Proposal to prop up banks with pension funds (companies, tax, money)

[HappyTexan]

This is the second time pension takeover has been in the news.
The first time was from that economist that talked to Congress and said the American people wanted the government to take over their 401K' and manage them for us.

Now there's a proposal to use public pension funds to shore up banks.

The New York Times > Log In

snippet:
"Financial institutions in the United States probably need hundreds of billions of dollars in additional assistance, and one congressman wants to harness state and local pension funds to help them.
..
Mr. Ackerman, a member of the House Financial Services Committee, has been circulating a draft bill and assessing support. The bank investment program would be available only to public pension funds, not pension funds sponsored by companies. The corporate plans are covered by federal funding rules and as a result tend to be stronger."

So our tax dollars are not good enough..now they want our pension money. Nothing is safe anymore..nothing.

[texdav]

Its just like the government taking them over;a terrible idea.No one wants the banks handling this especailly with the congresses terrible oversite record. They could do oversite on fannie mae and mac alone.I would be worried if I had a federal pension tho as its a money grab.The states have control of thier pensions so their safe.

[KevK]

What we need to do is take over and nationalize the banks.