Thursday, October 23, 2008

Argentina Nationalizes Pensions

Argentina's pension takeover plan scares global markets
By Fiona Ortiz
BUENOS AIRES (Reuters) - Argentina's surprise plan to
nationalize its private pension system caused chaos in local markets and spread
gloom to other emerging markets on Wednesday as investors read it as a desperate
government move to stave off default...

My husband is retired military. We've discussed the future on many occasions but have felt fairly secure given the decisions he's made regarding the future. We've felt somewhat "safe" in this volatile market knowing at a minimum we had his pension.

The news this morning that Argentina was planning to grab $30 billion in pension funds sent chills down my spine. When times get tough, our governments "use" the situation to justify actions and the people are helpless to stop it in most cases.

I don't think at this point that our pensions are truly at risk, at least those of the military and of companies who've made wise decisions and funded those plans. However, it's not an impossible scenario, and it's not one I'd have ever considered until now when we're going through this economic crisis.

I am concerned about what will happen if Barack Obama is elected. We will have a majority Democratic House and Senate, a Democrat in the White House who has already told us what his criteria is for Supreme Court picks. It's not only the Supreme Court that is affected by this clean sweep at the top of our government, it's the lesser courts also.

While I consider myself a conservative and will be voting for McCain-Palin, I will admit I would be just as concerned if we were getting ready to put in a Republican President with a full Republican House and Senate.

Our country is one that works because of the checks and balances we set in place many long years ago. Having one Party in complete control is a recipe for disaster.

If you think what is happening in the third world countries and elsewhere around the world can't happen here in our wonderful country, think again. It's a slippery slope and many are making their choice for President based on the sense of false security that our country will remain a free democracy. Many are basing their vote on who is going to give them the most.

Your vote is a very precious gift and I hope that things like race, rhetoric and the current temporary economic situation doesn't cause you to punch a button that leads our country in the wrong direction.

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