Posted on 01/28/2014 8:12:10 PM PST by Rusty0604
Earlier today we hinted at what was coming in "Obama To Unveil Treasury IRAs." Well, here it is, and it even has a catchy name. Presenting: the MyRA, and since it offers "guaranteed return and no risk" we now know where all the Fed's bond trades will go to work once QE ends.
From the president:
Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks. That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in. And if this Congress wants to help, work with me to fix an upside-down tax code that gives big tax breaks to help the wealthy save, but does little to nothing for middle-class Americans. Offer every American access to an automatic IRA on the job, so they can save at work just like everyone in this chamber can...
And just like that, the "automatic" continuity to the Fed's Quantitative Easing is ensured.
One final point: in the aftermath of the demonstration that the market is run by absolute idiots, courtesy of TWTRQ and NEST, we fully expect that tomorrow Myriad Entertainment & Resorts, stock ticker MYRA, trading at a lofty price of $0.00, will soar tomorrow to, what else, Obama's target price of $10.10.
MYRA = your IRA is his IRA
What about the traditional US Savings Bonds?
.
“First, it is voluntary for people with no other retirement savings”
Wonder what the incentive plan for non-savers will be? Toasters? Blenders? Set of Super Bowl tumblers? No silly, it will be subsidized by people who have jobs.
It’s a TWERK!
Probably not. The man is not well-informed.
You got it.
More ComDem Lies and BS!
Bright side is that over time more and more of the low information voters have actually experienced enough of their lies to begin to understand what we are facing.
ComDems, like their ancestors the Open Coms, are totally incapable of building anything. NOTHING. Only thing they can do is Lie, Cheat, Steal, Confiscate, Subject and Destroy.
Like Margaret Thatcher said, the problem with Socialism is that eventually you run out of other people’s money. Gentlemen, we are there.
Obama: “I have a pen”
Yep, but the pen is out of ink.
If you like your IRA, you can keep it. Period.
Your IRA = MYRA.
They need the tax money now, silly, not later when you take the money out.
But it has that cute “My” in front of it, like MySpace and MyMcDonald’s. In true marketing fashion, they call it what it isn’t in the hope that you won’t notice.
Should be OwRA if they were honest.
Ahh - the IRS will hold the retirement money for individuals.
Perfect - sign me up!
(I truly pity any fool that voluntarily gives the government his money to save and invest for his retirement.)
And I have some really nice waterfront property in FL to sell you.
Really! Would I lie to you?
In all the time at FR, I've been accused of falling of the turnip truck exactly 3 times. In each case, I learned something new and valuable! So thank you, FRiend.
http://www.freerepublic.com/focus/news/3053046/posts
That entire thread was ahead of it's time...
The question begs....
Is this not a variant of what Rep Richard Neal proposed and the nose under the tent for the likes of a Teresa Ghilarducci type ( google her ) to eventually supplant the entire 401k, 457, 403b etc because it isn't fair or doesn't work ( in their words...)?
Think about this for a minute.
There is no doubt that the Fed and the treasury have a huge impact on the markets. With a few words from the fed chairman they can effectively crash the markets. They can accelerate easing or speed it up. They can lower or raise interest rates. They can propose new regulations. They can arrest executives. They can offer bail outs or refuse them.
What would you do if the president came out and said "we are allowing you to convert your 401Ks to safe MyRAs if you want to" and then started an intentional take down of the financial markets. What if the Dow was loosing 5% a week for a couple of months?
I can bet a lot of people would jump at the chance to convert out of 401Ks to MyRAs.
There will be no force needed in their quest to transfer vast amounts of private wealth to public wealth.
That’s how I see it happening.
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