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The Government Generously Offers To Help You "Manage” Your Retirement Account
zero hedge ^

Posted on 02/02/2013 7:29:39 PM PST by Perdogg

Via Michael Krieger of Liberty Blitzkrieg blog,

[ZH: We have discussed this threat over the past several years (must read).] 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.

I’m sure the government is just trying to protect your retirement account from terrorists.

From Bloomberg:

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.

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 Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau — established by the 2010 Dodd-Frank Act — sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: 0pansy; 401k; cfpb; cokeheadandco; confiscation; corruption; democrats; goldsilver; government; govtabuse; skeeterskammer; tyranny
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1 posted on 02/02/2013 7:29:44 PM PST by Perdogg
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To: Perdogg

If someone could take the hit- so far as penalties and taxes- and cashed out, where would be a good place to put their money?


2 posted on 02/02/2013 7:31:59 PM PST by Cowgirl of Justice
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To: Perdogg

If they really want CW-II, they can try that.


3 posted on 02/02/2013 7:32:10 PM PST by Da Coyote
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To: Perdogg
notably those from the retiring Baby Boom generation, may fall prey to financial scams

Said the government flim-flam man with his government scam.

/johnny

4 posted on 02/02/2013 7:33:17 PM PST by JRandomFreeper (Gone Galt)
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To: Cowgirl of Justice
where would be a good place to put their money?

6 months ago, I would have said ammo.... but there isn't any on the open market anymore. My .22LR have appreciated 500% since I bought them.

/johnny

5 posted on 02/02/2013 7:36:02 PM PST by JRandomFreeper (Gone Galt)
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To: Perdogg

From the article:

“The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams . . .”

I’ve already fallen prey to one financial scam - it’s called Social Security.

By coincidence, it turns out the amount I’ve put in my private retirement account almost exactly matches the amounts contributed by me and my employer in FICA. Yet present projections are that my private account will pay on my retirement almost *twice* what Social Security will - *and* that includes preservation of my principal for my heirs.

The last thing I want is those sharks anywhere near my individual retirement funds.


6 posted on 02/02/2013 7:37:57 PM PST by Stosh
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To: Cowgirl of Justice

physical commodities, underground bunker with air filtration, self defense necessities.


7 posted on 02/02/2013 7:40:45 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: Cowgirl of Justice
If someone could take the hit- so far as penalties and taxes- and cashed out, where would be a good place to put their money?

Your matress. Also, at least part of it denominated in another currency.

8 posted on 02/02/2013 7:41:29 PM PST by Vince Ferrer
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To: Cowgirl of Justice
If someone could take the hit- so far as penalties and taxes- and cashed out, where would be a good place to put their money?
There's no good place.

Wherever you put it, they'll come after it.

9 posted on 02/02/2013 7:43:05 PM PST by Bratch
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To: JRandomFreeper
notably those from the retiring Baby Boom generation, may fall prey to financial scams

Yeah...ponzi scams like like Social Security....

10 posted on 02/02/2013 7:47:20 PM PST by TADSLOS ( "I ask sir, what is the militia? It is the whole people except for a few politicians."-George Mason)
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To: Perdogg
Corrected link
11 posted on 02/02/2013 7:47:28 PM PST by Bratch
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To: Cowgirl of Justice
[If someone could take the hit- so far as penalties and taxes- and cashed out, where would be a good place to put their money?]

One option is numismatically significant gold and silver coins.

12 posted on 02/02/2013 7:48:08 PM PST by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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To: JRandomFreeper

Just like they protected people who had money parked at MF Global?

Thank God Almighty, safe at last, the government regulators are here to help.


13 posted on 02/02/2013 7:48:15 PM PST by heartwood
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To: JRandomFreeper

Hot dog. What a great idea.

But but but....

Tell me of a bigger scam than social security. That makes Murdof look like a totally incompetent crook.


14 posted on 02/02/2013 7:49:23 PM PST by old curmudgeon
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To: Perdogg

“The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams”

http://www.johnspeedie.com/healy/bull.wav


15 posted on 02/02/2013 7:51:35 PM PST by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: Bratch
Wherever you put it, they'll come after it.

If it's gold, bury it and booby-trap the hell out of it.
Then let the government brownshirts come after it.

16 posted on 02/02/2013 7:53:45 PM PST by Lancey Howard
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To: Bratch

I have wondered the same thing myself. I wonder how much gold and silver are worth in areas where mass famine is happening. I think our economy is being crashed intentionally to prove the free market does not work. They think they can control chaos to impose communism/progressive end goals/people’s republic utopia. I think they can crash things, but I don’t think they have the capability to achieve anything. We will be like Zimbabwe if people don’t wise up by the 2014 election.


17 posted on 02/02/2013 7:55:15 PM PST by MtnClimber (I did not vote for 0bama, someone else did that!)
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To: JRandomFreeper

“We’re the Government, and we’re here to help you.”


18 posted on 02/02/2013 7:58:18 PM PST by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: Bratch

I have wondered the same thing myself. I wonder how much gold and silver are worth in areas where mass famine is happening. I think our economy is being crashed intentionally to prove the free market does not work. They think they can control chaos to impose communism/progressive end goals/people’s republic utopia. I think they can crash things, but I don’t think they have the capability to achieve anything. We will be like Zimbabwe if people don’t wise up by the 2014 election.


19 posted on 02/02/2013 7:59:11 PM PST by MtnClimber (I did not vote for 0bama, someone else did that!)
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To: BenLurkin

Cool, sort of like hiring a reformed hacker to be head of cybersecurity. They’re certainly in a position to know about financial scams, but it’s the “reformed” part that worries me.


20 posted on 02/02/2013 8:02:27 PM PST by RegulatorCountry
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