Trump Screws Your Retirement Fund

[angrychair]

"The Obama administration calculated that consumers lose $17 billion a year due to conflicted investment advice. A Goldman Sachs study concluded the rule would cost the financial industry $13 billion in upfront costs and $7 billion each year.

White House National Economic Council Director Gary Cohn, who received $285 million from Goldman Sachs when he left the firm to work with Trump, announced the planned rollback in an interview with The Wall Street Journal."

These ridiculous decisions are coming so fast it's hard to focus outrage. I am stunned by this and almost as stunned by the nonsense explanation as to why it was repealed:

“We think it is a bad rule. It is a bad rule for consumers,” Cohn said. “This is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn’t eat it because you might die younger.”

What the hell does that mean? What nonsensical word salad babbling.

Source: http://m.huffpost.com/us/entry/us_5893e15be4b04061313629d3?

BE PARTISAN! BE OUTRAGED!

We must be united in our fight against trump's agenda because we will all be victims of it.

[ymetca]

1. Follow the money...

http://wallstreetonparade.com/2017/02/trump-to-sign-orders-today-making-wall-street-more-dangerous/

In January and March of 2016, the founder of Renaissance Technologies, James Simons, took out his checkbook and wrote two separate checks to Hillary Clinton’s SuperPac, Priorities USA, for $3.5 million each for a cool $7 million in a three-month span.

But curiously (or not) the Co-CEO of Renaissance Technologies, Robert Mercer, his wife, Diana, and his daughter, Rebekah, have given millions to Trump and Republican coffers.

Whether Hillary won or Trump won, Renaissance Technologies was guaranteed to have backed a winner seated in the Oval Office signing Executive Orders.

Mercer money touches far more than just Trump’s political campaign committees. Ken Vogel of Politico reported last year that the Mercer family has invested $5 million or more in Cambridge Analytica, a digital data mining firm that was a major adviser to the Trump campaign, “as well as a reported $10 million investment in the pro-Trump website Breitbart News,” reports Vogel. Trump’s Chief White House Strategist, Stephen Bannon, came from Breitbart News.

[unblock]

2. he's coming out strongly in favor of bad investments in retirement funds?

[central scrutinizer]

6. In favor of high fees

Just churn the account for no other reason than to rack up transaction and management fees

[C_U_L8R]

3. Trump just undermined the entire financial industry

why would anyone trust them without regulation??
Fuck if I'm giving anybody my money until I have assurances.

Instead of celebrating, Wall Street should be pissed.
You can't repair a dirty distrusted brand - and boy, Trump
just shat all over you folks.

[Rustyeye77]

4. The all time dumbest line EVER !!!

“This is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn’t eat it because you might die younger.”

[angrychair]

5. I just don't get the analogy

It's nonsense. I am bigly smart and I don't have a clue what the hell he is saying there.

[unblock]

9. i think he means

that 401(k)s shouldn't be restricted to safe and reasonable investments.

he could have appealed to freedom of choice, appealed to our aversion to paternalistic restrictions, or even to workers' greed and ego.

but no, he acknowledged that these are bad investments and instead appealed to our gluttony and inability to make reasonable decisions.

[Progressive dog]

7. Trump has always been a con man,

he's protecting his occupation.

[DiverDave]

8. HA HA the laughs on them

I lost mine when the bank stole my house.
So no cash for wall street thieves from me.

[PeopleAgainstHate]

10. What we CAN DO to help get rid of the rad right

The pro-Trump alt-right vicious tabloid headlines that we are a captive audience to when we stand in line at the grocery store have helped tremendously to get the radical right elected. We need to get these fake-news tabloids out of the stores that we support with our dollars if we want to get decent people in office. Please sign our petition and send it to your friends!
http://petitions.moveon.org/sign/stop-selling-hate-filled?source=c.fwd&r_by=17478167

And here is a link to an article from Politico that lays it all out about the damage the tabloids do. If you don't want to read the whole article, please at least read this one paragraph from it:

It’s easy to imagine that tabloids don’t matter; the Enquirer is a relatively small voice in the media kingdom, with a weekly circulation of only 342,071, down from the 5.9 million it commanded in the 1970s. But that misses the importance of the constant cultural background noise it adds to American life: There are 37,000 supermarkets in America, with an average of about 10 checkout stands each, and many stands feature a wire rack displaying the Enquirer, the Globe, often the company’s other tab, the National Examiner, and celebrity magazines. According to an industry study, American households make an average of 1.5 trips to the supermarket each week. Every customer passes by the checkout stand, which means that even people who never purchase a tabloid still absorb the ambient headlines, and those headlines can shape their view of the world.


http://www.politico.com/magazine/story/2017/01/tabloid-newspapers-trump-media-propaganda-214627

[BSdetect]

11. We are locked into the myth that cmpany matching is great

But the funds are selected by the relevant broker and fees take a huge cut over say 40 years. I think I saw a figure of 14% in one report.

You are better off doing your own plan in the long run. Ignore the company match?

Hard to say what is best but I nhate having to trust any Wall St business.

[jmg257]

12. WHat's the deal with "company match"? Ours will match (401k) up to 3% currently.

Who wouldn't want the extra influx?