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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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Probably of the few, if only clever things Obama has done. When government needs moar money to borrow, fool the US savor into buying US government bonds, call it a IRA with no loss guarantee. Heh, heh, heh... This is probably a sign that Obama knows the US is headed towards over the cliff with the debt, when taper is probably going to continue, & investors are showing signs of peeling away from US government bonds. If such a law is passed, and is "mandatory". It would rally the bond market. Clever investors will take advantage of the bond rally ahead of time.
Was it really MYRA, or did he gaff "My IRA" and afterwards change the name to suit? I think he called it "My IRA" on the first go? MY, he's Really Annoying.
Of course he didn't mention that even if your principal cannot be lost, the value of a dollar can decrease.
I guess all the young Obama voters with no interest in investing in the stock market can now get a MyRA. At least they'll (unknowingly) be the ones propping up treasuries.
"MyRA guarantees a decent return with no risk of losing what you put in. "
- And, in other news, Obama invents Free Energy, and perfects the perpetual motion machine...
Oh, and he also reversed Global warming (just look out the window at how cold it is).
Next week- he will reveal how he managed to bring the DoDo Bird back from extinction, and the week after that, time itself will stop, and immortality will be OURS, Bitchez...
Just Hope, and BELIEVE...
risk free! Guaranteed return! Sounds legit