When Obamacare was signed into law in 2010 after being rammed through Congress, a lot of promises were made and subsequently broken. We all know how the “if you like your doctor you can keep your doctor” bit turned out to be a complete lie.
We were also promised that insurance premiums would go down; To be kind we’ll call that a half-truth. Obamacare did introduce some lower-cost options in their state-run exchanges, but the new law made private insurance accounts even more expensive than they already were.
This forced many people and employers into going to the government exchanges out of financial necessity. People got plans that were worse than what they had because that was all they could afford. This, of course, is the goal of all liberal governments. Force people out of private enterprise programs that they prefer into those run inefficiently by Uncle Sam.
Now it appears that the administration is prepared to take the same tack in regard to your retirement savings accounts. To read how the Obama administration plans to force citizens out of their private accounts and into government ones, continue reading on the next page:
DICTATOR HUSSEIN OBAMA!!!!!!
It doesn’t matter which party is in the oval office, people living in America will divide themselves rather it be race, greed, and evil and hateful people. So that is what gives the government the power to do whatever it chooses to do. America population can’t come together for the sake of themselves an America. 2016 President isn’t going to be any better
John Micheal Stacey Congress raided the SS fund decades before Bush I took office.
Ron Paul warned us about this.
You idiots, this bill is in response to a Florida law that moved the government employees 401K’s to be run by a private investor. The private investor sold it all into poorly performing company owned accounts. The employees lost millions while the private investor, who heavily lobbied Florida law makers, profited millions in commissions and fees. This is protect us from wall street crooks.
He cannot be the Secretary of the UN!
Saint Reagon raided the ss fund
As an attorney who practices in the area of employee benefits, I can tell you that this article is categorically false. The new rule only requires investment managers to the employees’ interests first, rather than churning accounts or making other decisions just to generate fees for themselves at the employees’ expense. No government takeover of 401k’s (just like there are no “death panels”).
Fred here I don’t agree with this at all considering it hard to make any money since bush screwed up the economy. The world market is so volatile it’s like a Rollercoaster ride with your investments
The new rule requires all financial professionals to ensure that they comply with the “fiduciary standard.” In short, all financial professionals with whom you invest will, by law, need to put your financial interests in front of their profit margin in offering investment advice. Before, this was only the case for certain financial professionals. If you think that this is some avenue for governmental involvement, you are either insane or wish to bilk people out of money for your own profit. The reality is that the fiduciary standard always existed but now it applies to all financial professionals.
This post is conjured up to scare people into thinking that Obama is doing something “socialist” or even “dictator like”. The reality is it eliminates a prior loophole that allowed some financial professionals to put their interests in front of yours, without fear of penalty. As a fiduciary, they are, by definition, supposed to put your investments in front of their profit margin. Now the loophole will close. This is not a controversial or partisan rule but this thread suggests that it is to scare people who don’t like Obama. Whether you like him or not, a fiduciary should ABSOLUTELY put your money first, always and forever.