Where's the Outrage? Congress Changes Savings Accounts and Retirement Funds, and America Sleeps
http://readersupportednews.org/opinion2/279-82/27547-wheres-the-outrage-congress-changes-savings-accounts-and-retirement-funds-and-america-sleepsIn December 2008, the number of jobs shrank by 533,000, the worst monthly loss in more than 30 years. Construction permits fell by more than 12% as people stopped buying houses. And retailers got a giant lump of coal from consumers, who decided that buying a bunch of worthless junk to put under a tree was probably not the best idea when their bank accounts – not the mention the country’s – were circling the drain.
“This shall not stand!” we cried, then. “We can never allow our own savings to be put at risk like this!”
And yet. Here we are again.
Congress has passed, and President Obama has said he would sign, a budget bill that allows banks to use your savings when they make giant financial bets called derivatives. Again.
And because those savings are insured by the federal government, you, the taxpayer, would be on the hook if those bets go south. Again.
This isn’t arcane financial stuff we can ignore. These are the exact financial mechanisms that led to the global crisis just six (short!) years ago. The Dodd-Frank reform law that was passed in the wake of that crisis forbade this from ever happening.
Charlie Chaplin said that nothing is permanent in this wicked world, not even our troubles. I’d add that nothing is permanent in this wicked world except banks getting whatever they want, whenever they want, regardless of the risk to their own customers. Regardless of the risk to the rest of us.
In addition to all that, this so-called compromise also contains a provision that would wreak havoc on the pensions of more than 10 million American workers, who likely have no idea this is coming.
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I had missed it earlier. 
This congress, has not only endangered negotiated agreements that were placed in the PBGC operating mandate, but they now have placed a litmus test on pensioners, look no further than the postal union, airline industry, automobile industry, the list goes on an on.
The PBGC has underfunded assets of 42 billion dollars by the corporations that talked out of both sides of there mouth, with the help of there right wing hypocrites in Congress, this is nothing more than a shell game of irresponsibility, they have placed the further demise of the DEFINED BENEFIT PENSIONS more at risk and placed the unions power to negotiated protections into jeopardy.
In other words break the unions through the PBGC and further shift the costs unto the unions or the pension plan.
BECAUSE corporations that were suppose to fund these retirements through negotiated contracts which were agreed upon at the negotiated bargaining table with members of a union, and then to turn around and FILE for BANKRUPTCY to negate the plans and have the plans placed on the backs of the taxpayers.
These hypocrites are not holding the corporations accountable, all they did was sound like nothing but wind bags of not doing nothing except hurting people that were told that there PENSIONS would be paid for and FULLY FUNDED, whenever these (corporations) filed there prospectus in the federal 10K SEC required filings.
These hypocrites now want to blame Unions and retirees for this underfunded government agency and want to further cut the funds is outrageous which were negotiated
Then we have this right wing chairman and his band of merry men and women basically saying we now have there right wing congress we are going to screw the pensioners and the savings accounts.
This was not suppose to be this way, they were charged with protecting the pensions and making sure that these corporations paid there money which was due and to protect us from greed.
This act of hypocrisy that these hypocrites says a lot of what was just passed with the FDIC derivatives rider being funded by the taxpayers if the banks use and will use the protections of the FDIC savings to say to the taxpayers you lose we win, if and when our derivatives fail and the pension funds that are being sold by these banks are now more at risk, then congress is contemplating that Credit Unions be treated like a bank and we get taxed for giving our combine money to members and then be have it taxed as earned income.
These little fascists sitting in this committee should be challenged, but we the pensioners in the PBGC program have these hypocrites getting re-elected to cause further damage to the middle class and poor, that had retirements that were underfunded by smoke and mirrors, by the corporations and banks who also were playing this game with there accountants.
Everyone of these right wing hypocrites will further pass the proverbial buck away from the corporations that failed and LIED in the filing of 10K SEC filings that were fraudulent in the prospectus.
The right wing hypocrites of greed will not hold public investigations to have some questions and answers, and not one of these jerks will file charges.
They already know that when you have a approval rating of 9% really says something... you are not working for the people but with special interests / lobbyists creating riders to pass at the last minute in spending bills, with no discussions, no debate on the floor and to only hurt people that pay taxes to protect there pensions and savings, says a lot about there credibility, which isn't very much.
[center]Circling The Drain
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K&R
