Author Topic: D.C. proposes new rule because Americans "cannot manage retirement assets on the  (Read 2031 times)

Offline Bronx

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Get a load of this crap. Obama and his tit suckers think the American people are so dumb that he has to come in riding his high horse and save the American people from themselves.

Obama there are millions of Americans that think you can't even wipe your own butt correctly never mind taking over our retirement. And on the flip side there are millions of folks that kiss your butt. Go rape their retirement and leave us independent folks that can stand on our own two feet alone.

We did great before you, and we will do great after your done trying to destroy the United States of American.

Now get the hell out of my life and my retirement. Your a thief and your not wanted here.

D.C. proposes new rule because Americans "cannot manage retirement assets on their own"

While the GOP race has transfixed the country, the federal government is quietly placing even more restrictions on middle class America.

This time, according to The Washington Free Beacon, the Department of Labor has proposed a rule that would restrict the advice financial advisers can give to employees because individuals cannot “prudently manage retirement assets on their own.” The rule could cost middle-class savers an estimated $80 billion over ten years.

http://www.conventionofstates.com/d_c_proposes_new_rule_because_americans_cannot_manage?recruiter_id=1310229
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Offline supsalemgr

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Get a load of this crap. Obama and his tit suckers think the American people are so dumb that he has to come in riding his high horse and save the American people from themselves.

Obama there are millions of Americans that think you can't even wipe your own butt correctly never mind taking over our retirement. And on the flip side there are millions of folks that kiss your butt. Go rape their retirement and leave us independent folks that can stand on our own two feet alone.

We did great before you, and we will do great after your done trying to destroy the United States of American.

Now get the hell out of my life and my retirement. Your a thief and your not wanted here.

D.C. proposes new rule because Americans "cannot manage retirement assets on their own"

While the GOP race has transfixed the country, the federal government is quietly placing even more restrictions on middle class America.

This time, according to The Washington Free Beacon, the Department of Labor has proposed a rule that would restrict the advice financial advisers can give to employees because individuals cannot “prudently manage retirement assets on their own.” The rule could cost middle-class savers an estimated $80 billion over ten years.

http://www.conventionofstates.com/d_c_proposes_new_rule_because_americans_cannot_manage?recruiter_id=1310229

I am sorry, but I hate these kind of "bait & switch" sites. Where is the actual proposal? The premise of the idea is crazy, but I need more detail.
"If you can't run with the big dawgs, stay on the porch!"

Offline tac

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From the Washington Free Beacon site.

Quote
Rule Would Cost Middle Class $80 Billion in Lost Savings
Department questions savers’ ability to ‘manage retirement assets on their own’

BY: Ali Meyer    
March 2, 2016 2:35 pm

The Department of Labor has proposed a rule that would restrict what advice a financial expert could give to employees, a move that would cost middle-class savers $80 billion in lost savings, according to a report from the Competitive Enterprise Institute.

In April 2015, the Labor Department proposed a rule that would give it regulatory authority over financial advice concerning Individual Retirement Accounts, known as IRAs. The rule would require that financial professionals who give advice about these retirement accounts only act in the “best interest” of savers.

According to the report, the department claimed that the rule was necessary because individuals could not “prudently manage retirement assets on their own,” and that they “generally cannot distinguish good advice, or even good investment results, from bad.”

“Given the language in the rule, [the agency] may well believe it was drafting a ‘fiduciary rule for dummies,’ because it expresses doubt that savers can make wise investment choices in their 401(k)s and individual retirement accounts,” the report states.

The rule, which puts government regulators in charge of what financial advisors can say or do to advise savers, has raised concern that this restriction will limit investment choices for consumers.

http://freebeacon.com/issues/report-rule-would-cost-middle-class-80-billion-in-lost-savings/


I wouldn't listen to some time wasting bureaucrat giving me investment advice. That's why I have a professional financial adviser.

Offline Bronx

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I am sorry, but I hate these kind of "bait & switch" sites. Where is the actual proposal? The premise of the idea is crazy, but I need more detail.

He is a little more about it in Forbes.

How Fiduciary Rule May Censor Financial Broadcasters Like Dave Ramsey

Popular financial radio show host Dave Ramsey caused a firestorm on Twitter TWTR +0.26% last week when he weighed in against the “fiduciary rule”—the controversial pending Department of Labor regulation that would impose new restrictions on a vast swath of financial professionals who handle IRAs and 401(k) accounts. Yet, Ramsey was only echoing concerns about the costs of the rule already expressed by Members of Congress from both parties.

Ramsey Tweeted, “this Obama rule will kill the Middle Class and below ability to access personal advice.” A war of Tweets then broke out between opponents of the rule, and supporters, the latter of which includes fee-based investment advisers expected to benefit from the new costs the rule will shower on their broker competitors.

READ MORE....

http://www.forbes.com/sites/johnberlau/2016/03/04/how-fiduciary-rule-may-censor-financial-broadcasters-like-dave-ramsey/#c07acc8e6965
People sleep peacefully at night because there are a few tough men prepared to do violence on their behalf.

Bowtech Experience  70lb, QAD HDX, HHA DS 5519, 400 gr Black Eagle Carnivores, 100gr Grim Reaper, True-Fire Hardcore 4 thumb.

Offline supsalemgr

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He is a little more about it in Forbes.

How Fiduciary Rule May Censor Financial Broadcasters Like Dave Ramsey

Popular financial radio show host Dave Ramsey caused a firestorm on Twitter TWTR +0.26% last week when he weighed in against the “fiduciary rule”—the controversial pending Department of Labor regulation that would impose new restrictions on a vast swath of financial professionals who handle IRAs and 401(k) accounts. Yet, Ramsey was only echoing concerns about the costs of the rule already expressed by Members of Congress from both parties.

Ramsey Tweeted, “this Obama rule will kill the Middle Class and below ability to access personal advice.” A war of Tweets then broke out between opponents of the rule, and supporters, the latter of which includes fee-based investment advisers expected to benefit from the new costs the rule will shower on their broker competitors.

READ MORE....

http://www.forbes.com/sites/johnberlau/2016/03/04/how-fiduciary-rule-may-censor-financial-broadcasters-like-dave-ramsey/#c07acc8e6965

The last thing we need is the feds "helping" us with our personal retirement funds. We better believe pols in Washington would like nothing better than knowing more about everyone's personal wealth. When I retired I had the option of taking my pension as a lumps sum. I, and most of my peers. took that option and it gives me much peace of mind.
"If you can't run with the big dawgs, stay on the porch!"

Offline Hoofer

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Argentina!  They see all that cash "tied up" in retirement funds, and want it.
All animals are created equal; Some just take longer to cook.   Survival is keeping an eye on those around you...

Offline TXborn

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Every time I read or watch the crap put out on one of these sites, I go out 'n buy more ammunition or another firearm, then go to gun range 'n perfect skill to use it. Who knows, perhaps one day all my target precision will mean some thing more worthy..!!
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