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

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posted on Feb, 10 2009 @ 06:09 PM
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Wow, despite my research and accuracy I didn't see this one coming at all. Now that is a stupid idea. And you're right, it seems they are trying to start a revolt...And if these morons get their way we may have revolt very soon.




posted on Feb, 10 2009 @ 06:11 PM
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Originally posted by questioningall
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!


Every pension fund has a manager that is legally bound to do whats safest to achieve the goals of the pension fund. I manage a few pensions myself and if I could have a govt guarunteed investment at 8.5% a year, I would definitely put a portion of money in there. Not a large portion, but a piece.

See my point is, I am speaking from an area of knowledge. You are speaking from a lack of knowledge and fear. Trust me, if they govt ever tried to take control of pensions from people, there would be a riot.

This piece of legislation isn't anything other than allowing private funds into these deal and minimizing govt money. Its smart.



posted on Feb, 10 2009 @ 06:24 PM
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reply to post by johnny2127
 


Are you kidding me?

As a head of a fund, you would have it put in banks???

You would REALLY risk your pensioners money in BANKS?

BANKS, that are insolvant, with trillions out in derivatives?

BANKS - which are taking billions from the govt. and then paying themselves billions/millions in bonuses?

If I was someone in a pension plan I would say NO WAY!!

Question...............do the people in those pensions ........have a choice in where THEIR MONEY is invested????????

I would be UP IN ARMS, if ANYONE suggested MY money - went to banks!!!!!!!!!!!

I would take to the streets, if some "head" of a fund...took MY MONEY and put in in banks.........without my approval!!!

NEVER!! will ONE DIME of my money go in investment to a BANK!!

I don't trust them with any of my money at this point, and only leave enough to pay bills in each month!!

NEVER will a bank get my money again in any abundance!!



posted on Feb, 10 2009 @ 06:29 PM
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how about we just tell whoever we owe the money to to bad were not paying a cent back.
come and get it if you can
reset everyones debt worldwide back to zero
the banksters have enough gold in there banks already
if they tell us they want the money tell them were gonna come take what you still have on top of it and fix potholes with it
they give us hassle bust out some stealths and finish them off we start wars with everyone else why not the banksters



posted on Feb, 10 2009 @ 06:34 PM
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Originally posted by questioningall
reply to post by johnny2127
 


Are you kidding me?

As a head of a fund, you would have it put in banks???

You would REALLY risk your pensioners money in BANKS?

BANKS, that are insolvant, with trillions out in derivatives?

BANKS - which are taking billions from the govt. and then paying themselves billions/millions in bonuses?

If I was someone in a pension plan I would say NO WAY!!

Question...............do the people in those pensions ........have a choice in where THEIR MONEY is invested????????

I would be UP IN ARMS, if ANYONE suggested MY money - went to banks!!!!!!!!!!!

I would take to the streets, if some "head" of a fund...took MY MONEY and put in in banks.........without my approval!!!

NEVER!! will ONE DIME of my money go in investment to a BANK!!

I don't trust them with any of my money at this point, and only leave enough to pay bills in each month!!

NEVER will a bank get my money again in any abundance!!


So did you read where the govt GUARUNTEES the assets and the return? That is unbeatable. You aren't even speaking with anything resembling knowledge. Even if the bank became insolvent as you state, it is govt guarunteed. For that to go bad, anything else you could put money into would go bad as well.

But you are right, I would never put a cent of non-guarunteed money into a bank stock. I am market neutral right with heavy exposure to metals. Occasionally using SKF to short the financials on market run ups.



posted on Feb, 10 2009 @ 06:42 PM
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reply to post by johnny2127
 



Really, now I have ONE question for you..........................

Do you really trust the U.S. govt. at this point, to be able to actually follow through on ANY promise or guarantee on any money???

Would you really risk YOUR OWN MONEY with the govt right now?

Sorry, personally, I have lost confidence in the govt and managing ANY finances!

The govt. is printing money big time..... it will be worthless in a few months.....

I have to say... I am giving you more credit now.... you said you have put money in metals......... so Thank you,..... you are protecting your people who trust you!!

Thank you for protecting them and their very hard earned money... for THEIR future!

So, answer......... do you REALLY trust this govt. at this point to be able to follow through on their guarantee, if all the money goes bye bye??



posted on Feb, 10 2009 @ 06:43 PM
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reply to post by johnny2127
 


and you really are naive. first comes a voluntary program to pool pension funds and when they don't get enough "volunteers" it will become mandatory. Also the pension fund managers have the choice not the people those pension funds are for!

the puppets on capitol hill haven't learned yet that they are the ones that allowed this to happen and they haven't learned that throwing money at the problem will not solve the problem.



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.


the premise of this thread is right on the money granted its early but its right on. if anyone has missed the premise of anything that's going on its you my friend!

------------------------------------------------------------------

I had a feeling back in Sept. that it wouldn't be long before some crackhead in congress thought it would be a good idea to seize every pension fund and 401k and hand it over to the banks. I guess i beat them to the punch on mine. i closed out my 401k and paid the penalty. I'm glad i did it when i did. at least after the beating i took the taxes and penalties i still got a check with 5 figures. i deposited that check waited 10 days and took it all back out of the bank in cash!

Those crackheads in washington want my money they better send the Fing army and pry it out of my cold dead hands!



posted on Feb, 10 2009 @ 06:44 PM
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reply to post by johnny2127
 


You should be fired for even thinking of investing pension money in insolvent banks, I don't care what return they offer. Guaranteed by a bankrupt federal government? That is worthless! When, not if, when these banks fail with what money is the govt going to pay the funds back with? Taxpayer money? Oh that is just great, so the government can send us an IOU for both our social security and pensions because there will be nothing left to cover either.

Good luck with that, some people seem to think this government can borrow forever with no consequences. The day of reckoning is coming.

And don't think they won't come after your 401K's, there are already people who want to nationalize them for "your own good". Screw that.



posted on Feb, 10 2009 @ 06:47 PM
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reply to post by johnny2127
 


You're assuming the government CAN guarantee anything. Bonds are taking huge hits right now, our Money supply is increasing at ridiculous rates, banks are over-leveraged and insolvent and our own government is becoming just as quickly insolvent. Picture this:

California defaults and the government has to cover them, the another state, then another, and so forth and so on until the government can no longer handle the burden it too defaults. Where are your guarantees then? Who will finance this?

No one. And I suggest that if you do, indeed, manage peoples' pensions that you start reading about the individual states' fiscal problems and ask yourself if handing ANY money to the government from your pensioners is a good idea. If you don't then you are doing your pensioners a disservice.

[edit on 10-2-2009 by projectvxn]



posted on Feb, 10 2009 @ 06:48 PM
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oh and lets not forget the bomb that was dropped on congress today by the fed reserve chairman. the fed is now insolvent!

yes that's right Congress started grilling that A hole and he publicly admitted that!

so that blows out any government guarantee on anything! THERE IS NO MORE MONEY FOR ANYTHING


[edit on 2/10/2009 by Mercenary2007]



posted on Feb, 10 2009 @ 06:54 PM
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reply to post by Mercenary2007
 


I heard it on ABC news special report this morning. Do you know if there is anymore information on this...Because the FED being insolvent is HUGE news.



posted on Feb, 10 2009 @ 06:56 PM
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reply to post by Mercenary2007
 





so that blows out any government guarantee on anything! THERE IS NO MORE MONEY FOR ANYTHING



WHAT? Are you kidding me? Ever feel like tossing you keyboard out the damn window!?



Links?



posted on Feb, 10 2009 @ 06:57 PM
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reply to post by projectvxn
 


i know cspan covered the hearing today. and they have a 3+hour video of it that i'm watching now so i can hear him say it myself. heres a link to the video on cspan



posted on Feb, 10 2009 @ 06:58 PM
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reply to post by Mercenary2007
 


Do you have a time where this is stated?

I can't stand to listen to barney frank spit all over himself.



posted on Feb, 10 2009 @ 06:59 PM
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reply to post by Mercenary2007
 


Thank you sir!

This is ridiculous. If all Americans knew what the government was doing with their money there would be revolt the next day..Idiots.



posted on Feb, 10 2009 @ 07:00 PM
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Originally posted by David9176
reply to post by Mercenary2007
 





so that blows out any government guarantee on anything! THERE IS NO MORE MONEY FOR ANYTHING



WHAT? Are you kidding me? Ever feel like tossing you keyboard out the damn window!?



Links?


you know how many keyboards i have went through since sept because of this mess?

theres a link to the 3 hour cspan coverage to the hearing today in my post before this one. I heard it on the news tonight and i am now watching the cspan coverage now. hopefully i can get it in before the storms get here.

no i don't know what time to fast forward to i haven't made it that far yet

[edit on 2/10/2009 by Mercenary2007]



posted on Feb, 10 2009 @ 07:01 PM
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reply to post by Mercenary2007
 



Hey thanks for the link........ would you do us a favor and tell us at what time spot, is when he says the Fed in broke?

I have to say, the one thing that keeps coming up over and over in my mind.... is that March meeting last year, behind closed doors of the Congress, where they were supposively told, in Feb. of this year, the U.S. would declare bankrupcy.



posted on Feb, 10 2009 @ 07:08 PM
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This is exactly what the government has been doing to Social Security dipping into the funds and using the money with no accountability. Our representatives figure since it is not their personal retirement or pension accounts why not dip into those $Trillions$ of dollars and use the money to shore up the government's debt and economy. Who gives them the right this is We The People's personal retirement and pension accounts?

Can you say Nationalization of our banking, retirement and pension fund accounts by our government. This only happens to other countries that we read about somewhere far away. Folks get ready because you are seeing the largest transfer of wealth and largest spending spree in our country's history.

When the government talks of their debt it is We The People's debt and when We the people go out and buy a car or house the first thing we ask is how much, for how long and what are the payments. Well, we still have not got the final price tag for all the bail outs and stimulus packages. Have you heard how much it will cost our country in interest and how much the payments will be per month over how many years to pay back the money? Of course you haven't because it would be too mind boggling for the average tax paying citizen to comprehend and they soon would relize our country is surviving on borrowed money as well as time. How high will We The People's taxes have to be raised to start to help pay off the real total National debt?

The only question is with drunken spending gone wild how long before the bubble bursts?


[edit on 10-2-2009 by amari]



posted on Feb, 10 2009 @ 07:22 PM
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Yeah... I don't like this one bit.

And a few months ago, they were "toying" with the idea of seizing 401k money.

www.usnews.com...


I hate to use the "S" word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers' retirement accounts (Efharisto, Fausta's Blog). Now, even Uncle Sam isn't that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans.

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, said that since "the savings rate isn't going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that's not generating what we now say it should."


www.freerepublic.com...


The playbook is familiar: Democrats will use the worn out mantra about stopping tax breaks for the rich, protecting the little man on the street, etc., then fast-track legislation effectively abolishing private retirement accounts, moving most private retirement funds into the government cookie jar. The victims will receive no right to their money but instead an IOU from the government for an annuity as the government does the same for Social Security and FDIC. Meanwhile, liberals will celebrate, proclaiming they succeeded in protecting the middle class when in reality they reached their goal of enslaving everyone.

This is their idea of change.

Note: Listened to Mark Levin tonight who oddly enough, interviewed Dr. Ghilarducci. She said she wanted to "nationalize" 401k plans. No spin, no out of context, she said that was exactly what she wanted to do.


www.congresscheck.com...


During a Seattle radio interview on October 27, Ghilarducci explained the motive behind the plan, stating, “I’m just rearranging the tax breaks that are available now for 401(k)s and spreading - spreading the wealth.”

Under the pretext of combating the financial crisis, Democrats in Congress have been conducting hearings on proposals to confiscate private retirement accounts and turn them into government-controlled accounts managed by the Social Security Administration, by implementing a new tax in the guise of mandatory savings scheme.

Would the government risk a widespread revolt and potential riots by confiscating 401(k)s and IRAs? They probably wouldn’t brazenly do it under that banner, but in the name of financial reform and saving the economy, Americans could find their voluntary retirement savings stolen and replaced by a government promise of a completely devalued mandatory savings account.

“So, shock! Democrats and Republicans alike are now proposing a new mandated retirement savings plan. Like offering voters a choice between growing the government at 4% or 6%, all that is really being debated is whether our new “savings” tax will go through the federal government or not, before these protection racket proceeds are turned over to the crime syndicates in New York and London for ultimate management and control.”


See... the great part of the plan is when the "seize" the money, it goes immediately to the federal coffer just like social security does... All of you know that social security is NOT in a separate fund earning interest right?

This would be the same... confiscate a 2.5 trillion or more directly into the government coffers to pay for whatever insane plans come in over the next 4 or 8 years... after it is exhausted, who cares... it will no longer be on this cycles watch.

Think of all the pork in this 800 billion stimulus, think of what they can do with 3x that money! (what's left of your money)

See, I think they know that they will have trouble getting foreign countries to buy additional debt in the form of Bonds... so they can make US do it by taking 5% of our salaries to buy bonds going forward plus the 2.5 trillion to either spend or buy bonds (to borrow and spend).

The LOOTING of America continues.

www.bespacific.com...
"About 50 million Americans have 401(k) plans, which have $2.5 trillion in total assets, estimates the Employee Benefit Research Institute in Washington.



posted on Feb, 10 2009 @ 07:26 PM
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reply to post by Mercenary2007
 





you know how many keyboards i have went through since sept because of this mess?


lol...i know it's not funny...but it is.

I started to watch the video, but as i stated in another post..I can't stand listening to Barney Frank spit all over everything. It drives me insane having to listen to the man talk.




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