Trust Us, We’re Here To Help You

predators-mr-black-2New government help is on the way. You see that they don't think you are smart enough to manage your own assets so they want to "help." 

Can you imagine anyone believing this:

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.

This line belongs right up there with "Hey little girl, want a piece of candy."

Here is LibertyBlitzkrieg's take (my colorization added):

It’s Coming: The Government Wants to “Help Manage” Retirement Accounts

 

Many people, including myself, have discussed this threat over the past several years.  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.

predator111I 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. 

Full article here.

 

 

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3 Comments

  1. The only scam this Boomer was worried about was the inflate-the-fiat-currency-till-it-dies madness eminating from the dismal swamp we call our national capitol. Now, thanks to Monty and others, I have exited all instruments the helpful feds might appropriate.

    As the saying goes, "If you don't hold it, you don't own it." And I don't mean anything denominated in FRN debt instruments.  Au, Ag, Pb!

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