That's a combination designed to strike fear into the hearts of anyone with two or more brain cells in a row.
yes.
here again, OBAMA will ANNOUNCE
....
whatever happened to
CONGRESS WILL VOTE FOR
(Oh yeah, Congress is just one of those inconvenient antiquated relics from the 1700’s, a conspiracy of European White Males to suppress Transformation, Hope, and Change into the People’s Democratic Islamic Caliphate.)
“Hi! I’m from the government and I’m here to help!”
“Now, for your safety, we’ll be transferring all your 401K assets into our ultra-safe FedGov annuity, with guaranteed 3% rate of return, above the rate of inflation.”
(never mind that FedGov bureaucrat over there whose job it is to churn out phony, low-ball inflation statistics, thus robbing you of your assets.)
Obama will call on the Department of Labor to develop a rule that would require retirement advisers to abide by a “fiduciary” standard -- mandating that they put their clients’ interest ahead of making a profit.Translation: You can only invest in funds that have contributed obscene amounts of money to my "campaigns".
Next, he’ll propose that the US Postal Service handle savings accounts.*
*US Postal Savings System V2.0
I’m sure somewhere in the argument they will tell you “If you like your broker, you can keep him...”
They’ve been floating this “fiduciary rule” for over a year, and it seems to be going nowhere. The only difference is charging a commission vs. charging a fee. It will leave people with small IRA accounts to fend for themselves...if they want help or not. The really scary stuff is the expansion of ERISA laws that have happened already for 401(k) plans and the proposals of mandatory lifetime annuities (managed by the government) that would be carved out of 401(k) accounts to provide income after 75. Research the “Middle Class Task Force” and all of the bilge and government expansion that came from that.
All I know is that it’s never like it sounds with this guy.