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Apr 11 2016

Big Government Wants to Control Your IRA

Unlike W, Obama is not coasting passively through his final time in office. On the contrary, he is squeezing every ounce of tyranny he can get from each day:

The Department of Labor says its so-called fiduciary rule will make financial advisers act in the best interests of clients. What Labor doesn’t say is that the rule carries such enormous potential legal liability and demands such a high standard of care that many advisers will shun non-affluent accounts. Middle-income investors may be forced to look elsewhere for financial advice even as Team Obama is enabling a raft of new government-run competitors for retirement savings. This is no coincidence.

Labor’s new rule will start biting in January as the President is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But Labor has already proposed waivers from the federal Erisa law so new state-run retirement plans don’t have the same regulatory burden as private employers do.

When government becomes involved in any industry, it enjoys the overwhelming advantages of being able to operate at a loss indefinitely, and being able to cripple opposition with weaponized regulations. Once the competition has been destroyed, we are left with socialism — i.e., mediocrity at best.

Labor’s one-two punch on private savings has something for everyone in the progressive coalition. Senator Elizabeth Warren can check off another item on her wish list of anti-business initiatives. [Labor Secretary Thomas] Perez gets to burnish his credentials as a candidate for Vice President. And Mr. Obama gets to say he helped government control more of the private economy.

What average investors get out of this deal is much less certain. But judging by the pending California plan, one answer is: low returns. The initial investment allocation, even for young workers, is likely to be heavy on government bonds. Naturally. …

Charging young investors for the privilege of loaning money to government, while handicapping private competitors and denying choices to middle-income consumers. Another perfect progressive innovation.

If it belongs to you, Big Government wants to take it. Managing your retirement savings is a step toward confiscating them. But don’t worry, some of your money will be doled back to you, if bureaucrats are convinced you really need it.

thomas perez
Perez, a social justice warrior after your savings.

On a tip from Stormfax.




30 Responses to “Big Government Wants to Control Your IRA”

  1. MicahStone says:

    “Big Government Wants to Control Your IRA”
    —Their philosophy—for all you racists out there ….

  2. MicahStone says:

    “Big Government Wants to Control Your IRA”
    —Their philosophy—for all you racists out there ….

  3. bobdog19006 says:

    The first thing you need to learn when you start investing is this:

    Your stockbroker is not your friend.

    The rule applies to financial consultants as well. Most of them, at least in my experience, are basically in the life insurance business. I’m sure there are legitimate, independent financial consultants out there, to be fair about it.

    I just haven’t met one yet.

  4. bobdog19006 says:

    The first thing you need to learn when you start investing is this:

    Click your heels together three times and repeat after me: Your stockbroker is not your friend.

    The rule applies to financial consultants as well. Most of them, at least in my experience, are basically in the life insurance business. I’m sure there are legitimate, independent financial consultants out there, to be fair about it.

    I just haven’t met one yet.

  5. THOUGHTCRIMINAL2084 says:

    I worked for both stock brokers and mortgage brokers for 20 years – NO BROKER IS EVER YOUR FRIEND – but they will be awfully friendly if they can make money from you.

    I heard every lie, pitch and con – some brokers are so good that they even can have me asking if it is for real – the ones I was friends with (they already knew I would never give them money and didn’t have the kind of money they would go after) would smile and say “of course not” or “I’m going to fuck them over” –

    As for giving the leviathan anymore money, my question would be WHY?

  6. Kevin R. says:

    The old joke, “First, kill all the lawyers” needs to be updated to First, kill all the regulators.

  7. THOUGHTCRIMINAL2084 says:

    I worked for both stock brokers and mortgage brokers for 20 years – NO BROKER IS EVER YOUR FRIEND – but they will be awfully friendly if they can make money from you.

    I heard every lie, pitch and con – some brokers are so good that they even can have me asking if it is for real – the ones I was friends with (they already knew I would never give them money and didn’t have the kind of money they would go after) would smile and say “of course not” or “I’m going to fuck them over” –

    As for giving the leviathan anymore money, my question would be WHY?

  8. Kevin R. says:

    The old joke, “First, kill all the lawyers” needs to be updated to First, kill all the regulators.

  9. Agrippa says:

    Mark Levin, among others, has been warning about this for at least 8 years now. Just too many billions of $ out there not in the possession of the gub-mint for this situation to stand — we want what’s yours and we want it NOW! Gotta love them “Progressives” (i.e., Libtard assholes).

  10. Agrippa says:

    Mark Levin, among others, has been warning about this for at least 8 years now. Just too many billions of $ out there not in the possession of the gub-mint for this situation to stand — we want what’s yours and we want it NOW! Gotta love them “Progressives” (i.e., Libtard assholes).

  11. Agrippa says:

    How true, Bob, Long ago gave up on having anyone else manage my money; open up (all you folks out there) your own brokerage account, if you want, with Scottrade or TDAmeritrade, whomever you find has the best help with research (do it yourself!) and the lowest commissions. Start out with “blue chips” only, big, consistent dividend-payers, then look into ETF’s and mutual funds. Not all that hard to do! Get Morningstar if you need additional help.

  12. Agrippa says:

    How true, Bob, Long ago gave up on having anyone else manage my money; open up (all you folks out there) your own brokerage account, if you want, with Scottrade or TDAmeritrade, whomever you find has the best help with research (do it yourself!) and the lowest commissions. Start out with “blue chips” only, big, consistent dividend-payers, then look into ETF’s and mutual funds. Not all that hard to do! Get Morningstar if you need additional help.

  13. Mr. Freemarket says:

    If you think your brokers’ fees are outrageous, just wait until the government is in charge.

  14. Mr. Freemarket says:

    If you think your brokers’ fees are outrageous, just wait until the government is in charge.

  15. Lobotomist says:

    Government would want to control your bowel movements if they thought it would bring them more money or power.

  16. Lobotomist says:

    Government would want to control your bowel movements if they thought it would bring them more money or power.

  17. Lobotomist says:

    True, simple solution though, cash out and buy silver and gold. The tax penalty would leave you more money than they are planning to confiscate anyway.

  18. Lobotomist says:

    True, simple solution though, cash out and buy silver and gold. The tax penalty would leave you more money than they are planning to confiscate anyway.

  19. Lobotomist says:

    Fisrt kill all the lawyers AND regulators.

  20. Lobotomist says:

    Fisrt kill all the lawyers AND regulators.

  21. Stephaniecspeier says:

    “my room mate Maria Is getting paid on the internet 98$/hr.”….i!396two days ago new Silver McLaren P2 bought after earning 18,512 Dollars,,,this was my previous month’s paycheck ,and-a little over, 17k Dollars Last month ..3-5 hours of work a day ..with. extra open doors &. weekly. paychecks… it’s realy the simplest. work. I have ever Do.. I Joined This 7 months. ago. and now making over. 87 Dollars, p/h.Learn. More right Herei!396➤➤➤➤➤ http://GlobalSuperJobsReportsEmploymentsHouseGetPaidHourly98$…. .❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦::::i!396…………

  22. Mr. Freemarket says:

    Your roommate Maria is a hooker.

  23. Mr. Freemarket says:

    Your roommate Maria is a hooker.

  24. Figbash says:

    let’s broaden that to “tyrants”.

    that just about covers almost everyone in any position of power.
    every bullied kid who ever got a swirly in school and becomes a dog catcher, or DMV worker then uses that position of power to use as their personal weapon.

  25. Figbash says:

    let’s broaden that to “tyrants”.

    that just about covers almost everyone in any position of power.
    every bullied kid who ever got a swirly in school and becomes a dog catcher, or DMV worker then uses that position of power to use as their personal weapon.

  26. bobdog19006 says:

    That’s exactly what I did. Got killed last year like everybody else, but I’m still miles ahead.

    When I started, I just accepted that it was standard and customary to have to pay $300.00 a side to make a trade. Then my guy at Merrill Lynch sent me a $350 bill to “manage” my idle SEP account, even though I hadn’t done any trading at all in that account for over two years (zero coupon bonds for a college fund).

    The day I got that bill, I went directly to his office and demanded an explanation. It was pure crap and I fired him on the spot. Today, I use Scottrade with their $7.00 trades, God-bless-’em, and I make a couple of hundred trades a year.

    I don’t ask them for advice, I do my own research, I pay no fees beyond the cost of a trade, and they leave me alone. Best move I ever made.

  27. bobdog19006 says:

    That’s exactly what I did. Got killed last year like everybody else, but I’m still miles ahead.

    When I started, I just accepted that it was standard and customary to have to pay $300.00 a side to make a trade. Then my guy at Merrill Lynch sent me a $350 bill to “manage” my idle SEP account, even though I hadn’t done any trading at all in that account for over two years (zero coupon bonds for a college fund).

    The day I got that bill, I went directly to his office and demanded an explanation. It was pure crap and I fired him on the spot. Today, I use Scottrade with their $7.00 trades, God-bless-’em, and I make a couple of hundred trades a year.

    I don’t ask them for advice, I do my own research, I pay no fees beyond the cost of a trade, and they leave me alone. Best move I ever made.

  28. Lillianjcrockett3 says:

    “my Aunnty Maria Is getting. pay hourly on the laptop 98$.”….!n101ctwo days ago black.. MkLaren P3 bought after. earning. 18,512 DoIIars,,,it was my. previous month’s check. just a little over.17k DoIIars Last month.3-5 hours job a day.and get weekly payouts..it’s realy the simplest. job I have ever Do.. I Joined This 7 months. ago. and now making over. hourly 87 DoIIars… Learn. More right Here !n101c:➽:➽:➽➽➽➽ http://GlobalSuperJobsReportsEmploymentsEnhanceGetPayHourly98$…. .❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦:❖❖:❦❦::::::!n101…………

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