stacks



401 k retirement

retirement and the 401(k)

Playing the Pension Funds

It's the Interest, Stupid! Why Bankers Rule the World

Here's Where State Pension Systems Are In The Most Trouble

Preparing To Asset-strip Local Government? The Fed's Bizarre New Rules


"Unless things change fast, human history will show that the phenomenon of "retirement" was limited to one generation.

When European and Japanese economies stood in tatters, American corporatism could fulfill "the American dream," since there was little foreign competition to speak of.

For the first time ever, workers were promised that "after working thirty or so years" they would be able to securely retire.

That was largely the case for one generation.

The second generation is having a devastating reality check.

2008 was supposed to be a watershed year for retirement: it was the first year that the baby-boomers turned 62, and the retirement frenzy was to begin (since people could begin to draw on their social security benefits).

The economy has nosedived, and many more retirements are being delayed.

The unfortunate reality is that many who planned on retiring will work until the grave, joining the millions of other baby-boomers who never had such dreams.

At the end of September, just as the crisis was beginning to gain steam, it was discovered that in the previous year the value of stocks in 401(k) accounts had fallen by nearly $2 trillion!

Much more has been lost since then.

This is especially devastating since almost one-third of 401(k) participants in their 60s had 80% of their money in stocks (pension funds have been similarly destroyed).

The 401(k) was the scheme of the century.

Corporations offloaded their "burdensome" pensions and used media and politicians to sell the ruse to the public, to the great benefit of Wall Street.

Workers were told that the boom-slump cycle was over, and that stocks were a sure thing." - Shamus Cooke 12/2008





Corporate America had been cooking the books for many years.

The accounting debacle of 1999 was the first inkling that resources were insufficient to continue the current social order and guarantee workers the retirement they had been promised.

The transnational elite came up with a plane to solve the accounting problem by sweeping it under an asbestos rug.

They settled on taking out the World Trade Center buildings that housed the Securities and Exchange Commission offices that were investigating the fraudulent accounting practices.



How To Steal Millions From CalPERS?



September 1933 Townsend wrote a letter to the editor of the local newspaper (the Long Beach Press-Telegram) and launched his career as an old-age activist.

He proposes the Townsend Old Age Revolving Pension Plan.

"An aged physician in Long Beach, California, was looking out his window one day when he saw three old women rooting in a garbage can for food.

The vision set Dr. Francis E. Townsend's soul on fire.

Thus inspired, he sat down to invent a plan and came up with the Townsend Old Age Revolving Pension Plan.

The plan was simplicity itself. Every person reaching the age of 60 would receive $200 a month.

There were four conditions:

(1) that he or she retire;

(2) have no criminal record;

(3) have no income over the $2400 a year;

(4) spend the entire $200 each month.

A man and wife over 60 would get $400 a month.

There were 10,384,000 persons over 60.

But the doctor estimated that only about 8,000,000 would qualify.

This would cost the country $1,600,000,000 a month or about $19,000,000,000 a year.

The money would be provided by a transactions tax of 2 per cent on every commercial transaction.

This alluring promise lighted up the imaginations and appetites of the aged.

It spread like a prairie fire among the oldsters until millions were marching behind the good doctor as in a holy crusade." - John T. Flynn

The main argument against the Townsend Old Age Revolving Pension Plan was that the taxes would not be enough to pay for the high pensions, which would account for almost half the national income.

1935 In response to the continued popular growth of the Townsend Plan, Franklin D Roosevelt's proposed Social Security legislation included two titles designed to help the elderly, neither of them as generous as the Townsend Plan.

Social Security Act is passed in August.

1999 California spends $160 million on its retirees.

Bruce Malkenhorst, retired city manager, collects a $500,000 a year.

Joaquin Fuster gets $296,000.

James Stahl, Los Angeles County Sanitation District, receives $265,000.

2009 California spends $3.4 billion on retiree pensions.

"We have two classes of citizens: Government employees who can retire at younger and younger ages, and those who have to wait longer to retire so they can pay government employees." - Robert Somerville

"I spend a lot of time fighting this incredible goverment giveaway to what has become the new aristocracy - public employees." - Richard Rider






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