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.
Ping.
Investing in something with no risk. Wow, that’ll bring some solid yields.
Bush tried this, it was a "risky scheme, SCHEME!!!!!" The Democarats howled at the idea. I guess Obama's is better, it keeps the government in control of the funds, ya sucka's..
Will the yields be indexed to inflation?
And there are a lot of people who will buy this hook line and sinker.
Damned liberals. When it comes to money, they all believe in perpetual motion machines.
Wait till they mandate that the private equity assets in the “rich peoples” IRAs and 401Ks be swapped for Obamabonds so its “fair” for everyone.
This sounds worse than Cash 4 Clunkers!
I thought Congress passed tax laws. Silly me.
it is, he will also probably want it mandated for all
Those who earn more will see their “contributions” shaved and put into accounts of the poor
You can already invest in series I savings bonds which defer income taxes up to 30 years and pay at least the inflation rate. And currently they pay a better rate than inflation rate based Treasury Bonds.
That’s what I was going to say. Hasn’t Obammy heard of Savings Bonds?
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.
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This bond sounds like more feel-good-ism that sounds good and looks good on paper, but in reality may not be.
Will they let you put your Social Security here instead of the Ponzi scheme it’s in now?
I think Obama is limiting investments to gov’t bonds.
Myra, - - - Myra - - - . There is a Country song in there somewhere - - - .
Lending money to the U.S. government. Maybe I am wrong, but it seems to me to be a huge red flag when a borrower browbeats a credit rating agency not to lower its rating on the borrower’s debt. But what do I know?
He screws around with our health insurance to make it more expensive for everyone.
Then he thinks he can make it all nice by passing out some worthless saving bonds.
What the hell is wrong with this picture?
When I was a Registered Investment Advisor....if I offered an investment that I claimed had no risk and a guaranteed return...I would have been in big trouble or could have some jail time.
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