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Sen. Elizabeth Warren (D-Mass.) and President Obama during his Feb. 23 speech to AARP. (Getty Images)
Last Monday, with Sen. Elizabeth Warren (D-Mass.) at his side,
President Obama attacked Wall Street, again, for essentially
helping in what the federal government and businesses can
no longer provide — a decent retirement.
Under the false pretense of calling for new and tougher so-called
fiduciary standards for financial brokers, advisers and retirement
plan representatives, the White House once again horned in on
Wall Street’s compensation formulas.
However, what the president surely knows is that a vast majority
of retirement plans — IRAs and 401(k)s — are in simple fee-based
products like mutual funds. The commission-based accounts are
for those who prefer to direct their brokers in certain purchases
inside some of their retirement products.
The key to the White House’s interference is in its nuanced language.
The administration surely knows that commission rates and fees
on Wall Street have never been better for the consumer, and to
pretend to be able to offer even cheaper rates seems disingenuous.
It also opens a huge can of worms.
Come on, IRAs and 401(k)s are the few savings products that
actually do work in this country for everyone. IRAs and 401(k)s
are personal retirement accounts, not government pensions.
Please keep your hand out of our pockets.
originally posted by: Irishhaf
This chalupa is making me start to miss Bush.
Really wish he would stop it..
originally posted by: EternalSolace
I wonder what would happen if I were to try to dip into Obama's or Sen. Warren's 401k... or whatever they have. I'm willing to bet they would be having non of that. I also wonder what would happen if I tried to tax Obama's paycheck to buy myself a new TV... I'd also bet that'd never happen.
originally posted by: ketsuko
a reply to: ~Lucidity
And when you take it out and stuff it in your mattress and they come for that too?
What will your excuse be then?
I guess we should all just give up and let the all-knowing, all-powerful, all-benevolent state live our lives for us.