Aristo! Aristo! A la lanterne!: BOOM! The opening gun has been fired in a new war on the American wallet

Friday, February 26, 2010

BOOM! The opening gun has been fired in a new war on the American wallet

(H/T to TFS Magnum)

The WS journal ran a piece regarding VP Biden's upcoming announcement about 'retirement fund mismanagement'. Sadly, the WSJ hides their articles behind a subscriber wall. Happily, lots of other news outlets don't bother with such high falutin silliness, and we can turn to the Washington Post to read the news.

WASHINGTON (Reuters) - U.S. Vice President Joe Biden will unveil on Friday rules to help protect workers' retirement savings accounts as he delivers an annual report of his middle-class task force, a White House official said. Biden, who heads a year-old panel assigned to improve middle-class living standards, will hold a ceremony at 10 a.m. (1500 GMT) to announce new Labor Department regulations on workers' retirement savings.

Am I the only one who see's this as an opening shot fired on a new front?

Watch.... the new 'crisis' will be mismanagement of retirement funds, and the 'answer' will be for 'Da Gubmint' to take over the accounts and steal the money.... ah.... 'manage the funds in a proper and efficient manner'.

The Clinton regime spoke of doing this, but in terms of taxation, and were resoundingly slapped for it. I suspect the O-team will try a different tack... and claim they are just trying to help the poor retirees that are being taken advantage of by unscrupulous financial advisers.

Can you say 'Social Security System, MkII'? You read it here first, folks.

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Robert Heinlein

"Do not confuse "duty" with what other people expect of you; they are utterly different. Duty is a debt you owe to yourself to fulfill obligations you have assumed voluntarily. Paying that debt can entail anything from years of patient work to instant willingness to die. Difficult it may be, but the reward is self-respect.

But there is no reward at all for doing what other people expect of you, and to do so is not merely difficult, but impossible. It is easier to deal with a footpad than it is with the leech who wants "just a few minutes of your time, please — this won't take long." Time is your total capital, and the minutes of your life are painfully few. If you allow yourself to fall into the vice of agreeing to such requests, they quickly snowball to the point where these parasites will use up 100 percent of your time — and squawk for more!
So learn to say No — and to be rude about it when necessary.
Otherwise you will not have time to carry out your duty, or to do your own work, and certainly no time for love and happiness. The termites will nibble away your life and leave none of it for you.

(This rule does not mean that you must not do a favor for a friend, or even a stranger. But let the choice be yours. Don't do it because it is "expected" of you.)"