Who's your daddy? The Fed expands its role in your personal life

Discussion in 'Current Events' started by Lookout, Jul 9, 2009.

  1. Lookout
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    Lookout Active Member

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    Who's your daddy? The Fed expands its role in your personal life - 09 Jul 2009

    Some call it consumer protection. Some say it's necessary because government regulation has broken down and failed us, even though some who are expressing that opinion were heavily involved in the breakdown. Others see it as an ever-growing insult by the federal government, telling us that we are not smart enough to make good decisions, therefore we must leave it up to them. What's the target this time? The Fed is upset because you are not saving enough of your paycheck for a rainy day, and they intend to do something about that by taking your money before you get a chance to spend it. Very few details have been released, but here is the basic plan as reported by The Wall Street Journal.

    If currently proposed legislation creating the new Consumer Finance Protection Agency (CFPA) is made into law, the federal government will create a savings account for you, and instead of sending you your tax refund, your overpayment of taxes will automatically be deposited into this account. Any pay raises you earn on your job will not show up in your paycheck, but will also be siphoned off into the new savings account. Out of sight, out of mind, might be the philosophy. You will have the ability to opt out of the new forced savings plan. But supporters of this program say by opting out, you are making a conscious choice not to save... and the federal government is counting on you to not make that decision.
     
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  2. alan1
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    alan1 USMB Mod Staff Member Supporting Member

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    But, but, but I thought social security was my forced savings plan.
     
  3. pete
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    pete The food stamp president

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    Yea ... they burned through that and now want more. This is a good thing ... here take a sip of this!!
    You know what they say ... (when something seems to sneak up on you) when did that happen?
     
  4. twogreen2c
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    twogreen2c VIP Member

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    This jokers never cease in pissing me off. How about for starters they begin putting our social security wages into a separate savings account. Where the hell do they come off suggesting forced savings when they are stealing and squandering our social security dollars. I swear I'd like to spit on these people.
     
  5. alan1
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    alan1 USMB Mod Staff Member Supporting Member

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    No kidding.
    How about if they just let me have all my (and my employers) contributions to my supposed social security account, and let me save that in an account they can't screw with?
     
  6. pete
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    pete The food stamp president

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    Tax the hell out of us ... pool our money and rip off the interest ... what do we get?
     
  7. Darkwind
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    Darkwind Gold Member

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    I put 10% of every paycheck into a retirement account. I'll opt out and if they say I'm not serious about saving, I have a one finger salute for them.
     
  8. Chris
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    Chris Gold Member

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    washingtonpost.com

    In a briefing with reporters, Michael Barr, assistant secretary for financial institutions at the Treasury Department, said yesterday that the bill represents a return to deeper regulation of a sector that had shed much federal oversight in recent years. He added that the new rules will "level the playing field" by standardizing regulations that apply to different loan products.

    "I don't think that it's a surprise that big banks . . . that benefited from the status quo want to keep it that way," he said. "It's a very hard argument for a big bank to make that the status quo on consumer protection was enough. . . . We have the view that the market, left to its own devices, isn't always going to result in an optimal result for consumers."
     
  9. Chris
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    Chris Gold Member

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    Wall Street has been so good to us.

    Why would we want to regulate them?
     
  10. twogreen2c
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    twogreen2c VIP Member

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    Every year I get a social security statement showing how much money I and my employers have put in the social security system. Too bad we can't sue the U.S. Government, because what I'd like to do is force the government to pay me in a lump sum all my social security contributions. The money would be funded into my personal IRA, with the stipulation it is invested in a security with a guaranteed fixed income. And of course, all future social security taxes would be directed into this individual account. This is a no-brainer in fixing our social security crisis. But we know this will never happen for two reasons, one being the greedy bastards in Washington want our money and two; they believe most Americans are too stupid to plan for their future. Sadly, the Washington idiots may be correct. Case in point, just look at some of the bozos that get elected and re-elected into office.
     
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    Last edited: Jul 10, 2009

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