Three Big Piles of Retirement Money That Were "Just Sitting There"

Here in the US, in the last several decades, we have had at least three different instances of where people had huge amounts of money--hundreds of millions and maybe billions---of dollars sitting around. And people being people and business being business, they saw it sitting there and it just killed them. They knew SOMETHING had to be done with it, would be done with it and by gosh, they could get a piece or chunk of it and who would that hurt, after all?

Well, the fact is, it hurt Americans and soon, with all the Baby Boomers about to retire, it's going to hurt America. And it's going to hurt mightily.

Here are three of the most famous pots of money.

Social Security

This is an old story and well-known.

We had all these people, Americans, many of them the biggest generation to ever come along in our nation's history, contributing to this Social Security fund since FDR got it going and what could Congress do but take and spend it? After all, there's more where that came from, right?

Social Security Scam: Where Did the 

$2.5 Trillion Surplus Go?

One Senator, now deceased, God rest his soul, Senator Patrick Moynihan, made a very public, long term attempt at being wise with the fund.  Unfortunately, even before he passed, it died, also.

Heed Senator's Call To Keep Social Security 

Soundless Intact

But rob it they did.  It is a shadow of its former self.

This example is much more recent, however. This goes back to the budget deal this last Fall, in 2015 so they're still robbing that puppy:

Budget Deal Robs $150 Billion 

from Social Security

So the robbing of and from the Social Security fund is still going on, unabated and I don't think most Americans are even aware.

Next up? The 2nd big pile of money that was sitting around?

Pensions.

And actually, it's piles. There were pensions all over this country---public, private, all kinds. And it was just far too tempting to too many people.

Millions of Americans had pensions. They had been funded mostly by business and by the people themselves, contributing to them through their work, their companies.  Once again, it was just far too much temptation for people and businesses to ignore.

Looting the Pension Funds

The Looting of Detroit's Pensions

LIKE CLOCKWORK: Pension plans 

to be looted nationwide

There was all that money sitting there and there was no way these people and businesses could let it sit there and not be skimmed.

Again, what could it hurt, right? There was SO MUCH MONEY.  And it wasn't illegal?  Why not, eh?

And then there's the final big pile of money that was heretofore sitting out there, just waiting to be raided.

Mutual Funds

So people saved for retirement. They squirreled their money away, saving for that retirement "rainy day."

And it created, again, huge piles of money. HUGE.  And all kinds of insurance companies and investment companies had these things. It was supposed to be terrific.

Except with the companies who created them "guarding them", protecting them, holding them for these Americans---their customers---it was the fox being in charge of the chicken coop, so to speak.

The Retirement Savings Drain: Hidden 

& Excessive Costs

Vanguard is quietly draining billions 

from the financial industry

Mutual Fund Fees Will Drain Your Expected Stock Returns

Who's to say what the fees and charges for holding and protecting and investing these funds were going to be?

Why the very companies taking in all the big money, of course.

These 3 are really untold tales of just what has happened in America in the last 50 years or so to retirement savings. Government had no rules, really, for what could or could not be done to or with them so who's to say what could or would happen to them?

And the answer is, in the place of Social Security, Congress was to say---they spent it.

And in the case of pensions, both private and public, and mutual funds, again, no rules so whoever is in control of them could do whatever with them they wanted. After all, with "campaign contributions", they could keep the regulators--read: Congress---from passing any legislation that would put any restraints on them. And to this day there are no real rules on what can and can't, should or shouldn't be done with people's hard-earned and saved retirement funds.

It's great to be rich, isn't it?

So now, all these millions of Baby Boomers are going to retire and they're going to be sitting on and falling back on either not much or nothing at all.

This was decidedly not how this was supposed to play out and it's certainly not good for either these people or, worst, the nation and our nation's short-term future.

God bless America.

In fact, God help us.

Opens Today

See this movie.

Quote of the day -- Sunday Edition

Like

America, 2008 to today

Seriously, people.

Sheesh.

The Robin Hood Tax and why we should get behind it

"Wall Street banks and corporations are raking in record profits while our communities continue to suffer job losses and cuts to public programs. Instead of lining the pockets of corporate fat cats, this money should go to our children’s Head Start programs, Grandma’s retirement, and fixing our broken healthcare system.

It’s time for the administration to stand with the people and TAX WALL STREET. Join us April 20 as we march to the White House and Treasury Department to demand a financial transaction tax on Wall Street trades so we can put the money toward global health needs, addressing the climate crisis, jobs, and education."
Sign up to support here:

http://www.robinhoodtax.org/get-involved

Wedge Economics: Them that has, gets

"Wedge economics - this disconnect between Wall Street and Main Street, between profits and wages, between the winnings of the 1% and the stagnation of the 99% — has been financially killing the American middle class and stealing the American Dream from average people." --Hedrick Smith

Link: 

One Economy, Two Americas | Perspectives, What Matters Today | BillMoyers.com

On KCPT and PBS tonight at 9

There is an extremely important documentary on PBS this evening that lots and lots of Americans should see this evening at 9 pm.

In their own words: "FRONTLINE investigates why Wall Street CEO's have escaped prosecution for mortgage fraud:

The Untouchables | FRONTLINE | PBS

 

 

Did you see in the Star over the weekend, how a man poached deer locally and got a $150,000 bond he had to set?  Yes, it happened. Those are his accusations and that's what he's gotten so far.

 

These people fleeced thousands of people--America, really--for millions of dollars and they don't have so much as one charge against them.

 

This is important.

 

These are things we need to know.

Ladies and gentlemen, the Republican candidate for the presidency of the United States!

"Four years ago, the Mitt Romneys of the world nearly destroyed the global economy with their greed, shortsightedness and – most notably – wildly irresponsible use of debt in pursuit of personal profit. The sight was so disgusting that people everywhere were ready to drop an H-bomb on Lower Manhattan and bayonet the survivors. But today that same insane greed ethos, that same belief in the lunatic pursuit of instant borrowed millions – it's dusted itself off, it's had a shave and a shoeshine, and it's back out there running for president."

Link to original article: http://www.rollingstone.com/politics/news/greed-and-debt-the-true-story-of-mitt-romney-and-bain-capital-20120829#ixzz24z0AZGZs

Quote of the day

“The American people are angry. They are angry that the middle class is collapsing because of the Wall Street-caused recession... Meanwhile, the wealthy & the largest corporations are doing phenomenally well & now billionaires & their congressional friends want to balance the budget on the backs of the elderly, the children, the sick & the poor.” --Senator Bernie Sanders (Independent, Vermont)

And they'll get away with it unless we stand up and demand different and better.

Breaking news--on Japanese markets

BREAKING -- Tokyo Stock Market Opens at 28-year LOW amid global concerns over economy.

Source: Veracity Stew

Heads up, kiddies--dump those stocks now.

Or as soon as possible.

That 274+ points we lost Friday may look good by end of day.

Wishing us all good luck.

Quote of the day

“You have to ask the question: Is capitalism really about the ability of a handful of rich people to manipulate the lives of thousands of people and walk off with the money, or is that in fact a little bit of a flawed system?” --Newt Gingrich. (God, I love irony).

If you haven't seen the movie "Inside Job"

As an American, you need to see this film. It documents what people, companies and our government did up to, during and after the 2008 financial meltdown that emanated from Wall Street. It tells very clearly what the "Occupy Wall Street" people are either fighting or should be fighting. It is fascinating and disturbing, at least. It is also further proof of what I've said for some time, too. It's documented and documentable proof that we need to get Goldman Sachs--and everyone like them--out of our government, along with "campaign contributions." Then, after you've seen it (rent it?), get out there and have a great weekend. Enjoy that beautiful, comfortable Autumn weather. Link: http://www.insidejobmovie.com.au/

Campaign contributions: finally, it seems people are "getting it"

Out of the current "Day of Rage" that's going on as a protest to Washington, Wall Street and the corruption between the two of them--that doesn't seem to be getting enough coverage, I might add--finally, finally, an organization is pushing for campaign finance reform. And thank goodness. They're calling for: "One citizen. One dollar. One vote. 1.Only citizens should make campaign contributions. 1.Campaign contributions by citizens should not exceed $1 to any political candidate or party." Good for them. Good for us. Maybe, hopefully, this is the beginning of constructively, peacefully but powerfully taking our government and so, our country, back. Here's hoping. Link: http://www.usdayofrage.org

Coming protest from "Anonymous" this month

Yet another group protesting the current state of affairs in the US. First there were the Libertarians, likely. Then there was/is the "Tea Party", now this.Two things come to mind. First, the "powers that be" don't really have a sense of how things are out here, for those really hurt by this economy and second, unless and until Americans realize and accept that we have to get corporate and wealthy people's money out of our political campaigns--the "campaign contributions" (read: bribes)--nothing will change. We have to get this purchasing of our politicians, legislation and so, our government, out of our system, at minimum. If that doesn't stop, not much, if anything will change anytime soon.

The latest SEC and government scandal America needs to know

A story breaking this week but that, I think, is getting far too little press tells of the SEC doing some preliminary investigations of Wall Street firms, then shutting them down and--worst of all--destroying any evidence. And why would this happen, you might ask? Well, because those very same SEC employees then get cushy, high paying jobs with the very companies they're supposed to be overseeing and regulating. And it's been going on since 1993, at least, apparently, and repeatedly. Goldman Sachs, anyone? It reminds me, once again, of the quote by Tim McIlrath: "If you're not angry, you're not paying attention." Read about it here: http://www.npr.org/2011/08/18/139758303/sec-documents-destroyed-employee-tells-congress; http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817

Important movie this Monday evening

HBO has had a terrific run of putting out good movies to see, of course.  This is a particularly nice change for them, I think, as it's more of a documentary along the lines of "Enron:  The Smartest Guys in the Room."

We all need to see and know just what happened a few years ago so we can maybe also find out if anyone did anything blatantly illegal they should be prosecuted for now.

Oh, and it would be nice if we could and would learn some lessons, so we know what not to repeat.

Look at me, getting all hopeful.

Lies and the liars who tell them

One of the things that seems most maddening to me has to do with the financial breakdown we've had in the last 2 or 3 years, that it was allowed to happen and that we've done nothing--nothing--to rein in abuse in the system, regulation-wise, and that no one has been prosecuted for outright, blatant abuse of the system and our laws.

It's nearly insane.

It's certainly irresponsible.

And here's a prime example, today, from Yahoo! News on one of their news blogs, "The Lookout".  It seems Alan Greenspan didn't do enough to wreck our economy by allowing the "bubble" he created, years ago as Chairman of the Federal Reserve, now he wants to make sure we don't have any financial oversight of the industry:

Wall Street reform: 

In a recent op-ed in the Financial Times, Alan Greenspan went after Dodd-Frank, the legislation passed by Congress last year to rein in the financial sector. The former Fed chair argued the global financial system is so complicated that almost any regulation is doomed to fail, and that, "with rare exceptions" like the 2008 financial crisis, unregulated markets have a pretty good track record anyway.

Now this case is a little different, because Greenspan was expressing an opinion. And everyone's entitled to an opinion. But the barrage of withering criticism directed at the man who used to be known as "the maestro" made clear this was an opinion largely unsupported by facts. Numerous commentators poked gaping holes in the former Fed chair's argument: For one thing, the 2008 crisis, which nearly toppled the world financial system, shouldn't be glossed over in a parenthesis; for another, it's far from the only exception to global economic stability since the industry was deregulated beginning in the late 1970s; and finally, there's reason to believe that smart regulations can indeed help make sure the financial system functions smoothly.

So we're going to rank Greenspan's claims one level higher on our gauge-- not as completely bogus as the idea that BP spilled less oil in 2010 than previous years, or that no one knew Obama growing up. But not much more accurate.

If one more right-wing or Republican or "Conservative" or even Libertarian person says we don't need any additional financial regulation after the debacle of the last 3 years, I'll at least scream, at minimum.

There's some more real beauties on here, too, if you want to look, like BP saying they didn't spill that much oil this last year:  http://news.yahoo.com/s/yblog_thelookout/20110405/ts_yblog_thelookout/closer-look-are-bp-donald-trump-and-alan-greenspan-telling-the-truth
Background on Mr. Greenspan:  http://en.wikipedia.org/wiki/Alan_greenspan

Roy Blunt? Come clean?

"Man's reach should exceed his grasp, or what's a heaven for?"

So here's hoping.


Have a great weekend, y'all.

Quote for the day

By E.J. Dionne

Ever heard the one about the guy who hated government until a deregulated Wall Street crashed, an oil spill devastated the Gulf of Mexico, a coal mine collapsed, and some good police work stopped a terrorist attack?

Link to original post:
http://www.truthdig.com/report/item/will_we_keep_hating_government_20100506/