Government Loves You So Much It Wants To Help Manage Your Retirement Account

I don’t know which is worse, that the government makes obvious moves to loot the people or that they are able to so easily announce such moves and everyone lets them do it. In my opinion, this Bloomberg headline is a fire alarm. “Retirement Savings Accounts Draw U.S. Consumer Bureau Attention”:

“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.’”

So, basically, they will do it if they can get away with it. This story didn’t seem to raise an eyebrow when it appeared. Over the weekend “Tyler Durden” at ZeroHedge noticed it:

“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.”

The excuse for this self-assumed “role in helping” us manage our retirements accounts is that the private sector should not be trusted:

“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 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. (TROW).”

Well, no one needs to wonder if they have fallen prey to a scam, because there is no reasonable doubt about it—they have! The scam is called Social Security. Another is called Medicare. Yet these people are going to be trusted to protect us from scams?

What about JPMorgan Chase and others? Are they completely trustworthy? I doubt it. But since when has the Federal Government shown any real interest in holding them accountable for fraud and other possible malfeasance? These groups are two big to fail and thus too big to jail. The government continues to bail them out. Furthermore, when we look at the role of Fannie Mae in the housing crisis (to name just one example) we don’t see any reason to hope that the Federal Government can protect us from financial fraud and corruption. On the contrary, they encourage it. They are at the center of it.

I don’t think this should be debatable: the group that encourages us to trust in Social Security is not going to protect our interests if they take over the management of our retirement accounts. This is just a new larceny. They’ve tapped out their old ways of pillaging us and are now looking for a new way.

The old way was to justify the housing bubble on the grounds of helping the poor and minorities get housing. The next scam may have a similar rationalization. According to the New York Times, Deal Book blog:

“There’s been no shortage of ideas for how to jump-start economic growth in the aftermath of the financial crisis. But a new one comes with a high-profile backer: the Rev. Jesse L. Jackson. At a three-day conference in New York that began on Wednesday, Mr. Jackson discussed a proposal for increasing the availability of capital by using pension money to make loans in low-income communities. The idea is getting a prominent debut at the 16th annual Wall Street Project Economic Summit, hosted by Mr. Jackson’s Rainbow PUSH Coalition and the Citizenship Education Fund. ‘We’ve got to think outside the present fiscal-cliff-debt-ceiling box,’ Mr. Jackson said in an interview on Wednesday. ‘We must have some plan for reconstruction.'”

Right. That’s exactly what I want to do with my savings for retirement–risk it all in loans to people who can’t pay me back.

Jackson made this at a major meeting that included Bill Clinton and other establishment ruling class figures. As insane as it sounds, there is no reason to think that the idea won’t be used to justify robbing America’s retirees.



From Around the Web
Posted in Banking, Big Brother, Business, Government Control Tagged with: , , , ,
  • Evermyrtle

    Yeah, y stealing it!!! And giving it the liberal antichrists!!! To promote their work against GOD AND HIS SON JESUS CHRIST and their people.

  • ColleenFontenot

    Hey, obama and your lying, cheating thugs: SCREW YOU!

  • DavidPeacock

    obama’s BIG GOVERNMENT can not manage it’s OWN ACCOUNTS;; sure as hell is not going to manage mine.

  • shelby66

    When this happens, it will cause another stock market crash. People like myself will take their money out of their IRA’s and there will be a run on the banks and guess what folks, there will not be enough enough to pay out to all the IRA holders. Watch and see…..I’m taking mine out soon and going to pay the penalty. I will put it into a money market account for now and when Obama is thrown out of office and we have a real American back in the White House, then and only then will I put my money back into an IRA.

    • RivahMitch

      @shelby66 Money market won’t do you much good when the money is worthless. Consider precious metals, particularly silver and also brass and lead to protect it.

  • Aingeal

    The only financial scam Americans have to worry about is the schemes of the Federal government and the “shakedown” artists who caused the housing crisis as in Bill Clinton, Barney Frank, ACORN and a host of other liberals.  Politicians not content to have bankrupted Social Security and Medicare, now the likes of Jess Jackson and the rest of the non-producing welfare crowd, are salivating at the thought of going after individual’s private pensions to once again use this worked-for-and-saved-money to pass-around to those with their hands perpetually out who never seem to get ahead no matter how many social programs are funded for them at taxpayer expense.  Since Jackson and Clinton, etc., are so concerned about pensions, let them be the first to dig into their own wealthy incomes to personally fund the have-nots.  Liberals are very good at robbing from working-and-retired people without ever contributing themselves.  It’s time to reduce the obscene incomes by 90-percent of all politicians, the media, Hollywood, sports figures, the self-appointed religious leaders like Jesse Jackson and Al Sharpton, Warren Buffet, Bill Gates and other like-minded simpletons so the financial playing field is leveled  among the real people who hold this country together:  Workers and retirees who pay the bills!  Concerned Americans will not have their lives turned into a living, breathing “1984” where they are spied upon night-and-day by corrupt elites now operating out of Washington DC. who are hell-bent on collapsing the U.S. and taking away every bit of ownership one possesses including bank accounts and pensions.  It’s time to clean-up the infested sewer that is the government in Washington DC.

  • shannon853

    scams? our government is a scam!

  • Middle Class

    At least the unions won’t have to worry …… until the government  runs out of the money in our 401k’s and 403b’s

    • shannon853

      @Middle Class
       really? with the way congress is spending money, any money it can find in an saving or retirement account is not safe! and there is lots of union money to steal. ah manage!

  • tarheel

    The gov’t has already robbed millions thru social security.  Congress spent the money intending to pay it back, we all know how well that turned out.  There are not enough expletives to express my feelings on that.

  • Retired USAF MSGT

    Just like my gun. They cannot have it!!! Since when does tho government have any authority to try to tak my money away from my that I have saved? Who the h*ll does this idiot think he is? Thisw needs to have the widest disemination to the public at large. The money in my 401K is there for my benifit NOT the Government’s!!!

  • John Machinski

    It doesn’t matter. They will do it and get away with it – maybe even under a Republican President and Congress. They will either claim that they have the power through the Commerce Clause or the Patriot Act (under the Act, the President has the authority to declare a national emergency and do what he deems necessary to avert it).

    • Retired USAF MSGT

      @John Machinski
       One more reason to have the Patriot Act reversed or just taken off of the books al together. I never thought that we really needed it anyway. The laws were already on the books to stop terrorists. The President should NEVER have this much power. The Congress pushed the Act to begin with anyway. Maybe they should have their retirements taken away first, to help out Social Security and Medicare. All Representatives and Senators get lifelong retirements, even if they serve only one term. That should stop immediatly. Term limits should also be instated 3 terms for Representatives, 2 terms for Senators. No long term health care (only while serving), no retirements period. The founding fathers never envisioned lifelong Senators or Representatives. Citizens should never be harrassed by lifetime politicians. That is exactly what has happened to our Congress though, lifetime politcians, lifetime healthcare, and lifetime retirements. for terms that should be no longer than 12 years.

  • gail cohen

    I emailed they above agency and told them that I have more to fear from them meddling with my account than I would from my financial planner – even if he was the biggest crook – I am sure I am on their list now

  • Middle Class

    I said that somewhat sarcastically….. The liberals will want the union money for their campaign coffers so they will come for their pensions after they come for our retirement accounts…. but they will come for it, rest assured.
    Besides, most of the pension funds, especially for government employees, are severely underfunded so there won’t be much there for them to steal.

  • William Zimmerman

    Just like the Social Security System, the crooks in Washington, D. C. have bled it nearly dry. They’ve borrowed and borrowed and spent and spent until they now have to look to other resources to steal from. Sure, I want them to manage my money; NOT!!!