President Obama: If You Like Your Retirement Plan, You Can Keep It - Live Feed

Tyler Durden's picture




 

This should be good - President Obama sets out to explain how his new "MyRA" plan is for your own good...

 

As we highlighted last night:

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.

 

 

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Wed, 01/29/2014 - 15:10 | 4380818 hedgeless_horseman
hedgeless_horseman's picture

 

 

The FOMC will probably reduce the pace of its asset purchase
program by another $10 billion at its meeting today...

...with the hope that MYRA will fool first-time savers into picking up the slack and buying the nation's debt.

Wed, 01/29/2014 - 15:11 | 4380823 CH1
CH1's picture

Do people still watch this cartoon fool?

Wed, 01/29/2014 - 15:12 | 4380835 hedgeless_horseman
hedgeless_horseman's picture

 

 

Do people other than banks still buy US Debt?  At least the banks can use treasuries as capital for fractional reserve lending.

Wed, 01/29/2014 - 15:12 | 4380844 Bearwagon
Bearwagon's picture

Does a cheese need a pope?

Wed, 01/29/2014 - 15:16 | 4380870 Rick Blaine
Rick Blaine's picture

After his second term ends (or he is impeached or resigns...whichever comes first), Obama first start a hedge fund or something.

He's got all this shit figured out.

Wed, 01/29/2014 - 15:20 | 4380908 gbresnahan
gbresnahan's picture

maybe he'll start his own crypto currency.. Øbamabucks

Wed, 01/29/2014 - 15:28 | 4380968 TeamDepends
TeamDepends's picture

Let's face it, the rollout of MYRA was just another in a long line of fundraising speeches.

Wed, 01/29/2014 - 15:30 | 4380990 jimmytorpedo
jimmytorpedo's picture

How about you just stop stealing 50% of our income for useless wars and unemployed mothers and screw the MYRA?

If you like your money you can keep your money.

Has a nice ring to it don't you think?

Wed, 01/29/2014 - 15:49 | 4381107 Boris Alatovkrap
Boris Alatovkrap's picture

In new USSA, you are not retire, government is retire you.

Wed, 01/29/2014 - 15:59 | 4381162 kralizec
kralizec's picture

Don't retire me bro!  Er, comrade!

Wed, 01/29/2014 - 15:53 | 4381134 A Nanny Moose
A Nanny Moose's picture

Meanwhile in Over-The-Counter world, MYRA is up 900%.

Further demonstrating prescription strength stupidity.

Thu, 01/30/2014 - 16:03 | 4385127 Boris Alatovkrap
Boris Alatovkrap's picture

MyRA is perfect secure investment vehicle... obligor can alway just CNTL-P (Command-P on Mac) to meet redemption. Beside, redemption is for non-interest bearing Federal Reserve Note. So, what is not new?

Wed, 01/29/2014 - 16:05 | 4381200 Chief KnocAHoma
Chief KnocAHoma's picture

You're dreaming. He won't be impeached nor will he resign. In fact I would estimate the odds are better than 50/50 that the USA has had it's final presidential election. One good major melt down and lefties will seize power, wealth, assetts, the internet, you pets and, if you're lucky, your mother-in-law.

Welcome to the future bitches!

Wed, 01/29/2014 - 15:27 | 4380876 hedgeless_horseman
hedgeless_horseman's picture

 

 

"guaranteed return and no risk"

Fractional reserve lending allows banks to leverage the capital they loan to the USA when they buy treasuries (at a pitiful yield well below actual inflation, aka "guaranteed return") so that the banks can actually generate a legitimate return.  However, the poor, ignorant, first-time saver, myRA retards that lend money to the congressional debt addicts are stuck with just the coupon, they don't have a bank charter.

This is sad...even criminal...on so many levels, this being one of them...

Inflationary Risk  - The uncertainty over the future real value (after inflation) of your investment.

First they came for granny's retirement, ZIRP, and I said nothing.

Then they came for young persons' savings, myRA, and I said nothing.

Finally they came for my wealth, and there was nobody to speak up for me.

Wed, 01/29/2014 - 15:45 | 4381072 Greenskeeper_Carl
Greenskeeper_Carl's picture

it is pretty disgusting really. Its also hilarious. The very idea of loaning money to the most indebted entity in the history of the world as an investment strategy is beyond stupid. And to top it off, the interest you are paid is ptifully low and well below real inflation. and yet most people don't understand thats what you re doing buying these bonds. guaranteed return and no risk by loaning your hard earned money to a bankrupt govt.

Wed, 01/29/2014 - 16:00 | 4381170 James-Morrison
James-Morrison's picture

We had ObamaCare and now ObamaIRA.

I have't heard Pelosi's take yet: "You'll have to invest in it to find out what's inside it."

We better hope ObamaIRA works. Otherwise, they are going to be forced to loot all other financial assets for the dough.

Maybe a forced conversion of Gold into ObamaIRA...

Wed, 01/29/2014 - 17:17 | 4381619 Greenskeeper_Carl
Greenskeeper_Carl's picture

I will tell you whats in it so we don't have to wait for pelosi: a supermassive blackhole which takes your money, gives you a little more than you put in, but not enough to outpace inflation

Wed, 01/29/2014 - 17:29 | 4381683 StychoKiller
StychoKiller's picture

WTF is a "decent return?"  Any return at all WILL have a RISK associated with it!  Fer fscks sake, will someone gimme some of those crazy pills already?

Wed, 01/29/2014 - 15:18 | 4380881 TeamDepends
TeamDepends's picture

"Some people are going to earn more money than others".  And some will receive money they don't earn, simply by enlisting in the FSA.

Wed, 01/29/2014 - 16:07 | 4381222 Nick Jihad
Nick Jihad's picture

If you're not getting something for nothing, you're not getting your share!

Wed, 01/29/2014 - 15:14 | 4380848 remain calm
remain calm's picture

I am all in, I trust the nigga

Wed, 01/29/2014 - 16:06 | 4381216 Chief KnocAHoma
Chief KnocAHoma's picture

Damn thats funny!!!!

Wed, 01/29/2014 - 15:18 | 4380855 Pool Shark
Pool Shark's picture

 

 

MyRA up 900% today!!!

http://www.google.com/finance?q=OTCMKTS%3AMYRA&ei=NFLpUrHLNYqbiQLFbQ

Guaranteed Return with NO RISK!!!    ;-)

[Yes, I'm talking my book]

Wed, 01/29/2014 - 15:21 | 4380934 Pool Shark
Pool Shark's picture

 

 

I am hereby announcing the offering of initial shares in the,... wait for it,...

"MyRA Equals Gold No. 1" Fund.

Our motto is:

"Guaranteed Return; NO RISK!!! It's just as solvent as the Federal Government."

 

 

Wed, 01/29/2014 - 15:58 | 4381159 A Nanny Moose
A Nanny Moose's picture

 

"It's just as solvent as the Federal Government."

Bam! There it is, in a nutshell. How can people expect and entity which is $17T in the hole, to save for their retirements, by going trillions more in the hole?

Anybody who buys this, deserve what they get.

Wed, 01/29/2014 - 15:59 | 4381171 Bunga Bunga
Bunga Bunga's picture

The real MyRA will look the same after every reverse split.

Wed, 01/29/2014 - 15:13 | 4380847 NotApplicable
NotApplicable's picture

Cartoons for adults are a booming business these days, doncha know?

Wed, 01/29/2014 - 15:13 | 4380852 Overfed
Overfed's picture

This is where he announces full-tilt despotism. The veil shall be lifted and the sheeple will cheer.

Wed, 01/29/2014 - 15:18 | 4380901 pods
pods's picture

This guy gives more pep talks than Chancellor Sutler.

Methinks people groan silenty and wonder if this guy ever shuts up.

pods

Wed, 01/29/2014 - 17:28 | 4381684 noless
noless's picture

The "unilateral action on the economy if Congress won't act" talk leaves me quite unable to argue with you.

Wed, 01/29/2014 - 15:17 | 4380889 SAT 800
SAT 800's picture

Every time I see his picture; I think to myself, there goes a perfectly good golf caddy, wasted.

Wed, 01/29/2014 - 16:02 | 4381094 kralizec
kralizec's picture

"...there goes a perfectly wasted golf caddy..."

FIFY!

Wed, 01/29/2014 - 15:21 | 4380932 Deathrips
Deathrips's picture

THROW THE SHOE!!!!

Wed, 01/29/2014 - 15:51 | 4381114 WillyGroper
WillyGroper's picture

Apparently. I don't know whether to weep or just slit my wrists.

I was just told his speech was beautiful & what an eloquent speaker he is.

FM

Wed, 01/29/2014 - 18:43 | 4382033 Zymurguy
Zymurguy's picture

Who is John Galt?

Wed, 01/29/2014 - 15:12 | 4380832 Headbanger
Headbanger's picture

Oh pleeeezz.. Enough already!

Wed, 01/29/2014 - 15:54 | 4381131 Mr Pink
Mr Pink's picture

If my math is correct or close...If every working American contributed 10% of their paycheck to MYRA that would buy 1 trillion dollars per year in Treasuries.

QE? Who needs QE?

Edit- 500 billion

Wed, 01/29/2014 - 16:23 | 4381320 Greenskeeper_Carl
Greenskeeper_Carl's picture

that may take care of the treasuries portion of QE, but what about all those MBS's? If those things were purchased by anyone other than the fed, as in actually marked to market, they would probably be going at pennies on the dollar of their 'face value'. The fed is buying them up at face value. Is that just going to keep going until the fed basically holds everyone's mortgage?

Wed, 01/29/2014 - 17:10 | 4381589 Mr Pink
Mr Pink's picture

Idk, maybe...Obama Xmas club?

 

Wed, 01/29/2014 - 15:10 | 4380830 HedgeAccordingly
HedgeAccordingly's picture

HMM FOMC pre thoughts - http://hedge.ly/1k880Ii

Wed, 01/29/2014 - 15:11 | 4380839 Dr. Engali
Dr. Engali's picture

Oh for cripes sake! Does this limp wristed pencil dick ever shut up?

Wed, 01/29/2014 - 15:16 | 4380871 Pool Shark
Pool Shark's picture

 

 

If you like your silence, you can keep,.. oh, nevermind...

 

Wed, 01/29/2014 - 15:19 | 4380906 SAT 800
SAT 800's picture

It's very important to push the mute button right away; otherwise you might get some on you.

Wed, 01/29/2014 - 15:22 | 4380927 SAT 800
SAT 800's picture

I need the talking bears to 'splain this to me; this kind of talking has way too many words in it.

Wed, 01/29/2014 - 15:14 | 4380853 buzzsaw99
buzzsaw99's picture

:vomits:

Wed, 01/29/2014 - 15:13 | 4380854 Bobportlandor
Bobportlandor's picture

So ZH was right they would eventually come after your retirement accounts.

 

Wed, 01/29/2014 - 15:20 | 4380921 Seasmoke
Seasmoke's picture

NO. George Carlin was right. 

Wed, 01/29/2014 - 15:48 | 4381092 halfawake
halfawake's picture

maybe he is a tyler...

Wed, 01/29/2014 - 16:19 | 4381267 Emergency Ward
Emergency Ward's picture

"It's a big club and you ain't in it."  "And if they tell you you're not a team player, congratulate them on being observant.”

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