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

[Lookout]

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.

 

[alan1]

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.

But, but, but I thought social security was my forced savings plan.

 

[pete]

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.

But, but, but I thought social security was my forced savings plan.

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?

 

[twogreen2c]

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.

But, but, but I thought social security was my forced savings plan.

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.

 

[alan1]

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.

But, but, but I thought social security was my forced savings plan.

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.

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?

 

[pete]

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

 

[Darkwind]

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.

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.

 

[Chris]

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."

 

[Chris]

Wall Street has been so good to us.

Why would we want to regulate them?

 

[twogreen2c]

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.

 

[Big Black Dog]

Who's your Daddy? Sounds like the title of a great C and W song...

 

[Baruch Menachem]

It sounds like the government wants to make us give them compulsory loans. I would of course opt out if I had any chance. So opting out will probably be as hard.

This is consumer protection? I don't see how it qualifies.

Now what would be consumer protection would be saying anyone with an income below x can't have a credit card with a limit over y.

 

[Navy1960]

Do you what I think is completely lost on some people, the fact that in an economy that should be based on what you earn ,invest, save, etc. that somehow we should "level the playing field" for those that do not earn,invest, and save. I would encourage a lot of these people that advocate this form of Govt. to go back and actually try to get a good grasp on that concept. The only person or persons in society that are responsible for leveling the playing field is YOU!! When you look to an entity such as the Federal Govt. to do it for you, then your admitting to one and all your inability to be a contributing member of a FREE society. There are exceptions to this of course, we do have obligations to take care of those that cannot take care of themselves, i.e. the disabled, and our Seniors, etc. However, this obligation does not extend to someone who's biggest accomplishment in life is opening a checking account to receive that Govt. check each month. So advocating taking from those who DO NOT look to the Govt. to provide them the comforts in life to "level the playing field" I have i some advice for you. There are several flights daily leaving for places like Cuba, China, and others where there is a "LEVEL PLAYING FIELD" and I am sure they await you with open arms. Please leave the rest of us alone to contribute to society and keep what little we earn to invest and save for ourselves.

 

[MaggieMae]

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.

It will be optional, you idiot. That said, it was just fine when every pub since Reagan has been proposing savings accounts for Social Security, health care, etc., eh? Hypocrites all.

 

[MaggieMae]

But, but, but I thought social security was my forced savings plan.

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.

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?

There are ways to opt out of Social Security. Depending on what you do for a living, you can ask someone to pay you under the table, or if you want to stay legal, do the same work on a contractor's basis. Then you'd be responsible for your own contributions. In these times of greater unemployment, that's exactly what some workers/employers are doing.

 

[MaggieMae]

Wall Street has been so good to us.

Why would we want to regulate them?

 

[MaggieMae]

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.

Here's the Wall Street Journal article, which clearly sets out what is proposed, and it is a far cry from some blogsite's hysterical take on it.

A Personal-Finance Workout - WSJ.com

[Excerpts]

The Obama budget proposal includes plans to require employers who don't offer a 401(k) or similar retirement savings account to automatically enroll workers in individual retirement accounts, siphoning deposits directly from their paychecks. The program is aimed at the half of all working Americans -- roughly 75 million people -- who don't have a retirement plan other than Social Security.

Workers would be allowed to opt out of the auto-IRAs. But that would force them to make a clear decision not to save this way, perhaps driving them to think more about their retirement needs. When the government this decade changed the law to encourage employers to automatically enroll their workers in 401(k) accounts, unless they opted out, employee participation shot up.

 

[xsited1]

...

Here's the Wall Street Journal article, which clearly sets out what is proposed, and it is a far cry from some blogsite's hysterical take on it.

A Personal-Finance Workout - WSJ.com

[Excerpts]

The Obama budget proposal includes plans to require employers who don't offer a 401(k) or similar retirement savings account to automatically enroll workers in individual retirement accounts, siphoning deposits directly from their paychecks. The program is aimed at the half of all working Americans -- roughly 75 million people -- who don't have a retirement plan other than Social Security.

...

OMFG! The Nanny State is here. True Americans need to stop these marxists before it's too late.

 

[MaggieMae]

...

Here's the Wall Street Journal article, which clearly sets out what is proposed, and it is a far cry from some blogsite's hysterical take on it.

A Personal-Finance Workout - WSJ.com

[Excerpts]

The Obama budget proposal includes plans to require employers who don't offer a 401(k) or similar retirement savings account to automatically enroll workers in individual retirement accounts, siphoning deposits directly from their paychecks. The program is aimed at the half of all working Americans -- roughly 75 million people -- who don't have a retirement plan other than Social Security.

...

OMFG! The Nanny State is here. True Americans need to stop these marxists before it's too late.

"True Americans" don't look anything like you at all.

 

[Navy1960]

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.

It will be optional, you idiot. That said, it was just fine when every pub since Reagan has been proposing savings accounts for Social Security, health care, etc., eh? Hypocrites all.

Maggie, excuse me but what makes you think that all republicans were jumping up and down to support savings accounts for Social Security? Optional or not, the point is that your decision to provide your own security should be yours and not someone elses to make for you.