Nationalizing Private Pensions

[tangomonster]

Okay, I admit it---I'm jealous of all of you who have pensions since my ER is entirely self-funded. But I'm not envious of Argentinians who are having their private pensions get nationalized by the government:

http://www.nytimes.com/2008/10/22/b...2argentina.html?_r=1&ref=business&oref=slogin

Scary times all over the world---I guess we really are in this together.

Think there is any chance of this happening here?

 

[crazy connie]

I doubt it Tango.

Argentina has been a financial mess for all of my life. When I first caught wind of this a few days ago I did some reading. The private plans have only been established since the early 90's. This is a weak country financially and with the wild world markets the weak countries (think emerging markets) are going to be getting battered. The expectation is once it stabalizes they will be the first to recover.

 

[tangomonster]

Yes, I guess you are right, Connie---they have been in a financial mess for a long time, unlike the US (it just feels like now it's been a long time-----several weeks of agony!).

 

[crazy connie]

Yup Tango, it has been a rough couple of months. I just am still glad that my portfolio has a lot of good names in it. Once the markets calm and settle a bit we can dig them out 1 at a time. At least that is my plan!

 

[Texarkandy]

Okay, I admit it---I'm jealous of all of you who have pensions since my ER is entirely self-funded. But I'm not envious of Argentinians who are having their private pensions get nationalized by the government:

http://www.nytimes.com/2008/10/22/b...2argentina.html?_r=1&ref=business&oref=slogin

Scary times all over the world---I guess we really are in this together.

Think there is any chance of this happening here?

Well, seems a lots of folks think National Health Care would be a good idea? - so, why not a National Pension System, too? - the govt already knows exactly what we have in our 401k's earmarked as retirement monies, cause we tell them at tax time every year - so let's just socialize those monies for starters & just sorta "spread the wealth around", ya know.

All things are possible with "The One"

(anyone know if Argentina has a nationalized oil company?)

 

[Bikerdude]

I doubt it Tango.

Argentina has been a financial mess for all of my life. When I first caught wind of this a few days ago I did some reading. The private plans have only been established since the early 90's. This is a weak country financially and with the wild world markets the weak countries (think emerging markets) are going to be getting battered. The expectation is once it stabalizes they will be the first to recover.

As bad as Capitalism has been lately it still beats the alternatives IMHO.

 

[nun]

Well, seems a lots of folks think National Health Care would be a good idea? - so, why not a National Pension System, too? -

I thought we had a national pension scheme, it's called Social Security.

Having lived in both the US and the UK I far prefer the UK's approach to healthcare. It's cheaper, covers everyone, and the UK has better infant mortality and longevity than the US. Having healthcare tied to employment is a significant drag on US industry and it's competitiveness.

 

[OAG]

Well, seems a lots of folks think National Health Care would be a good idea? - so, why not a National Pension System, too? - the govt already knows exactly what we have in our 401k's earmarked as retirement monies, cause we tell them at tax time every year - so let's just socialize those monies for starters & just sorta "spread the wealth around", ya know.

All things are possible with "The One"

(anyone know if Argentina has a nationalized oil company?)

We import most everything else from China - why not the political system? It would save money with everyone going to the Government Mao-Mart, standing in line all day, for the daily food ration.

 

[Texarkandy]

Looky - another thread on the same subject

http://www.early-retirement.org/for...401ks-being-considered-by-congress-40013.html