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.
It has already been proposed after the last market crash. Of course, it is only ‘for the security of the people’.
OH YA. Put it into a treasury note that has how much debt? That’ll work real well.
They’ll suck it into the big black hole and you wont see a GD penny.
So, either we can cut our budget to the level where we don't have to sell bonds, or we can just find another customer.
Welcome suckers!
First, it is voluntary for people with no other retirement savings. Then it becomes mandatory. Then 401ks get rolled into it. And then the levels of required investment keep increading, until finally Atlas shrugs. But it keeps the game going for a little longer.
Get your money out of the Matrix.
When this guy says something is “no risk,” better run for your life.
Everything Obama comes up with is risky to your financial well being.
“put into accounts of the poor”
Translating through the Stalinograph......
Processing....
“Spent on Moochelle’s lobster dinners and vacations”
Continuing debt funded QE was my first thought when he said this. Guess I’m not the only one who caught that.
lol
Right now it’s a person’s choice whether to invest in the bonds. Obama wants to make it mandatory.
Bet he renames them “Obama Bonds.”
Sort of a 007 twist - - - .
“Name’s Barry, - - - Barry Bonds.”
Who get it after you die? Your children? Or the government? I bet this is another government scam to steal your wealth.
..sorta like, “You can keep your money, and you can keep your savings”...he guarantee’s it
Just wait until you wake up one morning and find out your 401Ks were all converted to them.
The government of this country does not have a financial position to guarantee jack! They will seize that money when they please just like every other fund they have. Please do not buy the lies, you will end up broke.
Soon, all of our investment accounts will be MYRA’s by government dictate.
Step 1: Create the MyRA bond.
Step 2: Forcibly convert ALL IRAs and 401/403b to MyRAs by forcing them to sell all current holding and buy MyRAs with the resulting cash.
Obama will now do for retirement what Obamacare has done for healthcare.
This from CNN
Obama offers new ‘MyRA’ retirement accounts
http://money.cnn.com/2014/01/28/retirement/savings-retirement-myra/index.html
This is all about getting their hands on the 401Ks, nothing more, nothing less.
If you like your IRA, you can keep your IRA. With us.
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