Surprised? I'm not at. This is exactly what I full expected to happen, and of course this why Wall Street can't wait to get their greedy hands on Social Security.
Geithner, who has already suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers. The measure won’t have an impact on retirees because the Treasury is legally required to reimburse the program.
Oh, the Treasury is 'legally required to reimburse the program. I guess that means the same thing that our own government still has an outstanding IOU to the Social Security Fund of 2.5 Trillion dollars, they still haven't 'legally paid back.'
The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With that limit reached Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.
http://www.washingtonpost.com/...
So by all means, let the raping and pillaging continue, because if you actually believe that Timmy Geithner is going to reimburse these funds, then good luck to you. I'll believe that when the Social Security Funds have been fully restored.
Of course the same thing is happening in Ireland now. Their pension funds are being stolen right under their noses.
It's official: the US credit card has officially been maxed out, just as we predicted on Wednesday, and througout Q1 and Q2. The United States is expected to reach the legal limit on its debt later on Monday and will start dipping into federal retirement funds to give the country more room to borrow, a Treasury official said. As Reuters reports further, The U.S. Treasury will settle $72 billion in maturing bonds on Monday, which will push the country right up against its $14.294 trillion borrowing cap, the official said. To all those who thought only the insolvent government of Ireland will plunder pension funds, our condolences.
Today, the United States has reached the statutory debt limit. Secretary Geithner sent the following letter to Congress this morning alerting them to actions that have be taken to create additional headroom under the debt limit so that Treasury can continue funding obligations made by Congresses past and present. The Secretary declared a "debt issuance suspension period" for the Civil Service Retirement and Disability Fund, permitting Treasury to redeem a portion of existing Treasury securities held by that fund as investments and suspend issuance of new Treasury securities to that fund as investments. He also suspended the daily reinvestment of Treasury securities held as investments by the Government Securities Investment Fund of the Federal Employees’ Retirement System Thrift Savings Plan. For more information on these measures, please read this FAQ.
http://www.zerohedge.com/...
What? You thought all the taxpayer funded bailouts had ended? They've never ended, and if I were a government employee close enough to retirement, I would immediately take our every single penny that I could get our of that retirement fund quicker than a New York skinny minute.
Of course we would not be where we are today if those on Wall St./the Banks had not been allowed to hold a virtual gun to our heads in the first place to begin the continued embezzlement and extortion that has completely destroyed out country and it's economic future.
When you allow a bank robber to keep getting away with robbing, guess what? They will.
Have no fear: 'Timmy's gonna pay it all back.' What a fucking joke.
Thanks as always,
Ms. B.