Most Americans KNOW something is horribly wrong. They’re just too lazy or “hypnotized” to do something about it. That’s why politicians (secretly) refer to them as sheep.


Jim Sinclair’s Commentary
Please read this and protect yourselves. Taxes are going one way, and that is up.
Americans Oppose Initiatives Limiting 401(k) Choices, ICI Says January 08, 2010, 10:33 AM EST By Jeff Plungis
Jan. 8 (Bloomberg) — U.S. investors oppose federal initiatives that would force them to give up control over their 401(k) accounts, the Investment Company Institute said.
Seven in 10 U.S. households object to the idea of the government requiring retirees to convert part of their savings into annuities guaranteeing a steady payment for life, according to an institute-funded report today.
“Households’ views on policy changes revealed a preference to preserve retirement account features and flexibility,” the institute, which represents the mutual-fund industry, said in the report.
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
The institute’s member companies manage $11.6 trillion of assets in mutual funds, including employer-sponsored 401(k) accounts. Some lawmakers have questioned the public-policy value of the tax benefits for people investing in retirement accounts, the ICI said in a report today.
More…



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