Congress Rep - Proposal to Take Pension Funds - Give Money to Banks

Okay, now I am so Totally Outraged! How Dare the Congress Even consider taking Pension Funds and Giving the Money to the Banks!!!

Rather than rely more heavily on the Treasury, which has already put $350 billion in the nation’s banks, Representative Gary L. Ackerman sees an opportunity in the trillions of dollars in public pension funds. Most of the funds suffered giant losses last year in the market turmoil. But they do not need all of their assets immediately, because their time horizon for paying benefits is decades long.

link to article: www.nytimes.com...

They have NO right to play with the public's years of working towards a retirement and give that money to Banks!!!!!!!

The thought of it, is making me see RED right now!

I do not have anything at stake here.........but the millions of people who do..... I feel for!!!

This is such a totally ________ outrageous thought and idea!!

Mr. Ackerman, Democrat of New York, is sponsoring legislation that would allow public pension funds to pool some of their money and use it to create a sole-purpose entity that would buy $50 billion to $250 billion worth of preferred stock in America’s banks. That would strengthen the banks’ balance sheets and, Mr. Ackerman hopes, get them lending again.

He says the money will be guaranteed...give me a break......there is NO guarantee the U.S. will survive this meltdown and be able to give people their money back, that was stolen from their pensions!

Since the nation’s banks are shaky, and pension funds cannot afford more investment losses, Mr. Ackerman’s measure also calls for the Treasury to guarantee the funds’ principal, plus an annual return of about 8.5 percent.

Mr. Ackerman and his advisers acknowledged that some public pension funds had made missteps, but said there was not time to tighten up the whole sector’s practices before starting a bank bailout. There are about 2,700 public pension funds in the United States.

“Sometimes, you have to do things to benefit people who didn’t behave so well,” Mr. Ackerman said, explaining that the need to keep public pension funds afloat and promote bank lending were too urgent to wait.

How such a plan would work with the Treasury’s newest assistance package for banks, set to be unveiled Tuesday, was not clear.

This absolutely CAN NOT HAPPEN!! People really have to take a Stand on this issue!!

Do NOT let the Fed. govt. take pension plans and give that money to banks!!!!

It would seem that our current government is doing EVERYTHING it can to start a revolution.


WTF is wrong with those people?????

I cannot believe any representative would seriously consider this to be even remotely 'acceptable' to his or her constituents.

For crying out loud! The Social Security Ponzi scheme isn't enough????? These politicians are shameless shills for the banking cartel and they should be expunged from public office!

How will the media 'sell' this one to us I wonder. More blackmail, "Give us your money or you country collapses!"? More fear, "We'll close our businesses and leave you all unemployed!"?

This nonsensical approach to economic gambling is as tired as it can get. Someone please remove the Bankers from political offices before they surrender our children to serfdom and servitude.

This just keeps getting better and better. What a friggin joke.

reply to post by pheenix11



The problem is.... this is about people's lives and what they have worked for all their life, to waste and use the pension plans ......... I am soo outraged at the thought of it.

If this doesn't get people to take to the streets.... I have no idea what would!!!!

401k will be next... nothing is safe from these thieves.

Let them give theirs up first.

If they give up their retirement accounts and those of their families, then we'll talk.

I will let them have my 401k with a 8.5% guaranteed return on my money for a few years. 8.5% is a very good CD in today's market.

reply to post by skeptic1


It is interesting, how they did not give up their pay increases they got last month...... they aren't being affected by this in their pocketbook yet!

In the rest of the world this happens all the time... People in the power has this motto since the begging of human history:

Privatize The Profit, Socialize The Loss

Everyone calm down people. This is not TAKING anything. Right now pensions are not allowed to put money in a private deal with a public company such as this. This legislation just ALLOWS pensions to put money into this pool if they CHOOSE to.

There is trillions in pension assets and this would open a regulation for pension funds to put a portion of their money in this pool if they CHOOSE. No pension money is being taken people. Calm down, read the legislation.

Originally posted by questioningall
reply to post by skeptic1

 

It is interesting, how they did not give up their pay increases they got last month...... they aren't being affected by this in their pocketbook yet!

They never will be. They won't let something that horrible happen. They are special.....

reply to post by johnny2127



Funny about that, it doesn't say "People have a chose in the matter" in the article. It says: "Congress, will be able to use those pension plans to help 'shore up banks'".

Oh, yes, of course, _ _ ck the little guy, lets just now give the rest of the money of the U.S.'s population to the banks.


I am really am starting to believe this was completely a set up - because I am so, outraged, over the thought they want to take people who have toiled day in and day out for years, retirement money!!

It is as if they are trying to make sure, No one, but them have any money left, once everything is said and done!!

I am still so mad over this...

this really has got to get out there!!! People have got to be aware of this legislation!!

Originally posted by questioningall
reply to post by johnny2127

 

Funny about that, it doesn't say "People have a chose in the matter" in the article. It says: "Congress, will be able to use those pension plans to help 'shore up banks'".

Oh, yes, of course, _ _ ck the little guy, lets just now give the rest of the money of the U.S.'s population to the banks.


I am really am starting to believe this was completely a set up - because I am so, outraged, over the thought they want to take people who have toiled day in and day out for years, retirement money!!

It is as if they are trying to make sure, No one, but them have any money left, once everything is said and done!!

I am still so mad over this...

this really has got to get out there!!! People have got to be aware of this legislation!!

Actually the article does say its a choice:

"Mr. Ackerman, Democrat of New York, is sponsoring legislation that would allow public pension funds to pool some of their money and use it to create a sole-purpose entity that would buy $50 billion to $250 billion worth of preferred stock in America’s banks."

ALLOW. Nowhere does it talk about TAKING the pension funds at all. Pension fund are not allowed to now. This legislation opens it up as an option for pensions. Don't get me wrong, I am no fan of govt, but the premise of this thread is off. The legislation is purely to allow more private money to flow into these deals.

reply to post by johnny2127



Yeah, but WHO is in charge of those Funds? Does the individual person who has money invested in that fund, have a choice? NO

In other words, the govt. officals will do as they are told by Congress....

take the money and GIVE to the Banks!!

You can try to spin it -- how ever you want! BUT... the truth is.... people who have put money in the funds, from their own hard work..............will NOT have the choice!!!

Bottom Line...... a govt. offical... will choose to use their money for BANKS!!

Don't you get it?? BANKS... who are already screwing everyone over... taking all the money they can now!

reply to post by johnny2127


Intelligence and law enforcement services are also ALLOWED to tap your phone communications without a warrant. Feel better about things that are ALLOWED yet?

reply to post by johnny2127



I'm with you on this. It actually wouldn't be a bad thing. I also support people being able to tap into their 401k's right now without penalty. And again, they are offering to basically put your pension into a CD with a guaranteed 8.5% return if I'm reading that correctly. That's much better then anything you can find currently.

We've been hijacked.

The USA as we used to know it no longer exists.

Seriously, I just can't believe this anymore.

Is this guy out of his frickin mind???

Who in the hell does he think is?

I've had it man...HAD IT!!!!!!!!!!!!

BTW...you can withdraw out of 401k's without penalty if you tax the money before it goes in...this is what i do. If I fall on hard times I refuse to pay interest on my own money.

They are all criminals.

reply to post by David9176



I already took my whole IRA out!!

It was hinted at last year, of Congress taking everyone's IRA and 401K plans and using them.... so I thought.... screw that, I will get mine out, while I can... penalties or not! I would not let the govt. handle MY retirement money!

It really would be theft twice over. Take the money from public pensioners (why they have such padded pensions is beyond me) and use it to recapitalize banks. Then keep the taxpayer on the hook on the 8.5% guaranteed return when the preferred shares fail to return 8.5% as they inevitably will.