They did this ON PURPOSE, the BOTH of them -- and the fact that Emperor Obama has COSMETICALLY MOUTHED PLATITUDES but NOT CHANGED a DAMN THING since he took over at the White House PROVES IT!!!!!
"The administration's decisions came in response to a congressional mandate to encourage more workers to participate in company-sponsored retirement savings plans. The Bush administration came up with a rule that enabled businesses to automatically enroll their workers in tax-free 401(k) retirement plans....
See? They work for Wall Street.
The administration specifically rejected calls for a more conservative investment option....
Just like they did for your pension insurance, America.
The intent behind the regulation was to get more people to contribute to retirement savings accounts. Such savings are considered a pressing need at a time when the number of company-run pension plans is shrinking and many baby boomers are on the verge of retirement....
Unless you need the consumer to spend to keep the shit-house economy and corporate profits going or a taxpayer needed to fund war-looters and lying bankers to the tune of trillions.
Once again, this plan to "help" you turns out to be NOTHING but a TRANSFER of WEALTH from TAXPAYERS to WALL STREET -- with ANOTHER BAILOUT NEEDED, right?
There was bipartisan support in Congress for finding a way to increase worker participation. But many companies told Congress that they were reluctant to automatically enroll workers for fear that they would be sued if the funds performed poorly. Congress responded by passing legislation that provided protections against lawsuits....
HOW MUCH MORE EVIDENCE do you need that Congress is in Wall Street's back pocket -- with its nose firmly up Wall Street's ass?
But Congress left it up to the Bush administration to determine what categories of funds should be allowed...."
Can you BELIEVE THAT!? After ALL this country had gone through with that looting, lying shitter for the last seven years, the DEMOCRAT CONGRESS (as with the war-funding, spying, and torture) just SIGNED OFF ON IT, NO QUESTIONS ASKED!!!!
"Workers steered to high-risk investing; Federal rule imposed just before market crash" by Michael Kranish, Globe Staff | April 5, 2009
WASHINGTON - Shortly before the first signs of the stock market collapse, the Bush administration made a crucial decision that has propelled an estimated one to two million workers into stock-heavy retirement funds.
Remember, readers, this was ALL DONE ON PURPOSE!!!!
The MSM is CONSTANTLY LYING TO YOU about this "crisis."
In fact, it is LYING TO YOU ABOUT EVERYTHING EVERYDAY and I'm getting tired of it.
Take the CREDIT CRUNCH, for instance:
U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
Banks Cut Off CreditAnd yet for months we've POURED IN TRILLIONS to LOOSEN THAT CREDIT --which it NEVER DID! The PUKES POCKETED the TAXPAYER LOOT!!!!!
Many of the funds in which workers were automatically enrolled dropped more than 25 percent last year, while a more conservative investment strategy rejected by the Bush administration would have resulted in a gain of 4.7 percent.
Oh, HE FUCKED YOU in WAYS YOU CAN'T EVEN IMAGINE, AmeriKa!!
We should HANG THAT SUM-A-BEECH RIGHT NOW!!!!!!!!!!!!
The administration's decisions came in response to a congressional mandate to encourage more workers to participate in company-sponsored retirement savings plans. The Bush administration came up with a rule that enabled businesses to automatically enroll their workers in tax-free 401(k) retirement plans.
If the workers failed to specify how they wanted their money invested, the company would be required by law to place their retirement money in investment funds that, for the most part, relied heavily on stocks. The administration specifically rejected calls for a more conservative investment option.
"Everybody was going to win, everybody was going to Disney World, everyone would ride the equity wave" and make profits, said Gina Mitchell, president of the Stable Value Investment Association, which represents some of the companies whose conservative strategy was rejected. "They really underestimated the volatility of the market."
Yeah, right, SURE THEY DID!!
Quit BLOWING SMOKE UP OUR ASSES -- OR ELSE!!!!!!!!!!!!!!!!
GOT IT, SCUMBAGS?!!!!!!!!!!!!!
But federal officials who wrote the regulation said it reflects their belief that stock investments would pay off over the course of many years and cannot be evaluated on the basis of a year in which the stock market has collapsed.
"I firmly believe that the regulation is a very good one and will serve people very well," said Bradford Campbell, the former assistant secretary of labor for employee benefits, who oversaw the writing of the rule. "I believe what we put in was appropriate strategy for long-term retirement savings."
While there is no official tally of how many people have been subject to the regulation, an analysis by the private Employee Benefits Research Institute, based on overall enrollment in retirement plans, estimated that up to two million workers have already been enrolled into the accounts since the regulation was adopted in 2007.
The intent behind the regulation was to get more people to contribute to retirement savings accounts. Such savings are considered a pressing need at a time when the number of company-run pension plans is shrinking and many baby boomers are on the verge of retirement. About two-thirds of workers opted into such plans before 2006, and participation was expected to rise to more than 90 percent with an auto-enrollment provision.
There was bipartisan support in Congress for finding a way to increase worker participation. But many companies told Congress that they were reluctant to automatically enroll workers for fear that they would be sued if the funds performed poorly. Congress responded by passing legislation that provided protections against lawsuits if the companies put employees into certain categories of default funds and provided a match for part of an employee's contribution.
The impact was immediate: The percentage of companies offering automatic enrollment jumped from 24 percent to 36 percent after the measure was passed, according to industry studies. But Congress left it up to the Bush administration to determine what categories of funds should be allowed. That set off a lobbying frenzy between companies that sold stock-heavy funds and those that offered nonstock "stable value" funds.
Stable value funds are composed of fixed-income investments and are coupled with insurance contracts that are designed to offset fluctuations in interest rates. They are not guaranteed, and a small number have lost value. But the mostly stable returns - an average return of 4.7 percent last year - have made them increasingly popular.
Backers of such funds said they were particularly well suited for people who did not opt in or out of their retirement plans because such individuals might be unfamiliar with the risks associated with stock funds.
It COSTS MONEY to be so 'too-pid, 'murka!!!!
Ever hear of the saying "A FOOL and his money are soon parted?"
Well, TAKE a LOOK at the FOOLS, Amurka!!!
Here, let me HOLD THAT LOOKING GLASS UP so you can SEE YOURSELVES!!!
WhereTF are you, America, because I WENT INTO the STREET YESTERDAY and YOU ARE NOWHERE?
WHERE ARE YOU?!!!!!!!!!!!!
The Bush administration, however, rejected the pleas of stable value fund managers to have their product be available as a stand-alone option for automatically enrolled workers, reasoning that the funds would be vastly outperformed by stock-heavy investments over the long term. The administration asserted that the stable value funds would not provide "meaningful retirement savings over the long term."
Translation:
THAT FUCKER GAMBLED with YOUR MONEY, American taxpayer -- and LOST!!!
Are YOU READY TO HANG HIM YET?
Ah, the hell with him; we got a NEW MAN in town now, and he is the SAME AS THE OLD MAN and since he DOESN'T WANT to LOOK BACK, well, NEITHER WILL WE!!!! EVERY TRANSGRESSION and CRIME GEORGE W. BUSH COMMITTED is NOW OBAMA'S RESPONSIBILITY!!!!!!!!!
If you ABSOLVE the WAR CRIMINALS, then you ARE a WAR CRIMINAL!!!!!!!!
If you ADOPT the LYING RHETORIC and BELIEFS of the WAR CRIMINALS, then you ARE a WAR CRIMINAL.... PERIOD!!!!!!!!!!!!
Here I WORKED SO HARD to make sure the election wasn't STOLEN from this guy, and turns out all along the election was SHIT-EATING FOOLEY DISTRACTION for the American people!!!
Yup, the HONEYMOON is OVER after this LAST WEEK'S PERFORMANCE, 'bamer!!!!!!!!!!!
YOU now OWN the ANGER that was directed at GEORGE BUSH since YOU ARE GEOREG W. BUSH with a BLACK SKIN!!!!!!!!!!!!!!!
The Bush administration instead required that automatically enrolled workers be placed in other types of funds, with the most popular category being "target date" funds that have a mix of stocks, bonds and other products and are designed to become more conservative as a person nears retirement. But the funds have not always worked as advertised, with even some of the funds designed for people near retirement being far more heavily invested in stocks than the government had expected.
Oh, the WALL STREET LOOTERS and GOVERNMENT LIARS are AT IT AGAIN, huh?
In one case, a fund with a 2010 retirement target had 64 percent of its portfolio in stocks and has lost 40 percent of its value in the last year. Morningstar, a market analysis company, surveyed all the major 2010 funds and found that their one-year return, as of March 31, ranged from a loss of a little more than 6 percent to a loss of nearly 41 percent....
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