Friday, February 26, 2010

More Nanny-state Nonsense

Biden To Announce Proposal To Protect US Retirement Savings - WSJ.com So if they are going to outlaw commissions with respect to retirement funds, how exactly do they think retirement investment advisers are going to be paid? But then free-markets don't seem to be a concern for these people.

I suppose there are some abusive advisers. Does anyone know the term "caveat emptor" anymore? But then this administration doesn't think you are that smart.

One of the only ways low-income folks can get financial advice is via a commission system. A fee-based financial plan is probably close to 1000 bucks now. Does this administration really expect the poor to shell out that much money? Of course not. They don't want people having 401Ks. (It makes them too independent of government control!)

What problem is it that they think they are solving? (Or what are they saying for public consumption anyway?) Aside from destroying another branch of the economy that is.

2 comments:

Carteach0 said...

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'.

Can you say 'Social Security System, MkII'?

Zendo Deb said...

Of course it is. It isn't even the first time that came up. Someone on the left proposed a takeover, just like you said.

They got hushed up real fast, but I doubt the idea went away.