Skip to comments.
Treasury dips into pension funds to avoid debt
Reuters ^
| January 17, 2012
| Reuters
Posted on 01/17/2012 6:54:19 PM PST by John W
The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills.
"I will be unable to invest fully" the federal employees retirement system fund beginning Tuesday, Treasury Secretary Timothy Geithner said in a letter to Democratic and Republican leaders in Congress.
The House of Representatives is expected to vote on Wednesday on the Obama administration's request to raise the country's legal debt limit to $16.394 trillion.
(Excerpt) Read more at reuters.com ...
TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: barackrupt; bhofascism; borrow; broke; corruption; debt; democrats; fraud; govtabuse; liberalfascism; nobama2012; nodemocrats2012; obama; pension; pensions; socialistdemocrats; spend; treasury; turbotimmy
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-60, 61-80, 81-100, 101-111 last
To: John W
Like they haven’t been borrowing from it before?
Who wants to bet that the federal government’s pension funds are “invested” 100% in T-Bills?
Duh! If the money is put in T-Bills, then it’s already been loaned to the government.
Moving a bunch of paper around on a table doesn’t change the fact that it’s all still on the same dang table.
101
posted on
01/18/2012 8:28:08 AM PST
by
Brookhaven
(Mitt Romney has been consistent since he changed his mind.)
To: mewzilla
I'm guessing that's the fund..... From Wiki
The Exchange Stabilization Fund (ESF) is an emergency reserve fund of the United States Treasury Department, normally used for foreign exchange intervention.
The U.S. government used the fund to provide $20 billion in currency swaps and loan guarantees to Mexico....
On September 19, 2008, U.S. Treasury Department announced that up to $50 billion in the ESF would temporarily be made available to guarantee deposits in certain money market funds
looks like it's turning out to be a slush fund....
102
posted on
01/18/2012 9:02:57 AM PST
by
stylin19a
(obama - "FREDO" smart)
To: businessprofessor
T bills certainly are more marketable than G fund T bills, but the G fund is not entirely unmarketable, but it only has one buyer (the treasury).
Participants can trade out of the G fund into a corporate bond fund, and various stock funds and the TSP board immediately redeems the T bills with the treasury to make up for the decrease in funds.
If everyone trades out of the G fund, there are no funds for little Timmy to borrow.
103
posted on
01/18/2012 9:14:03 AM PST
by
seowulf
("If you write a whole line of zeroes, it's still---nothing"...Kira Alexandrovna Argounova)
To: John W
When you eat your seed corn, you are in deep trouble.
104
posted on
01/18/2012 9:34:00 AM PST
by
redgolum
("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
To: csmusaret
You can blame Boehner for lots of things, but stealing $500 Billion from Medicare is not one of them. How many times has the Crybaby voted to continue spending on all of Obama's programs, even to the extent of going into incredible debt with the necessity of continually increasing the already overwhelming debt ceiling? Time after time after time after....
Boehner has the ability to stop it, but because he is a Democrat plant, he continues to do Obama's bidding.
To: LucyT
I’m sure that the various levels of government will avail themselves of all private and public sector assets. No one will remain unplundered.
We really need to present a united front, people.
106
posted on
01/18/2012 9:55:10 AM PST
by
Silentgypsy
(If this creature is not stopped it could make its way to Novosibirsk!)
To: NoKoolAidforMe
Silver dollars and US coins, and land. Undervalued stock of companies with little or no debt.
Long lasting goods for trade in case SHTF. Honey, ammo, salt, sugar etc etc. With all the talk about laws against salt on tables at restaurants, I have stocked up double on that LOL.
107
posted on
01/18/2012 9:58:04 AM PST
by
greeneyes
(Moderation in defense of your country is NO virtue. Let Freedom Ring.)
To: NoKoolAidforMe
They will have to. MF Global comes to mind.
108
posted on
01/18/2012 10:21:11 AM PST
by
combat_boots
(The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
To: John W; mickie
I fully expect to see Mitch McConnell on Hannity and John Boehner on Greta tonight passionately expressing their outrage at this latest theft and corruption being perpetrated by Obama, Geitner and other evil minions.
Anyone else here think we'll see them on the tube?
(yuk, yuk, yuk....)
Leni
To: mamelukesabre
110
posted on
01/18/2012 2:59:16 PM PST
by
expat2
To: Jet Jaguar
If a company did this, they would be slapped with fines and their officers imprisoned.
111
posted on
01/19/2012 9:59:25 AM PST
by
CPT Clay
(Pick up your weapon and follow me.)
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-60, 61-80, 81-100, 101-111 last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson