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13 February 2010

Comments

Dixon Cruickshank

Oh my - I bet the Union site is just out of their minds. CA is alot like Greece, expecting the EU to bail them out - ooooopps they kinda don't want too.

Kinda like getting a mortgage - one look at unsecured debt and your in sub prime

George Rebane

Dixon, you should jump into the fray in the Union's comment stream. Lots of fun with people who don't like this message (or can't tell what it is) ;-)

Account Deleted

Beck did a quick chalkboard list of who owns American govt. debt. I Googled for that info and found it on a CNBC web site. Very interesting. Especially the fact that the Fed is the numero uno holder of our debt. And it was noted that it is growing fast. So -- If the Chinese won't buy, no problem! We'll just buy our own debt. Easy fix. Right?

George Rebane

Yes, the Fed owns about 30% of it, which means that amount of money that went to buy Treasuries was fresh of the printing press and did nothing but cheapen your and my dollars - economists call that an assets tax aka inflation.

Dixon Cruickshank

here you go George

http://www.youtube.com/watch?v=uqFYYpPc84I&feature=player_embedded

bill tozer

Mr. Rebane, I am glad you stirred up the progressives again as well as those who have their heads buried in the sand. The proverbial brown stuff has hit the oscillating devise and they choose to shoot the messenger. At least the progressives are consisent and well as predictable. I was worried about you after your last editorial about libraries of the future. No blasting Rebane. Felt odd that no one referrred to you as a right wing neo-con neantherthal whose head is embedded up Bush's rectum when writing about libraries of the future. Glad things are back to normal. What a bunch of howling rock apes! Bloomberg had an interesting exclusive a couple of days ago. More than half of the S&P companies are hoarding cash. Cutting back on spending and building emergency funds. They aren't about to invest or hire while the economy and future is so uncertain. Why won't Washington do the same?

Dixon Cruickshank

George you knew I couldn't resist going over there

Dixon Cruickshank

the howling rock apes was classic LOL

Dixon Cruickshank

George I have no other way to ask this - I appreciate your knowledge in world affairs - why is it with our biggest challenges are with islamic countries we insist on appointing female SOS's both Bush and Obama and a black one at that, not sure that matters to the towelheads. The Islamic countries have absolutely no respect for women and we keep doing it - seems odd and counterproductive other than we're trying to be PC. Just a thought that you might expound on that, just something I have been thinking about. I'm not saying either are not competent by any means but just that they are in that position trying to negotiate with the hardcore Islamics???

George Rebane

Dixon, I honestly believe that we are culture blind to Islam, and I'm sure you're right that for such blindness we are paying a price. Obama's obeisances while sending females into their male world are two bad messages - weak, insulting, and conflicting. With the advent of political correctness into our public culture, we are now unsure of the proper protocols to effect among ourselves. Check out the picture Obama projects in the Oval Office that makes lackeys out of his closest advisers (see Ruminations-14feb2010).

Tony

Any comment on this bit?

Read the the quote Rebane provided from WorldNetDaily. Read the Bloomberg article. There's a reason he provided a link to Bloomberg and not to WorldNet. One is a respected financial news site, the other bills itself as a aggressive conservative news gathering site. The quote from WorldNet is pure fabrication.There's nothing in the Bloomberg article--NOTHING--that supports Rebane's final two paragraphs in his column OR his post from 2/13.
The issue of mounting debt is a serious one that should concern everyone. But why is deception necessary for a self-styled "lecturer, commentator, teacher" whose mission is to enlighten others? Rebane is the one who posted the spurious quote--an entire paragraph--and then advised readers he was simply the messenger. Most messengers don't purposely deliver incorrect information.

Tony

GR: "I am not a journalist but a commentator.' 'A commentator does not deliver hot news from the field that must be multi-sourced and validated.Not sure where the notion of attributed quotes came from; I quoted no one".

But I did opine a future conditional - "Then they can mandate ...". Hope this helps.

So GR is a commentator, is he?
I look forward to ripping you a new one the next time you're on KVMR.

George Rebane

My 13feb10 comment in The Union

"Bloomberg reported Friday (8jan10) that Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Mark Iwry are planning to stage a public comment period before implementing regulations that would require private investors to structure IRA and 401(k) accounts into what could amount to a U.S. Treasury debt-backed government annuity." WorldNetDaily, 14jan10.

http://www.bloomberg.com/apps/news?pid=20603037&sid=aHFCE999fWR0

This plan has been cooking under the radar for some weeks now. If you don't want your retirement accounts forced into government debt, now is the time to voice opposition to our electeds. If you do, then shoot the messenger(s).

===

I remain of the strong opinion that the federal government will go after our retirement accounts, whether by mandating annuities whose underliers are Treasuries or some other government debt instruments that will bring fresh cash into the general fund, or simply a requirement that your IRA will contain a certain percentage of such government securities. Unfortunately I am not alone in fearing such a future. But I do believe the way to avoid it is for enough people to become informed early and get word back to their electeds, who, of course, may deny that anyone had such a thought in the first place. The problem of funding runaway debt remains real, whether we choose to believe it or not.

http://seekingalpha.com/article/181840-retirement-accounts-and-treasury-bonds-america-s-unprecedented-money-and-power-grab
http://www.citizeneconomists.com/blogs/2010/01/12/retirement-accounts-could-boost-treasuries/
http://www.runtogold.com/2010/01/retirement-accounts-could-boost-treasuries/
http://www.investmentnews.com/article/20090607/REG/906059955
http://market-ticker.denninger.net/archives/1830-401kIRA-Screw-Job-Coming.html

Tony

"I remain of the strong opinion that the federal government will go after our retirement accounts
Unfortunately I am not alone in fearing such a future."

yawn...

Your teapot has so many tempests in it.

You preach to the converted here, conjure and conjuncture all you like, but know your dissimulation will not go unchallenged in the more widely viewed locations.

Sara B

Tony (a.k.a dodger), did you have any comments on the citations Dr. Rebane provided?

Tony

You can call me what ever you like here, Ms. Old white Lady.

You and Geo are the worst of many alarmists of the "Your taking my freedoms" party.

Dodge this Ms.B
Under a federally mandated automatic IRA, certain employers could be required to enroll eligible employees in payroll-deduction IRAs, unless the worker specifically opted out.

Mandatory is not the same as automatic.
http://www.gao.gov/new.items/d1031.pdf

You have the "freedom' to opt out.

Tony

Nowhere is there talk of not being able to opt out.

The above is the GAO not some
blog writer
http://www.citizeneconomists.com/blogs/2010/01/12/retirement-accounts-could-boost-treasuries/
Or some web site about market trends
http://seekingalpha.com

Speculation, "But that is most likely what will happen". web sites:
http://www.runtogold.com/2010/01/retirement-accounts-could-boost-treasuries/

"these workers may be discouraged from continuing to save, and could choose to opt out of the plan".
http://www.investmentnews.com/article/20090607/REG/906059955

Best yet, another spank job who says
In a short conversation this noontime that CNBC apparently has omitted from their archives (Why's that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market.
Where would they get this?
From your 401k and IRA accounts!

Then his link supposedly supporting his rant >
From Businessweek:

http://www.businessweek.com/news/2010-01-08/americans-oppose-initiatives-limiting-401-k-choices-ici-says.html

Goes nowhere on the Business week site.

So much for Herr Ductors links. I mean citations.

Sara B

I searched the web all morning to find out how I "Opt-out" of paying into SS, Medicare, and income taxes. No joy. SS and Medicare were once "opt-out" programs too. Now, we have the proverbial government guns to our head.

Russ

Tony,

Not so quick. I guess you are not familiar with Google's Cashed Archive Here is the link.

http://74.125.155.132/search?q=cache:FwVnCuIkxRsJ:www.businessweek.com/news/2010-01-08/americans-oppose-initiatives-limiting-401-k-choices-ici-says.html+http://www.businessweek.com/news/2010-01-08/americans-oppose-initiatives-limiting-401-k-choices-ici-says.html&cd=1&hl=en&ct=clnk&gl=us&client=firefox-a">http://www.businessweek.com/news/2010-01-08/americans-oppose-initiatives-limiting-401-k-choices-ici-says.html&cd=1&hl=en&ct=clnk&gl=us&client=firefox-a">http://74.125.155.132/search?q=cache:FwVnCuIkxRsJ:www.businessweek.com/news/2010-01-08/americans-oppose-initiatives-limiting-401-k-choices-ici-says.html+http://www.businessweek.com/news/2010-01-08/americans-oppose-initiatives-limiting-401-k-choices-ici-says.html&cd=1&hl=en&ct=clnk&gl=us&client=firefox-a

Enjoy!

Tony

"Now, we have the proverbial government guns to our head."
Not. It has not happened. Except in your fearful mind. Which you spread to other willing readers here.

As to the link, so what. Taking public comment, suggest those of us comment.

All you guys go from 0 to 100 on fear. Why am I not afraid? Where are the camps that Haliburton was planning for citizen's during the Bush years.
Why are you not afraid of being labeled a right wing terrorist and being put in a Navy brig for years?
Because you think it will not happen.
I don't think Obama will "take" my IRA.
I don't think Obama will "take" my freedom any more than Ashcroft did (Who set a new record).

I remain of the strong opinion that the federal government will not go after our retirement accounts.
Until I see ledg' preposed No Fear!

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