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cal04

(41,505 posts)
Sat Feb 28, 2015, 08:55 AM Feb 2015

Weekly Address: Ensuring Hardworking Americans Retire with Dignity

Source: White House

In this week’s address, the President reiterated his commitment to middle-class economics, and to ensuring that all hardworking Americans get the secure and dignified retirement they deserve.

While most financial advisers prioritize their clients’ futures, there are some who direct their clients towards bad investments in return for back-door payments and hidden fees. That’s why, earlier this week, the President announced that he is calling on the Department of Labor to update rules to protect families from conflicts of interest by requiring financial advisers to put their clients’ best interest before their own profits.

The President emphasized his promise to keep fighting for this policy and for others that benefit millions of working and middle-class Americans.



Read more: http://www.whitehouse.gov/blog/2015/02/28/weekly-address-ensuring-hardworking-americans-retire-dignity



http://www.whitehouse.gov/the-press-office/2015/02/28/weekly-address-ensuring-hardworking-americans-retire-dignity
(snip)
Six years after the crisis that shook a lot of people’s faith in a secure retirement, our economy is steadily growing. Last year was the best year for job growth since the 1990s. All told, over the past five years, the private sector has added nearly 12 million new jobs. And since I took office, the stock market has more than doubled, replenishing the 401(k)s of millions of families.

But while we’ve come a long way, we’ve got more work to do to make sure that our recovery reaches more Americans, not just those at the top. That’s what middle-class economics is all about—the idea that this country does best when everyone gets their fair shot, everybody does their fair share, and everyone plays by the same set of rules.

That last part—making sure everyone plays by the same set of rules—is why we passed historic Wall Street Reform and a Credit Card Bill of Rights. It’s why we created a new consumer watchdog agency. And it’s why we’re taking new action to protect hardworking families’ retirement security. If you’re working hard and putting away money, you should have the peace of mind that the financial advice you’re getting is sound and that your investments are protected.

But right now, there are no rules of the road. Many financial advisers put their clients’ interest first – but some financial advisers get backdoor payments and hidden fees in exchange for steering people into bad investments. All told, bad advice that results from these conflicts of interest costs middle-class and working families about $17 billion every year.

This week, I called on the Department of Labor to change that – to update the rules and require that retirement advisers put the best interests of their clients above their own financial interests. Middle-class families cannot afford to lose their hard earned savings after a lifetime of work. They deserve to be treated with fairness and respect. And that’s what this rule would do.

While many financial advisers support these basic safeguards to prevent abuse, I know some special interests will fight this with everything they’ve got. But while we welcome different perspectives and ideas on how to move forward, what I won’t accept is the notion that there’s nothing we can do to make sure that hard-working, responsible Americans who scrimp and save can retire with security and dignity.

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Weekly Address: Ensuring Hardworking Americans Retire with Dignity (Original Post) cal04 Feb 2015 OP
Thanks for posting! BumRushDaShow Feb 2015 #1
Am I the only one that is getting sick of seeing the adjective "hardworking" becoming A Simple Game Feb 2015 #2
Trust me no one really cares for the disabled because they arent a large voting bloc cstanleytech Feb 2015 #3
I can remember when one of the parties did care. n/t A Simple Game Feb 2015 #9
+100000 Corporate propaganda. woo me with science Feb 2015 #14
Now that may be the best response to a post I have ever had, thanks. n/t A Simple Game Feb 2015 #23
We ALL need to listen more to the words of Obama and men like him and less to the carnival barkers. Fred Sanders Feb 2015 #4
Let's be clear then .... earthside Feb 2015 #5
Yes ... 1StrongBlackMan Feb 2015 #7
When has President Obama ever advocated "breaking up the banks"? candelista Feb 2015 #11
See: Dodd Frank Wall Street Reform Act. n/t 1StrongBlackMan Feb 2015 #13
WRONG. candelista Feb 2015 #17
Nobel Laurate winner, Paul Krugman, disagrees with you ... 1StrongBlackMan Feb 2015 #18
Krugman thinks big banks are "too big to fail." candelista Feb 2015 #20
Oh I agree the benefits need an increase because for some its thousands of cstanleytech Feb 2015 #24
I totally agree with him but isn't it sad that politically we cannot say "all Americans" instead of jwirr Feb 2015 #6
"And that's why America needs the Trans-Pacific Partnership more than ever" MannyGoldstein Feb 2015 #8
I always have an interest in making sure security and dignity is bestowed upon all Americans. midnight Feb 2015 #10
The comments in this thread on Obama's use of "hardworking" are surprisingly insightful. candelista Feb 2015 #12
Pretty words, entirely inconsistent with an agenda of TPP, TISA, austerity, & corporate government. woo me with science Feb 2015 #15
It is time for Odin to descend from Valgaard, and magically transform the Earthly Empire to instant perfection! Fred Sanders Feb 2015 #16
He doesn't have a MAGIC WAND!!!!11!1!1 woo me with science Feb 2015 #19
Hoping to squeeze more out of hard working Americans, Obama proposes more jobs to Asia whereisjustice Feb 2015 #21
something about this phrase "retire with dignity"... is totally creepy whereisjustice Feb 2015 #22

BumRushDaShow

(129,642 posts)
1. Thanks for posting!
Sat Feb 28, 2015, 09:40 AM
Feb 2015


Listened this morning. Am hoping more of these types of loopholes can get closed. I would hope the CFPB can kick it up some notches too...

A Simple Game

(9,214 posts)
2. Am I the only one that is getting sick of seeing the adjective "hardworking" becoming
Sat Feb 28, 2015, 09:45 AM
Feb 2015

a necessity for the word Americans? What about the people that don't have physically hard jobs, mentally hard jobs, dangerous jobs? What about the disabled, mentally and physically? Are they all less deserving?

And don't get me started on the use of "homeland" sounding as if we are a bunch of Nazis!

cstanleytech

(26,332 posts)
3. Trust me no one really cares for the disabled because they arent a large voting bloc
Sat Feb 28, 2015, 10:40 AM
Feb 2015

because if they did care SSI would pay more than below poverty level.

woo me with science

(32,139 posts)
14. +100000 Corporate propaganda.
Sat Feb 28, 2015, 12:20 PM
Feb 2015

Our identity is to be "hardworking," to be rats in the corporate wheel. Our entire existence is to be centered around making profit for the One Percent.

You are absolutely right. We are human beings with a short time on this earth. We deserve to create governments that serve us, not the other way around, and that are created with the intention of helping us maximize our short time on this earth...our connections with the earth, with each other, with family and friends. To make the most of our very short lives.

We are not born "workers." We are born human beings, and each one of us is priceless.

It's despicable propaganda, and we should reject it.

Fred Sanders

(23,946 posts)
4. We ALL need to listen more to the words of Obama and men like him and less to the carnival barkers.
Sat Feb 28, 2015, 10:45 AM
Feb 2015

Of course a carnival in town is always entertaining, but what if it stops in town and never leaves?

No longer amusing at all.

earthside

(6,960 posts)
5. Let's be clear then ....
Sat Feb 28, 2015, 10:51 AM
Feb 2015

... no cuts to Social Security. Indeed, the time has come to start talking about increasing the benefits.

Of course, breaking up the banks and letting average Americans participate in our economy would help, too.

Was that part of the message?

 

1StrongBlackMan

(31,849 posts)
7. Yes ...
Sat Feb 28, 2015, 10:58 AM
Feb 2015
Of course, breaking up the banks and letting average Americans participate in our economy would help, too.

Was that part of the message?


That is, and has been, a part of the overall message ... this, pension security, is merely a micro-message.
 

candelista

(1,986 posts)
17. WRONG.
Sat Feb 28, 2015, 12:54 PM
Feb 2015

That act did not advocate "breaking up the banks." It made some meek reforms in regulation, and provided a BIGGER CUSHION for the big banks. It provided for:

1.The consolidation of regulatory agencies, elimination of the national thrift charter, and new oversight council to evaluate systemic risk;
2.Comprehensive regulation of financial markets, including increased transparency of derivatives (bringing them onto exchanges);
3.Consumer protection reforms including a new consumer protection agency and uniform standards for "plain vanilla" products as well as strengthened investor protection;
4.Tools for financial crises, including a "resolution regime" complementing the existing Federal Deposit Insurance Corporation (FDIC) authority to allow for orderly winding down of bankrupt firms, and including a proposal that the Federal Reserve (the "Fed&quot receive authorization from the Treasury for extensions of credit in "unusual or exigent circumstances";
5.Various measures aimed at increasing international standards and cooperation including proposals related to improved accounting and tightened regulation of credit rating agencies.


http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act
 

candelista

(1,986 posts)
20. Krugman thinks big banks are "too big to fail."
Sat Feb 28, 2015, 01:29 PM
Feb 2015

"Here’s how I see it. Breaking up big banks wouldn’t really solve our problems, because it’s perfectly possible to have a financial crisis that mainly takes the form of a run on smaller institutions. In fact, that’s precisely what happened in the 1930s, when most of the banks that collapsed were relatively small — small enough that the Federal Reserve believed that it was O.K. to let them fail. As it turned out, the Fed was dead wrong: the wave of small-bank failures was a catastrophe for the wider economy."

---Paul Krugman, April 1, 2010, "Financial Reform 101."

http://www.nytimes.com/2010/04/02/opinion/02krugman.html?_r=0

There are many other places where he makes the same point.

cstanleytech

(26,332 posts)
24. Oh I agree the benefits need an increase because for some its thousands of
Sat Feb 28, 2015, 05:18 PM
Feb 2015

dollars below what the official federal poverty level is.

jwirr

(39,215 posts)
6. I totally agree with him but isn't it sad that politically we cannot say "all Americans" instead of
Sat Feb 28, 2015, 10:54 AM
Feb 2015

"hardworking Americans". The Rs have so tarnished the idea that we take care of the needy that we cannot ever suggest that there are people who need to be cared for even if they did not work.

I am thinking in terms of all the developmentally disabled clients I have had over the years who could not hold a job outside of a sheltered workshop. And before you ask - my daughter needs hands on one-to-one in order to accomplish anything even in the sheltered workshop. She is now "retired".

 

MannyGoldstein

(34,589 posts)
8. "And that's why America needs the Trans-Pacific Partnership more than ever"
Sat Feb 28, 2015, 11:17 AM
Feb 2015

"Just don't ask me what's in it, you wouldn't understand all the big words, so it's a secret. That's why we have a rich Wall Street banker negotiating it, who Elizabeth Warren voted against, because we need Jamie's and Lloyd's the American People's best and brightest on the job."

midnight

(26,624 posts)
10. I always have an interest in making sure security and dignity is bestowed upon all Americans.
Sat Feb 28, 2015, 12:03 PM
Feb 2015

I hope that the 29,secret, chapters of TTP that is being fast tracked will share this security and dignity too.

 

candelista

(1,986 posts)
12. The comments in this thread on Obama's use of "hardworking" are surprisingly insightful.
Sat Feb 28, 2015, 12:08 PM
Feb 2015

What's got into ya?

woo me with science

(32,139 posts)
15. Pretty words, entirely inconsistent with an agenda of TPP, TISA, austerity, & corporate government.
Sat Feb 28, 2015, 12:23 PM
Feb 2015

Entirely inconsistent with the development of a police state including mass spying and militarized police to keep people passive in corporate-dominated, exploitative communities like Ferguson.

Entirely inconsistent with stuffing your cabinet with corporatists, and pushing more drilling, fracking, and corporate education.

Entirely inconsistent with Hillary as a 2016 Democratic Party poster candidate.

Words versus actions. Watch what they do, not what they say.

It's time for a Bernie Sanders. It's time to end the corporate coup.

Fred Sanders

(23,946 posts)
16. It is time for Odin to descend from Valgaard, and magically transform the Earthly Empire to instant perfection!
Sat Feb 28, 2015, 12:47 PM
Feb 2015

woo me with science

(32,139 posts)
19. He doesn't have a MAGIC WAND!!!!11!1!1
Sat Feb 28, 2015, 01:25 PM
Feb 2015


Do you have an actual argument about his support for TPP and all these other malignant policies, or are you just going to continue lamely pretending that he secretly, really and truly, opposes the corporate policy agenda he has been aggressively and proactively shoving down our throats?

whereisjustice

(2,941 posts)
22. something about this phrase "retire with dignity"... is totally creepy
Sat Feb 28, 2015, 02:45 PM
Feb 2015

sounds like the language used to describe a more humane way to treat animals sent to slaughter house.

How about we retire with the wealth and income that we earned by being paid good benefits and wages?

Oh wait, TPP.

Damn.

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