MY IRA
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.
How about a mandated employer match?
It’s a damn good site for info, and commentary is pretty free for all. Commentary and discourse there is not for the faint of heart though :-)
The comments on the thread give me hope. I hope he is not brazen enough to try this.
It’s a new savings bond that encourages folks to build a nest egg.
So why a new savings bond?
On the other hand, let him do this. Lets see if people continue to be stupid?
How would Obama know this? In his tax returns submitted in 2008, he had NO INVESTMENTS despite an income of $1 million/year.
When it comes to handling money or budgeting or planning for the future, the man was a complete idiot in 2008* .....and probably still is.
* ...and no, it is not because he gave away his own money. His tax returns "charitable giving" showed that he was significantly less generous than McCain, or Palin, or Romney, or Paul Ryan, though he still was FAR ahead of Joltin' Joe Biden, who gave away just over $300 in used clothes.
Americans should buy a clue about giving the government over their retirement fund: Social(ist) (In)security.
MY IRA
Love the user name, BTW.
“There will be no force needed in their quest to transfer vast amounts of private wealth to public wealth.”
I agree and will offer as proof that there was no force needed to confiscate the physical being of every American citizen. They simply passed a bill and magically they now control your body. Whatever they say goes. So, why would they need any force to steal anyone’s belongings....
Not preaching to the choir, but we have already seen how DC operates now. They pass a “law” with open ends for “regulations” and then “their guy” in the WhiteHouse can do whatever the hell he damned well pleases. What was obamacare as law, 2000+ pages? How many regulations now, 22000+ pages? The politicians have found their loophole.
Yeah, a market crash is their big problem with trying to steal the money in our retirement plans.
They will use a market correction as an example of how unsecure people’s investments are.
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