The Koch Wall Street Crusade To Rob Pensions Is Underway

[babylonsister]

http://www.politicususa.com/2014/12/12/koch-wall-street-crusade-rob-pensions-underway.html

The Koch Wall Street Crusade To Rob Pensions Is Underway
By: Rmuse more from Rmuse
Friday, December, 12th, 2014, 11:15 am


If anyone in America was unsure what unmitigated greed entails, or to what extent the Koch brothers and Wall Street will go to enrich themselves at the expense of others, two events this week should clarify how they have transcended the normal definition of greed. This abnormal greed goes far beyond a dangerous lust to possess wealth; it derives from a philosophical bent that no-one in America except the wealthy elite should have anything. Now that the Kochs and Wall Street have successfully acquired many state legislatures and the United States Congress, the national campaign they launched last year to impoverish the entire population is nearing fruition as they are a step closer to eliminating public and private sector pensions to enrich the wealthy.

snip//

The CRomnibus is supposed to be about annual appropriations for government agencies, not gutting campaign finance laws or allowing Wall Street to unilaterally cut private employee’s pensions; Wall Street already decimated the private pension accounts in the 2008 financial collapse, but apparently it was not enough to satiate their greed. So the House inserted an esoteric ‘rider’ in the bill meant to fund the government along with one to abolish campaign reform law and deregulate Wall Street for the next financial collapse. The “gut private pensions” initiative will not create one job, will not grow the economy, or reduce the nation’s debt and deficit. It is a giant bailout gift to Wall Street for sending the nation’s economy over the cliff in 2008 and authority to rob retirees’ pension accounts. The rider’s language gives Wall Street unlimited and unilateral power to cut retirement benefits to millions of current retirees whose pension accounts are tied up in the same private plans Wall Street nearly wiped out just six years ago.

Experts say if the initiative is enacted, it would be the most consequential change to retirement policy in the United States since the landmark pension legislation passed 40 years ago. Wall Street and the Koch brothers have had their sights set on abolishing the 1974 Employee Retirement Income Security Act (ERISA) with the same intent as seizing control of the Social Security Trust Fund. The goal is empowering the rich to cut retirees’ formerly guaranteed benefits to extinction, and this CRomnibus abomination will enable them to see the Kochs’ “commitment reforming (robbing) public employee pensions” to fruition earlier than they expected. The 40-year old ERISA was enacted to protect the lifelong pension investments of millions of retirees the Koch-Wall Street criminals insist belongs to them. Republicans agree with the Kochs and Wall Street that retired people cannot have their retirement savings because it belongs to the rich.

This idea that Americans’ pensions belong to the rich was best elucidated by Goldman Sachs CEO Lloyd Blankfien in 2012 when he said that people expecting their Social Security “are not going to get it.” He said regardless what people think, their lifelong investments are something that “we can’t afford.” Those retirement accounts, whether invested in Social Security or private retirement plans do not belong to “we” (the rich), they belong to the people who paid into them throughout their working lives. However, according to Blankfein who speaks for the Koch brothers, “things have to change” because “we can’t afford them;” whether it is Social Security or private retirement accounts. Accounts Republicans intend giving Wall Street the power to cut because Wall Street “can’t afford them” either.

What Brownback is doing in Kansas, cutting employee pensions to pay for tax cuts for the rich is tantamount to Congress giving Wall Street power to cut pensions to satisfy their greed. Those pension accounts belong to the people who paid into them; not Wall Street or Kansas millionaires and billionaires like the Koch brothers. Republicans have dutifully served the Kochs by decimating the middle class and sending more of them into poverty to enrich the wealthy over the past 20 years, and now they are pursuing what was at one time an untapped and federally protected resource; retired Americans’ pensions they saved and paid into over their working lives.

This is the class war billionaire Warren Buffet admitted his class was winning, and if any American doubted that the Kochs or Wall Street would stop at robbing retired people’s incomes to satisfy their absolute greed, they are fools. Obviously, America is flush with fools because besides giving the Koch brothers and Wall Street the United States Congress, they gave them authority to steal their pensions and condemn them to poverty in their old age.

[antigop]

1. it's not just the Republicans -- the Dems are complicit. nt

[blkmusclmachine]

8. +1. The DEMS <<ARE>> in on it. You take over both Parties, and you magically get your way.

[Odin2005]

13. The Dems are more owned by Wall Street than even the GOP.

The GOP is more into sucking up to the extractive industries like mining, oil, logging, farming, ranching, etc.

[Rex]

36. The GOP is owned by China via the U.S. Chamber of Commerce.

They LOVE communist China!

[woo me with science]

19. ^^^^^^This is the correct answer.^^^^^

It's united, bipartisan, criminal, corporate oligarchy, not gridlocked democracy.



We *are* a nation of captives. We have no impact on our government anymore:

Princeton Study: The US is an oligarchy, not a democracy
Citizens have no power or influence in policy anymore, despite "elections."
http://www.democraticunderground.com/10024819356

A society of captives
http://www.democraticunderground.com/10025927255

Democracy is an illusion. We are ruled by a corrupt, looting, torturing corporate cabal.

And like all governments that turn authoritarian, they have put in place a propaganda machine that is relentlessly pretending that we are still operating within the old system, democracy.

[hifiguy]

29. The Dems have been complicit in

Greasing the skids for the New Feudal Fascism for at least twenty years.

[MissDeeds]

33. Yes they are

Those who don't fight Republicans on this are complicit.

[antigop]

2. it's all bullshit -- they can bail out the banks but they can't bail out retiree pensions? nt

[hifiguy]

30. Every dime belongs to the tenth-percenters

With a bit of it going to pay their necessary facilitators/servants. Just ask them.

[fredamae]

3. Yes, only what we are just Now

becoming aware of has been a movement for 40 years.....it's just nearing the end for us and "they" can see a Bright and Shining light at the end of the tunnel - thanks to a few of their "democratic friends" along the way and especially just the past few years....

[deutsey]

4. +1

[Scuba]

5. Pitchforks and torches.

[blkmusclmachine]

9. Obama's 30,000 drones will be watching you.

[Nye Bevan]

14. I'm kind of partial to the ballot box myself.

I guess the reason that you are advocating for violence is that not enough of the electorate have voted the way you want? I assume that if the US had elected a Congress full of Elizabeth Warren types you would be urging that the will of the electorate be respected and denouncing those who would advocate violence to thwart the voters' wishes.

[olegramps]

24. If our forefathers were in agreement with you, we would still be bowing to the King of England.

[Nye Bevan]

37. Yes. I mean, they had the ability to vote King George out of office.

I'm baffled that they felt the need to resort to violence.

[staggerleem]

25. Well, then, I guess you might find some solace ...

... in the fact that the "pension reform" (aka THEFT!) will initially be implemented in in those states where it will be easiest to do. The politicsusa article that the OP quoted from also had this to say:

"The State Policy Network (SPN), a Koch-funded sister organization of ALEC, boasts itself as a group of “free-market think tanks” that would initially target six different states to eliminate public sector pensions; Kansas was one of those states."

The other 5 states are not named, but you can rely on two things about them:

1) They will be the poor, Southern, DEEP-RED states, where the public can LEAST afford it, and

2) After their pensions are "reformed" away, the fools will STILL VOTE REPUBLICAN!!

So, my point is that the first group of people this happens to will, essentially, have done it to THEMSELVES, by their actions at the ballot box. Also that I sincerely doubt they will be able to draw the straight, direct, unbroken line from their votes to their impoverishment. Those who REFUSE to learn from history ...

The truly sad thing here, which often goes unmentioned in discussions about pensions, is that most people who have pensions are NOT eligible for Social Security benefits. Because they made contributions to pension plans, they were exempted from FICA deductions, i. e., they paid into their pensions INSTEAD of paying into Social Security.

[fasttense]

45. Yes, and in ancient Rome and Soviet Russia they could vote too. n/t

[SamKnause]

6. SHUT IT DOWN !!!!!!!!!!!!

Call your Senators.

I did.

[Wellstone ruled]

7. Been screaming about this trend for years.

Many of us will see our monthly Teamster Pension Payouts cut by 10% to as much as 60% depending on which Industry you retired from. Try this,$3600.00 to $1200.00 per month with thirty years of service. And you tell me this isn't going to kill local economies. We are one of the lucky ones,our payouts are okay cause we are older than dirt. Thousands of guys and gals took early outs due to health reasons and have as much as fifteen years to qualify for Social Security. This is the most egregious piece of legalized theft to hid the worker class ever.

[blkmusclmachine]

10. DC is a racket.

And both Parties are bought off.

[antigop]

11. yep. nt

[Odin2005]

12. Wall Street is a machine that the 1% uses to steal the savings of the 99%.

It's a casino and the Banksters are the house.

[Initech]

18. Only difference between Wall St and a casino...

In a casino, the odds are stacked against you. In Wall St, the odds are stacked against you, but you're not invited to join the table.

[hifiguy]

21. Yep. They steal every dime with which they gamble, keep their ill-gotten gains

and leave the sheeple - and the rest of us - to cover their losses. Guillotines are overdue.

[Initech]

23. I hear that.

George Carlin was right - it's a big club and we're not in it. Time for us to dismantle the big club.

[hifiguy]

34. Socialism for the rich,

serfdom for everyone else.

[Skittles]

15. they know they will have general approval of this too

they know they can count on the support of people already robbed of their pensions

[Initech]

16. The Koch Bros should be spending the rest of their worthless lives behind bars.

Satan has a special place waiting for them in hell. Fuck them. Greedy pieces of shit.

[olegramps]

26. I think it is delusional to think that their just reward in hell awaits them.

We should make their lives hell on earth. The working class is entitled to take back what has been systematically stolen from them by what ever means is necessary.

[Initech]

28. Easier said than done.

The billionaires own the police and the military, they can turn them on us any time they feel like it. I would like to hope that we have a chance to reclaim what is rightfully ours but I'm growing more pessimistic by the day.

[hifiguy]

32. I have my doubts that the military

would turn on the people. So do TPTB. Which is why the kkkops have been militarized into Super Gestapos. They will happily massacre the people.

[olegramps]

35. If the cops turned on the people they could be the ones eliminated.

The sheer number of people who would rise up in a general revolt would overwhelm any police department. In fact they may be very conducive to joining in the revolt with they pensions being cut along with municipal employees. I don't know if it would ever happen and I probably will not live long enough to see it. However, the tipping point may not be that far off if the oligarchy continues its impoverishment of the working class.

[Initech]

41. They'd declare nation wide martial law if they knew there was the slightest hint of an uprising.

[olegramps]

46. How effective would that be in view of the fact that many of the military are in the same boat.

About 26 % of the enlisted military are minority men and additional 14% are females. About 28% of the latter are minorities. The most economically disadvantaged are minorities. I don't believe that in a general uprising that the military would firstly even fire on fellow citizens and if they did it could result in warfare within the services.

[appalachiablue]

40. They also own the Media. (Except the interwebs). It's only going to get worse for us, we'll

have less resources & power as time passes not more. So we will be victims again?
And after fool me once, shame on you; fool me twice, self hate

How did the organizers of the 1963 March for Jobs & Justice on WDC get organized & funded?
That was a longtime effort I think. The Porters, workers, black press, churches, college students.
Some groups on the left exist already, Move to Amend, Code Pink, OWS-

[hifiguy]

31. Impalement would be too merciful

an end for the Kochs. Far too merciful.

[Initech]

42. Agreed!!!!

I'd like to see them subjected some of the BFEE's favorite torture techniques but that's being optimistic.

[Dustlawyer]

17. And we are not really DOING ANYTHING ABOUT IT!

We should be fighting to stop their ability to buy our elected officials, instead we are fighting the symptoms and blaming the ignorant and the brainwashed!

We need an OWS type movement that consolidates the various groups fighting for those rights nearest their hearts, such as women's rights, public education, climate change, gun control, LGBTV, health care, unions... If we could somehow join all of these forces and demand the end to campaign contributions we could institute Publicly Funded Elections. This would be like a knife through their collective hearts! Then all of these groups would find that accomplishing their goal just became much easier. After busting up the banking and media oligopolies we could begin to undo decades of brainwashing by the MSM.

[appalachiablue]

38. Agree with you, others that we must organize all groups & start DOING to stop 35 years of extremism.

Divided, distracted & apathetic & we're done. The Home Page Video today, 'Chile's Neoliberalism' on recent rollback attempts is significant for what we have to prevent happening here. Writer Robt. Hunziker discusses deterioration in Chile since neoliberal takeover & privatization in 1973 after earlier advances & reforms. They had a health care system in the 1950s. Chilean student activism's now advancing for several years due to increasing private university debt levels.

In 40 years there it's loss of unions & pensions, good jobs, public education; small local business operations & industries consolidated by a few giant family run conglomerates; much of the economy serving China; small powerful ruling oligarchy elite; very large poor underclass; privatized for profit universities run by Wall Street.

He says Chile's workers are paid so little after room & board they're effectively slaves, a Plantation Society with a few ruling families, very similar to the US in the 1800s with the slave economy-I'd include American industrial workers of the 1800s with no worker rights. Chile is the neoliberal model complete.

I saw some of SA when young in late 1972 including Chile before Pinochet's takeover. Beautiful land & sites, grand European style cities, but a lot of rural & urban poor living in shanties & little middle class. It can happen here if we don't all work together. We must become organized & united. OWS was tremendous, but lacked a clear agenda according to some. Non-violent protest then action, it's long overdue. I'd like to see a People's Congress here, similar to the UK Student Congress started in 2000 for millennials of the future.

[NewDeal_Dem]

43. +100

[hifiguy]

20. George Carlin warned us all about this nearly ten years ago.

They are coming for every last dime the middle-class has. Social Security will be next.

Full steam ahead for feudal economics with the aristocracy secured by a high-tech fascist police/propaganda state.

[sammy750]

22. This is what the American people voted for. Let the Koch brothers control this nation.

The elected the Republicans who are becoming multi millionaires at their expense. Bank accounts growing by the millions annually from the funds of the Koch brothers.
So America kiss up to the Republican party who is destroying you and the nation.
I was surprised that Brownback got re elected, but I guess the conservatives enjoy the torture they will suffer under him.
Are the American voters gone stupid? More surprising was that Pres. Obama supported the funding bill, he has turned traitor on the USA. Helping the GOP to take full control of the American people.

Voters, you have no voice other then to elect those that are your death panel.

[olegramps]

27. Yes, we can. And to think I believed that bullshit.

[RiverLover]

44. +1

[KrazyinKS]

39. Brownback is also raiding the highway fund.

the books aren't balancing so he is raiding KPERs (Kansas Public Employee Retirement)and the highway fund. Where my husband works , they are very dependent on highways being built because they sell some of the raw material needed. So who do these guys vote for? Brownback of course. I mean they don't even know who is buttering their bread. God, I give up-I mean I quit. I just quit. This is past stupid, maybe to be a Republican there has to be some sort of mandatory lobotomy or something.