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.
Tyler Durden is the screen name used by the bloggers on Zerohedge. They use Brad’s picture too!
The concept of “no risk” is an illusion. Yields will be low and not keep up with inflation, so the real risk is loss of purchasing power.
“A guaranteed rate of return?
Such as what?
Current interest returns are as small as 0.01%. I happen to have an older annuity that is currently returning 4.75% — which is massive in the current low interest period. About 15 years ago, 8% was considered a low-moderate saving rate.”
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
“Past performance is no guarantee of future results.”
Wait, what?
They use a lot of fight club idioms on the site. Their slogan is from the movie too, "On a long enough time line, the survival rate for everyone drops to zero."
All the bloggers use the same handle? Doesn’t that get confusing? Or is that the point, Fight Club and all?
“The White House said the MyRA would be offered through Roth IRA accounts and that any saver with wages could set one up.
Roth IRAs allow users to put after-tax income into a savings account, where it grows tax free.”
So taking advantage of tax deferment isn’t even allowed?
Exactly.
It plainly says what it is all right: רע.
Myra Hayes, Myra Hayes. Call her drunken Myra Hayes, she won’t answer anymore...
I don’t invest in lies, Barry.
You can stuff it up YrASS.
Within just the last year the government had to borrow money from the federal employees retirement plan (TSP) to meet expenses. I don’t know if it has ever paid back the money it “borrowed” from the G Fund which invests exclusively in nonmarketable short-term U.S. Treasuries. How ironic is that?
This is a Ponzi scheme as well. The government has no money. This sauna takes people’s retirement savings in exchange for paper.
I was right!
They all look like Brad Pitt. (lol) Usually pretty good financial/economic information. They occasionally cover other news. Rush quotes them sometimes.
If you like your retirement you can keep your retirement. lol
See my post #53.
-PJ
Lets see - a low balance account investing in low risk bonds with low yield.
who is going to process these accounts and do the statements and such? There is no money in it for anyone.
Yes - Alex I’ll take 10 million low balance accounts with no yield that cost 20$ a year each to process and record-keep. (In order to make enough interest just to pay the processing cost the average account would have to $400 at 5% interest - the investor then would get zero return after fees.)
This is such a loser, I cannot even begin to describe it.
(They might as well just increase the social security tax. It would be a more efficient way to waste taxpayer money.)
And to my knowledge those are already available to you. Oh these will hold near 0% US bonds. Which you had the option to do before but this will be limited to bonds only. No stocks or higher paying bonds. No thanks.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.