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Obama Introduces MyRA: The "No Risk, Guaranteed Return" Retirement Savings Bond
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...
Or put another way - if you like your retirement account you can keep your retirement account.
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.
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I'm sorry , what are working Americans?
Come to Southern California I'll show you.
I am Im 54 and I work 50 to 60 hrs a week climbing ladders all day and scrapping off lead paint. And i look around and see lots of men like me working harder and harder. And i know that i am going to have to work untill i die and you know what, that doesnt bother me at all. but what does bother me is that i need to continue to work harder and harder for a dollor that cant buy me the basics like health care, taxes, or paying my help better wages. and by the way, even my helpers work as hard as i do and we are all very proud of our work.
I dont give a shit about being rich in any sence. I just want to care for my family and be able to give to others.
+100 Real!
I think you will find most here want this. The poblem is too many local regulations, too many taxes to take what you earn, too many foxes watching the hen houses and to many politicians promising to give your labor to others for nothing! There is risk when you can print money from thin air! What scares me is some membershere forcasted government take over of our savings and retirement accounts.
This may well be the beginning of the end to the money we worked for and saved and invested. This scares the hell out of me to be honest! I see this as another wealth redistribution scheme where they take from those that did the correct thing and giving it your money away. see this as the governmentusing this as SS now. Hell all they will do with your MYRA is fund it when you retire and oh at the the governents age of retirement not ours! Why because you will not be able to get to the money period until you reach a certain age!
56 here. Construction
We all work for nothing. For food, gas, place to sleep to go to work.
Decades. Nothing.
I don't blame Section 8ers, bums, loafer kids.
Work work is for chumps.
Amen bro! Retirement is a fantasy. People in my grandfather's age didn't retire, they got too old to do any work and then they died shortly thereafter. My dad did retire from University (farms full time now instead of part time) and hopefullythe state of Illinois will remain able to pay his pension. Me, I'm not believing in that crap. Sure it'd be nice to stop working, have time to travel an dlive off my savings but...I don't thnk we're here to do nothing and I don't think it'll be much of an option for me anyway (I save but savig won't make you rich).
Anyway, glad to hear you guys doing good work and taking pride in it.
fuk
Wow, what an insightful addition to the discussion here. Not sure who spams the most drivel - you or homostar?
No Risk ? We'll see about that !
Oh no, it's going to be very safe. So safe, in fact, that we're going to see a mandate that retirement accounts must maintain a minimum percentage in these new-fangled retirement account theft instruments, err, I mean savings bonds.
MyRA... Seizing your 401k and turning it into Treasuries, one bond at a time.
... and then default.
No no this means my SS is safe now. Happy RV days are coming.
All we are saying......is give Kristallnacht a chance.
It's called A one-time capital levy...
No,the levy comes later...First you must put your money in...then comes the haircut.
Yep, and they've been working on this for a while:
Teresa Ghilarducci Wants to Confiscate Your IRA, 401k & Pensionhttp://macrowealthpreservation.blogspot.com/2012/12/teresa-ghilarducci-w...
"Progressives" Have their Eye on Your 401khttp://macrowealthpreservation.blogspot.com/2012/08/progressives-have-th...
MyRA - 'Trust your family jewels to us'
- and find out you've been castrated when you wake up....
at least Myron knew what was coming
Can't wait to earn a negative real rate of return! Kind of like my social security contributions. Yeah BABY!
Obamacare and now MyRA? This man is fucking genius! What's next bigger dick implants and grow your own weed at home kits?
Free flu shots! Free flu shots!
I knew a girl named Myra.
She was an idiot. I wouldn't give my money to anything named Myra.
Watching the GOP response and puking just a little bit.
She's just doing what's necessary to make sure the Repubs don't actually try to beat the Dems. Gotta keep those darn tea partiers down, tho.
Pathetic.
Watching the GOP response and puking just a little bit.
MarxistLite.....is an acquired taste.
I didn't watch it....did they say anything about amnesty? PLEEEEASE tell me they're going to something about that. It's so important....after all the other stuff that is.
And this is different from opening a regular old IRA and buying T-bonds inside it, how?? Oh yeah, they'll now make it a regular payroll deduction. Taking out for Social Security taxes isn't enough of a "savings plan". Now you can double-down on debt from the same government that also backs SS. Fucking brilliant.
You know what? I don't give a crap any more. Do whatever you want.
MyRA = Mandatory Retirement Account
... or pay a penalty.
Yeah, really. Coming shortly, I'm sure.
best bet is to become a corporation, we don't pay taxes.
"best bet is to become a corporation, we don't pay taxes."
Only if you have a few politicians in your pocket. If not than you get shafted.
From personal experience, as a small business owner, its not possible to avoid paying taxes, penalties, periodic audits, bureaucrats giving detailed instructions on how run my business into the ground, retroactive taxes and fees. Gov't regulation is set up to torture small business to go out of business to remove competition for the multi-nationals which pay politicians to establish regulation to target small businesses. I am in the process of folding up my company this year and going Galt. Its not worth the aggravation anymore, and I am sure I am not the only one fed up.
"MyRA = Mandatory Retirement Account"
Its Manditory Youth Retirement Account. Barry said it was for the "young people", which makes sense. Targeting the boomers won't fly. Betch ya it will manitory for anyone under 50 or 55,
Come on...we already have a mandatory retirement account....Called Social Security.....
Plus, everyone under 50 knows they will never be able to retire anyways....
A toast to your "i don't give a crap". Me too. Let it burn.
Crap is correct.
CRAP = Compulsory Retirement Account Plan
if you like your 401k, I can keep your 401k
NoDebt,
I was thinking the same thing. How is this different from opening an IRA or just buying a good old fashioned savings bond?
I'm sure every American is wondering what to do with all the money they have left over at the end of the month. /sarc
MYRABOLICAL!
When Barry says MyRA he means MYra...as in HISra or THEIRra. Like when they say "our financial system is strong" that's exactly what they mean...their financial system.
If you aren't getting the safe return you were expecting or "promised", the number you are instructed to call is 1-800-318-2596.
"....we are experiencing unusually high call volume, please try it in another year again ..."
Sure you'll always see your account grow by 1 to 2% per year! Never mind the fact we will inflate away your buying power by 6 to 7% per year. And oh by the way..... When you die if there is anything left...... it's ours.
Yes sir. Cash out 401k and take tax hit plus 10% nut whack. Invest in something real. Inflation alone will recover the nut whack within 5 years.
Did this in '08, and even with the Fed fucking with things, I've got a 4% annual rate of return, which is about 4% more than the money markets are returning.
Congrats seek - don't blame you. I know several who have done this and all are happy now. As someone who remembers 21% prime rates, I can tell you returns are all relative and what matters is you have it in your hand. Or under your tractor, or at the scene of that terrible boating accident.
A sizable chunk of my inheritance came from 18% treasuries bought in '80 or so -- the rates are sexy, but even though they're lying, today's inflation is way lower than it was then, I'll take the lower returns. Someday the returns will revert to the mean and be much higher than 4% as well.
It would be nice if this type of account could be tied to something real, like the unit price of a particular brand of peanut butter. Or a particular cut of beef.
It's tied to your labour. Slave on, serf.
Buy debt from the same government that is using that debt to pay for Social Security payments (that are also being deducted from your paycheck at the same time). Hey, if you're going to go all-in on your belief in central planning, this makes all kinds of sense.
Its the company store all over again, except this time a statistically significant number of dissidents will not abide.
Sort of a circular zen thing going.....
Oh, that is just the death spiral.....
And what exactly constitutes a "decent" return?
This country is so screwed, I can't even believe it.
I'll control your retirement funds and make all the decisions for your health care. Trusssssst me.
Maybe things are getting better? Not!!!!!! Ha, ha, ha, ha, ha.
Spam much? Mother fucker.
No Risk.....I love it.
What a douche.
I no longer submit myself to the torture of watching the political theater of the absurd, but Mrs Cog decided to give it a go. She lasted 45 minutes and then staggered off to bed crying "MyRA eyes, MyRA eyes".
<Poor Mrs. Cog, she won't see straight for days now.>
45 minutes? I admire her tenacity. I flipped back and forth for about 15 minutes before I ran for the duct tape.
I watched a rerun of "Ow My Balls!"* instead.
*h/t f_s
That's 44m 58sec longer than I lasted !
An iron constitution, that woman, Cog..
Is she the last standing on New Years also?
She's a better (wo)man than I, that's for sure.
To be fair to her it is sort of like watching a horrible car crash in super slow motion. You know you shouldn't watch, but the sick side of you just can't turn away. :)
I watched the entire thing. Sober.
Did you fall off the wagon afterword friend?
Here, this medicine - LAUGHTER will soothe us all. Enjoy.
Foster Brooks Roasts Don Rickles
https://www.youtube.com/watch?v=sdPcjIrSvcs
The wagon is long gone.
I personally don't partake of the visual and verbal flagellation any longer myself and only come here for the commentary which proves my decision correct. I can't stand the demeaning arrogance as he pontificates his prepared drivel. And if I hear that word "folks" out of his mouth again I'll projectile vomit. He's no "folk" of mine.
Miffed;-)
I HATE the word "folks" when it comes out of a politician's mouth. Some traitorous congressman was on talk radio today, and he must have said it 42 times. Regular people don't use that word....why do they?
I told my husband, "If you ever use the word 'folks' in front of me, I'll slap the shit out of you." LOL.
(Don't worry, he laughed.)
http://folksthisaintnormal.com/
Joel Salatin gets a pass in this case ;-)
Miffed;-)
He thinks we aren't ready for 'Subjects' yet.....
I've been so chemtrailed I can't watch anything with an IQ level higher than Fox News. Damn...
Welcome to another episode of "Asshole Land"...
Dick Dynasty?
Obama makes me want to violate the prime directive. You could not genetically engineer a twit of his caliber if you tried.
Free Bernie Madoff..........
No risk!
Million! Billion! Health care!
No Risk!!
Zillion!
What a fucking predictable shitshow.
GET YOUR MONEY AWAY FROM "THE SYSTEM."
"No risk!"
Depends on your point of view. There is no "Risk" to spending OPM (other people's money) if your a politican. If your saver, there is no risk that you will NOT get shafted!
Realize we don't even know this asshole's real name. His social security number was originally issued to some guy named Harrison J. Bounel in Connecticut. Bounel was at one time shown to be a resident of "Obama's" house in Chicago.
We are in grave danger.
As a lawyer in a government agency I see these databases all the time and they are full of errors. Anyone can make a credit card application using that social with whatever name they want and have it sent to that address. What makes me think its especially bogus is that at http://www.wnd.com/2011/08/336889/ that alias only has one address for Harrison J. Bounel listed and it is starting in November 2009 meaning it was not originally issued to a Bounel. Rather someone in 2009 did this and just used Obama's social with a bogus name.
That being said Obama has been scrubbed from public databases, but so are prosecutors, judges, etc. its not unusual.
CIA cover identy.....check out his mother's family. all involved in the Company.
Link please. If it's so true and so important you owe it to all to post a link. Even one is better than zero.
A link?
A link or lack of one would not constitute proof of being in a family of intelligence assets... look ye unto those who backed his campaigns in Chicago, and whom he appointed to what while President, if clues ye be seeking.yaaargh.
You could start with this one....pace yourself.
http://www.youtube.com/watch?feature=player_embedded&v=rlkjG2ilJIs
Well bless your heart....
MyRA the next netflix? ANy takers?
MyRA? Is that some kind of lethal infection you get when visiting D.C.?
If it isn't a lethal infection now it certainly will be when you lay whatever money you have left down to pay for it.
Gee I don't know why I'm doing this... But this time I think I'll take my chances with this kind offer even though he's one of the worst most deranged pathological liar and psychopath's this Nation's ever had as a President since Truman, Johnson, Nixon and Bush (1 and 2)... /sarc
Actually I kind of like MyRA. RA was the Egyptian powerful sun god. All forms of life were believed to have been created by Ra, Egyptians called themselves the "Cattle of Ra." to honor him as creator. Seems to fit Obama to a tee. Delusions of Godhood.
Miffed;-)
Yes, engendered by an act of adolescent self abuse.
Haha! Holy Shit! Are they serious? Really? Seriously? What's the return on that bad boy? 1-2%. When can i cash it out? It sounds awfully like... a pension!
Haha, oh man you can't make this shit up. Oh man oh man. Glad I'm no where else when it gets nasty. Best seats in the world with the best theater.
I read you can't cash out until "retirement age" which could be 66,75 whatever they need it to be
The retirement age is Asymptotic for anyone under 30.
Hello, Japan.
.
Don't you fools get it? He said NO RISK!
That's right he has said it and he means it.
NO RISK, money for nothing and chicks for free!
BTFD you fools buy buy buy!!!!!
Does Corzine get the management fees?
Big stupid smile presently on my face after reading your comment. :-)
So THATS what they've been setting up for him to 'manage'. Such a deal!
I suggest all Owebamabots invest their hard earned EBT cash in this plan!
First term it was upseting
Then it was funny once i quit caring.
I have had bouts of anger too.
But now it is just sad.
This is what our Republic has come to?
Can people really believe this stuff?
Maybe they will tie the MyRA to the manipulated inflation numbers?
You know, they should have guaranteed a 20% return..... It is just printed money. There is a free lunch.
Maybe they should have called it MyCyprus
Myra Cyrus sticking her tongue down your throat...
GS gets to buy the floaters, the rest of us get this shite.
The Pinocchio Savings Account goes hand in hand with the Pinocchio Care Act.
MyRA , the NSAs' little sister...
DON'T FALL FOR IT; another scam, another swindle...... then, when the gov't goes bust (that's bankrupt), you'll end up with 5cents on the dollar. an economy built on swindles, looting, lies & scams.
Obama is the scammer-in-chief (can you say ex-C.I.A. ?) WHO! in their right mind would trust this guy to even sell you a used car !!
in gold you should trust .... you know, like pre-1913 ! what would you rather have in your possession? a paper bank note from an insolvent private bank or a piece of gold or silver? (that's an easy answer)
What, you don't think the gubmit would do a fine job managing your money? What would make you feel that way?
IF you must invest in paper at least pick a few companies who will outlive the current monetary regime: Exxon, Colgate, Siemens, something along those lines. I feel bad because the people who buy into this myRape will not likely know any better - the poor and ignorant. I'd make a survival of the fittest remark but I saw the 'child tax credit' dollar figure and wonder if a culling wouldn't be good to clear out the shallow end of the gene pool. The poor kids will be taken along for the bad choices of the (now seperated and EBT reliant) parents.
No the poor wont get hurt.
This program has been discussed by Obamabots before. If you are por you will be incentivized to contribute by getting matching contributions from the government.
procter & gamble
"Don't worry, you'll be dead or in a camp when it's time for you to collect. I guarantee it."
"Guillotines take out the trash."
Why go through all that mess we already have products that give guaranteed returns with zero risk, they are called e-minis. It doesn't matter where you buy em in a weeks time max you will be up money and then never again take any heat.
Seriously, the risk is zero, the fed has already said they will buy everything forever and if the market manages to go down despite them they will buy more of it till it goes higher, whats not to understand?
I think people believe this is a free market or something, its not, that old shit died before you were born.
Today's market will do one thing and one thing only till the end of time and that is go up.
hes gone full retard and as everyone knows you never go ?
Black Robert Downey Jr. agrees.
You didn't build that MyRA.
I can't wait until we all get volunteered to contribute to this shit on every paycheck like my FICA deduction...you know, because it's "fair".
If you like your shitty worthless US treasuries, you can keep them...
The Tribe is getting very desperate.
When you have over half the population chemically subdued, it doesn't take much to get them to do what you want. Can I earn a return on EBT?
I thought us underlings weren't allowed to whisper about a certain group of people with a disproportionately large representation among the current monetary system's leaders on ZH anymore?
Free Frances Sawyer!
We know what to do.
Stop being dramatic.
'
'
'
The Amercian citizen just can't get enough of the hopium and BS.
"Guaranteed no risk." That always turn out well, eh? What's next? "Free lunches!"
So either they're going to get SFA for a return, which this is simply a bait'n wait'n switch to fund the debt, and hope it turns out, or a money printer.
Have they ever heard of 'moral hazard'? The lack of any incentive to protect against risk when you're protected from it.
Do these dumb 'tards not read ZeroHedge and understand the problems?
Oh, yeah… They don't.
Full steam ahead, men! We're heading for the rocks!
Prepare for impact!
•J•
V-V
HA HA HA HA. A decent return.......Fucking Obama is a clown.
Or we could just give to the yahoo's over at the bank.
Barry has jumped the shark, again.
I'm in with both feet. Best chance I've ever had to BTFD. Thanks ZH!
"If you like your life savings you can keep your life savings."
"fishes,"
I waited for over 100 cars of coal go left to right yesterday. God put coal in the ground for who? FYO.
Thanks for the MyRA Obama. But I'm planning on retiring on the profits of this real estate deal I have with Tony Rezko.
You mean Tony Foney Balony Malony Rezko? He don't do deals dees days.
My IRA. I had a hard time saying it.
myra deduction, oBUMMERcare deduction, gas heat deduction, .......... "Hello Blackstone, the rent will be late this month."
That is just such a catchy name ~ My "RA"
RA is an Egyptian sun god:
http://en.wikipedia.org/wiki/Ra
Revelation 9:20-21 And the rest of mankind, who were not killed with these plagues, repented not of the works of their hands, that they should not worship demons, and the idols of gold, and of silver, and of brass, and of stone, and of wood; which can neither see, nor hear, nor walk: (21) and they repented not of their murders, nor of their sorceries, nor of their fornication, nor of their thefts.
Revelations was written by a man in a jail cell who was ranting about the state that put him there. And you think he was talking about a group of people living 2000 years in the future.
GOD DAMMIT I hate it when people quote scriptures
You're right, me too, and there are at least, what, 8 fucking idiots who read this - prolly Southern Evangelical "Christian" Zios who got fooled by the Scoffield Bible and left the path of The Christ long, long ago.
It is hate and war they yearn for, and they will get them both in spades.
Www.jesusneverexisted.com
IS RA EL
Did he really say "no risk"? Wow. You would think he learned his lesson when he promised "you can keep your existing health plan, period." As soon as interest rates start to move up, then the principal value of the "no risk" MyRA portfolio erodes. I bet he forgot to tell everyone that you have to hold the MyRA account until all bonds reach their maturity if you want "no risk", which could be 30 years or more depending on the blend of treasury paper.
That's right EBT sheeple, if you want 'no risk' you have to hold it for 30 years. If you want to take anything out before you die, not only will there be a loss of principal due to rising interest rates, but you'll have to pay a penalty too. So sorry, you made the mistake of believing a megalomaniac politician -- the joke is on you.
We knew this was coming. This is an overt yet crafty way to extract $$ from the sheeple into government hands.
Who told you they would be 30 years.... Look for MY Ira 40-yr and 50-year bonds... longer bonds offer higher Yields and higher compounded gains! Start with 50-year bonds and 20 years old and ladder down as you grow older! Its GUARANTEED BNO RISK! The Greeks and Argentines are jealous as shit! If something does go wrong, we will BAIL you IN, to BAIL you OUT! Se? No rosk!
Oba-no-risk
My IRA "free you say!!!?"
What did I miss?
Been Drinkin again...
Burp...
Ooops
exactly ... the first thing I told my wife was that this was the beginnings of a soft 'bail-in"
I admit ... it took me a full 5 minutes to comprehend the implications of all this
Do not laugh......... Luntz on Fox had a focus group ............ what woke me up to this .... was their reaction!!!!......... no matter whether Democrat, Independent or GOPer, they all reacted energetically to this .... while the 'expert' panel was asleep thinking about what they were going to say versus what the polling group was paid to do.......listen, think & react....
MyRA........ there you have it...
Team 44 to PRChina .... we did our part to create buyers for your impatient threatned sales
Japan ... they are totally f*cked & out of it..........
wow...... just like that ....new world order
The sheeple will never see nor know the difference. You can bet dollars to donuts that these bonds won't be marked to market.
The same Communist Ideology on paying your fair share to rebuild the progressive pocket book by building a Enron money laundering scam. The question to ask, were did all the taxpayer monies go? What happen to the piggy bank contributions to help develop these new infrastructures? Don’t bother telling me you’ll appoint a new Ways and Means Committee. These little cunts need to show their bank accounts domestically or international. Including the Joos who have dual Citizenship .
They forget, US Taxpayer employed servants comes first, not multi-national globalization servants. The dual Joos Citizenship will become a IRS Lovejob. All the promotion of bull dyke and male metro sexual conversation rates may just hit a global interest low.
Wait, what? I thought I paid into social security so I would have a retirement. Now I need a second social security program to supplement the first one?
The government needed that money to build some new buildings in Karachi on account of already spending the money they had on some bombs they thought looked cool and decided not to waste by blowing up some buildings in Karachi.
They said they left you a note.
Hurrah for myRA! Obonds Obonds Obonds ...
Isn't a crime to advertise an investment vehicle as having "no risk"?
Here, this is a sneak peak of what we will be facing:
http://www.youtube.com/watch?v=ILsze6UwF3o
Life imitates art as Obama steals from South Park https://www.youtube.com/watch?v=-DT7bX-B1Mg