breeze Wood View Post
speak for yourself, and you can trust private co.s all you want irregardless the irrelevance between that trust and "unelected government bureaucrats" ...
What's that supposed to mean?

You seem to have no problem at all with the federal government taking over management of private retirement savings; I do. No matter how much you dislike private companies, this discussion is about government intervention. You brought the private companies into the discussion, not me.
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Old 02-06-2013, 06:28 PM
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Quote:
Originally Posted by Bob Barr View Post
What's that supposed to mean?

You seem to have no problem at all with the federal government taking over management of private retirement savings; I do. No matter how much you dislike private companies, this discussion is about government intervention. You brought the private companies into the discussion, not me.


Quote:
Bob B: You seem to have no problem at all with the federal government taking over management of private retirement savings;

Quote:
The U.S. Consumer Financial Protection Bureau: The bureau could claim jurisdiction through its Office for Older Americans, which was established by Dodd-Frank with a mandate to improve financial literacy.

with a mandate to improve financial literacy.


the Consumer Financial Protection Bureau, new under Dodd-Frank has the authority to protect consumers from fraudulent business practices conducted by the private sector - it is not their job to manage an individuals account.
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Old 02-06-2013, 06:44 PM
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Quote:
Originally Posted by Breeze Wood View Post
with a mandate to improve financial literacy.


the Consumer Financial Protection Bureau, new under Dodd-Frank has the authority to protect consumers from fraudulent business practices conducted by the private sector - it is not their job to manage an individuals account.
Please tell me you don't really believe that they'll stop at "improving financial literacy". If you do, I've got this bridge in Brooklyn that you might want to take a look at....
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Old 02-06-2013, 07:41 PM
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The Consumer Financial Protection Bureau was a good idea to protect people from credit sharks, etc But it seems that they diverted the reason why this was builded. Now they put their nose in the private retirement savings of the citizens.

Hey 2 trillions in cash when the gov spend too much is a great temptation to grab...
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Old 02-07-2013, 05:06 AM
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Quote:
Originally Posted by Bob Barr View Post
Please tell me you don't really believe that they'll stop at "improving financial literacy". If you do, I've got this bridge in Brooklyn that you might want to take a look at....
Why don't you sell that second bridge of yours in the Bay area. I don't think he would enjoy NY.
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Old 02-07-2013, 12:48 PM
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Why don't you sell that second bridge of yours in the Bay area. I don't think he would enjoy NY.
Nice thought but California's in such desperate financial straits that they can't afford to lose the toll revenue.

Of course, "the people" just voted to jack up taxes on "the rich" so "Happy Days Are Here Again". (At least until "the rich" decide they're sick of it and bail on the state.)
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Old 02-08-2013, 06:41 AM
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Red face

This comes as no surprise as desperation breeds such concepts as taking what others have. I don't know if we could classify what we have or where it's going as any traditional government system. Maybe we need a new word to define what we have become as a system, a cleptomaniacrosy?

Anyway, stealing goes way back in America. Conquest knows no end, we must conquer ourselves it would seem. I hope that the 401k confiscation business is a long, long long long way off. Better yet I hope this idea bites the dust.
 
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