Obama begins push for a national Retirement System !

http://www.nationalseniorscouncil.org/index.php?option=com_content&view=article&id=89:obama-begins-push-for-new-national-retirement-system&catid=34:social-security&Itemid=62

A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.

The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

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A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."

I call BS.

While I don't think the government should take over retirement plans, I do think there needs to be laws formulated that give the average 410K owner some sort of protection. Perhaps something like the FDIC?

I saw too many good people lose half of their life's savings in 2008-09. This took place while the big bankers and AIG CEOs accepted huge bonuses.

If bank deposits are protected by the FDIC, why not retirement funds? Somehow?

I realize this is a pie-in-the-sky idea from someone who knows next to nothing about investing, but it's a thought.

http://www.dailymarkets.com/economy/2009/03/19/is-obama-going-to-nationalize-401k-plans/

As you can see. Your 401k plan offers you a drastically higher return than Obama would give you at 3%. The nationalization of the nations retirement system could cost you a pretty penny.

Is an Obama 401k Plan what you want?

The proposal “raises more questions than it answers,” said Representative Howard “Buck” McKeon of California, the top Republican on the House Education and Labor Committee.

“We need to take a step back and question this ever- expanding role for the federal government,” he said in a statement.

bs alert.....

PBulldog2 wrote:While I don't think the government should take over retirement plans, I do think there needs to be laws formulated that give the average 410K owner some sort of protection. Perhaps something like the FDIC?

I saw too many good people lose half of their life's savings in 2008-09. This took place while the big bankers and AIG CEOs accepted huge bonuses.

If bank deposits are protected by the FDIC, why not retirement funds? Somehow?

I realize this is a pie-in-the-sky idea from someone who knows next to nothing about investing, but it's a thought.

If someone wants the safety of the FDIC they can put their money in the bank in a savings account.

If they want a higher return, there is a higher risk. I thought the stock market and come back since 2008 and 2009? Not really, it is just money printed from the Federal Reserve having no where to go but the stock market.

Yeah... The government will handle that money so well.

Maybe the administration, congress, and judicial, branches can give themselves all a pay raise and big bonus like the banks did after they got bailed out. Someone has to pay for those 26 million dollar mansions in New Jersey, once a month (or more) vacations around the world, fuel for the flying circus called Air Force One, accomodations for everyone aboard the flying circus once it arrives at it's destination, etc...

*****SMILE*****

https://www.youtube.com/watch?v=JkhX5W7JoWI