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President Obama: If You Like Your Retirement Plan, You Can Keep It - Live Feed
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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...with the hope that MYRA will fool first-time savers into picking up the slack and buying the nation's debt.
Do people still watch this cartoon fool?
Do people other than banks still buy US Debt? At least the banks can use treasuries as capital for fractional reserve lending.
Does a cheese need a pope?
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.
maybe he'll start his own crypto currency.. Øbamabucks
Let's face it, the rollout of MYRA was just another in a long line of fundraising speeches.
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?
In new USSA, you are not retire, government is retire you.
Don't retire me bro! Er, comrade!
Meanwhile in Over-The-Counter world, MYRA is up 900%.
Further demonstrating prescription strength stupidity.
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?
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!
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...
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.
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.
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...
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
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?
"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.
If you're not getting something for nothing, you're not getting your share!
I am all in, I trust the nigga
Damn thats funny!!!!
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]
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."
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.
The real MyRA will look the same after every reverse split.
Cartoons for adults are a booming business these days, doncha know?
This is where he announces full-tilt despotism. The veil shall be lifted and the sheeple will cheer.
This guy gives more pep talks than Chancellor Sutler.
Methinks people groan silenty and wonder if this guy ever shuts up.
pods
The "unilateral action on the economy if Congress won't act" talk leaves me quite unable to argue with you.
Every time I see his picture; I think to myself, there goes a perfectly good golf caddy, wasted.
"...there goes a perfectly wasted golf caddy..."
FIFY!
THROW THE SHOE!!!!
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
Who is John Galt?
Oh pleeeezz.. Enough already!
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
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?
Idk, maybe...Obama Xmas club?
HMM FOMC pre thoughts - http://hedge.ly/1k880Ii
Oh for cripes sake! Does this limp wristed pencil dick ever shut up?
If you like your silence, you can keep,.. oh, nevermind...
It's very important to push the mute button right away; otherwise you might get some on you.
I need the talking bears to 'splain this to me; this kind of talking has way too many words in it.
Here you go: http://www.zerohedge.com/news/2012-10-12/bears-explain-how-rich-get-richer
:vomits:
So ZH was right they would eventually come after your retirement accounts.
NO. George Carlin was right.
maybe he is a tyler...
"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.”
Alternate ending: It's a big club, and you just got wacked upside the head with it as a distraction so they could loot your retirement funds.
Is there a risk of losing my money by buying bonds of a bankrupt government in my Myra?
"No risk of that."
pods
It's as solid as the unicorn mines.
Is that where skittles come from? Who knew?!
MyRa = My Rheumatoid Arthritis
MyRa = My Rectal Agony
This, as in rolled in resin and crushed glass, a la "bloodsport"
MyRapedAsshole
HaaHaa NSA, CIA and DHS the Totus is coming for your money now.
More like a used car salesman everyday...............how sad for US.
What is a "decent return"? Is it what Obama thinks the interest rate should be? Who is going to pay the interest? Taxpayers? I don't want to pay interest on money I was forced to borrow.
No shit. How are you liking paying interest on the 30 billion borrowed to fight WWI? who asked you anyway? back to work, bloody peasant
http://www.youtube.com/watch?v=rAaWvVFERVA
Is he trying to look like he works for a living?
Seems to me is selling securities and offering investment advice without a license. Can we have him arrested?
Perfectly legal for those in gummint....just like insider trading.
when this guy talks to middle class, working type people, he calls them "folks."
when he talks to his benefactors, he calls them "sir" and "ma'am."
...both refer to him as "bitch".
HAMP will save 4 million homes from foreclosure.
If you like your health insurance. You can keep your health insurance.
MyRA. No risk. Decent return.
I'm. Sure I'm missing a thousand more.
This myra thing is the financial equivalent of cash for clunkers, pouring sodium silicate into the engine of whats left of the middle class.
Automatic deduction from paycheck, no chance to lose, principle does not go down, backed by full faith and credit of the US.
Cue slow-motion eagle in flight superimposed over a US flag slow-motion flapping in the breeze.
Wilford Brimley will be the spokesperson, or someone young and fresh, like David Hasselhoff?
dia-beetus!!
The American bald eagle steals more than it hunts. Fact is it's not a true eagle. The bare-ankled bald eagle is a type of sea eagle that diverged from the African vulture lineage only a few million years ago.
Although it may at times hunt, it retains the vulture's ability to survive an entire lifetime on carrion or by stealing prey away from other predators. It's not obligated by instinct to primarily hunt live prey.
America's national bird is both a thief and a scavenger - odd that it's so prominent on the presidential seal.
The president's plan will prove popular, particularly with the young and poor.
Another big deduction from their paychecks will be for their own good and make America stronger..
Can they auto-invest with EBT deductions?
Just announced!
O announces that Joe Biden will be the MyRA fund manager.
Where do I sign up?
The Postal Office of Inspector General is right out here too recommending that the Post Office go into offereing financial services..not a bad idea I think as they don't have to collaborate w/banks, they can choose credit unions for one..and heck no bank in rural areas can compete with Post Office locations and it would give them some revenue streams too..and why not let the Post Office take Bitcoin...
http://ducknetweb.blogspot.com/2014/01/office-of-inspector-general-tells...
In the UK you have Facebook and Barlcays now sponsoring a start up company that is there to help people use the web. This same company also wants to teach folks how to code..how lovely for Facebook and Barclays...get more data online to mine and sell..and the start up gets funded...geez..make the post office idea look really good.
Competing with the banks and all investment securities.
No mention of the major penalties for early withdrawal (if you even can).
Hidden in the fine print will be the non transferable to heirs clause and outright seizure if the government needs your money.
The 'outright seizure' clause applies to all of your property, whether the fine print mentions it or not.
hmmmmm.... which option for me? Bush's investment of my social security funds in the stockmarket? or a MyRA?
can it get any better than this, livng the dream?
False dichotomy with a dose of straw-man. Let's get to the real problem here.
Consenting to theft.
please give it a rest. I could care less whether it's by a Republican or Democrat.
they're both idiotic schemes put forth by meaningless front men. All designed for thievery without a trace of difference between the two.
100 million unemployed workers and rising with most barely making ends meet and on part-time hours....over 50 million on food stamps and rising...many more 10's of millions and counting either losing healthcare or getting "affordable" healthcare that costs more than their underwater upside mortgages or more than they would make in a year while living on perpetual unemployment.
Not to mention the inflation on food and fuel that's going to smash us all upside the heads soon enough (except for the D.C. scumbags who are inflation-free).
Who the fuck does this cock sucker think is going to want to buy bonds, and even if they wanted to, how are they going to afford them? Will there be a tax payer subsidy for the unemployed to buy bonds now too!????
What the fuck...over???
I know you're listing all his accomplishments but could you temper the enthusiasm?
in the end remember "it just doesn't matter" (Meatballs)
lol....yeah, right??? Or: "What difference does it make?"
~ The Hildabeast
http://i0.wp.com/weaselzippers.us/wp-content/uploads/Hillaryscrape.jpg
glad you lol.
The thought of a choice between Hillary and Whomever--Romney II, christie, that Texan marlboro man???? that makes Bush II sound brilliant.* Is there no one in a country out of 200 million people that can be found to lead a nation totally lost and floundering? To vote for a woman with no real populist feelings--ie, the rewriting of the bankruptcy laws etc was my favorite-- or a Republican who wants to return to the days of the make believe Leave It to Beaver?
I honestly don't know what I'll do.
So how is this different than just opening an IRA account at Ameritrade or some other brokerage. Open account, put money in it, buy what ever you want... it already exists....
But just like Obamacare, if you don't have the money for insurance or retirement savings, what good is this? You have to have money to put in it first.....
Its never going to work. Who is he targeting? If people that work at Home Depot, Mcdonalds, Walmart etc... have access to 401(k)s who in the hell will buy these bonds? This is just some nonsense that will never get off the ground. Not a chance in hell Obama knows how a bond works.
.
Sure he does:
https://en.wikipedia.org/wiki/Ponzi_scheme
Sickening. Of course this is the exit strategy for the FED, always has been.
When the USD and Treasuries become worthless in the new Obamazuela, the private 401K's will then be confiscated and the action can be sold as the "morally necessary" action required to bail out fellow citizens dupes who bought into the MyIRA crap sandwhich --- instead of an obvious bailout of the private bankers and FED.
They knew how they were going to dump all this odious debt, it was just a matter of working out the details to mask their deceit. Amazing.
next you will be forced to hold a % of your IRA/401k in treasuries, which you must buy from primary dealers. they will sell it to the peasants as neccessary to protect them from the next gov/bank created financial calamity. nevermind that they are forcing you to buy garbage debt of a bankrupt country while giving jamie and lloyd a piece of the action along the way
For one thing, I don't see that President Jugears has the statutory authority to do any of this.
For another thing, who cares? Apparently this addresses the "problem" that to open a regular IRA may require a minimum of $1,000 or so. Is that really a *problem*? Who wants a retirement fund with only twenty-five dollars in it? If those are your finances your tax rate is probably zero already!
Jugears just don't do numbers. Or constitutions.
Tell Obama I cannot save anything when my health premiums have tripled, gas is $4 a gallon and I haz no jobz! What a buffoon!
Don't forget food (beef for example) or natural gas (if you need heat) or several hundred other items made more costly by Neo-Keynesian asshats, statist goons and sundry parasites in the progressive-crony complex!
"MyRA guarantees a decent return with no risk of losing what you put in."
What's a "decent return"?
maybe he means if you buy them to support the "regime" then you'll get to be the last on the "list" marked for "round up". The rest of us who chose not to buy in favor of Ag/Au phyzz will be marked as enemies of the state, rounded up first, then gassed or shot in the head. How's that for a decent return on investment? lol
I've been sending people this Martin Niemoller quote for years. I'm starting to see it actually happening, but we'll have to update it for stackers, patriots, preppers, Christians, Veterans, and Constitutionalists:
Better question, "no risk" to whom???
This is done to grease the skids for more evasive action.
Let's just hope we don't run out of burrito coverins'.
"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."
Come on tough guy, stop blaming congress and whip out that executive order wand to fix the "upside down tax code."
MAN THE FUCK UP
Yeah, thought so.
Shit let him bring back War Bonds: Syria No-Fly Zeros, Pacific Pivot Step Ups, Afghan Occupation Inflation Protected.....guaranteed to never go out of favor.
All obongo was missing in last night's speech was the Japanese girl band singing to us hypnotically to buy, buy, buy those bonds!
http://www.zerohedge.com/news/japanese-girl-band-wants-you-buy-jgbs
Hiya friends! RalphSpoilsport, Ralph Spoilsport Motors- the world’s largest new used and used new car automobile dealership- Ralph Spoilsport Motors- right here in the city of EMPHYSEMA! Let’s just look at the extras on this fabulous car! Wire-wheel spoke fenders and two-way sneeze wind vents, star-studded mud guard, sponge-coated edible steering column, chrome fender dents and factory air conditioned air from our fully factory-equipped air conditioned factory! It’s a beautiful car, friends, with doors to match! Birch’s Blacklist says this car was stolen but for you, friends, a complete price: only two-ninety-five hundred dollars in easy monthly payments of twenty dollars a week, twice a week and never on Sunday!
But does it have two-way-sneeze-through windvents?
"so they can save at work just like everyone in this chamber can..."
Are you fucking kidding me?? Everyone in that chamber is a fucking crook, getting rich everyday by being bought and paid for political hacks that have their own health insurance and golden parachutes.
How the hell can this guy even come close to trying to equate those pondscum maggots with us?
Barry is busy... The Wookie will invest your savings
This is in no way a serious proposal. It's the kind of trivial effort that Bubba Clinton was famous for, tiny financial deals that test well in a focus group but have no effects at all in the real world.
Wait, let me get this straight-
If the Obama Treasury is guaranteeing a rate of return, then are they not guaranteeing the continued (and constant) increase in M1 money stock?
I mean, does the Treasury not pay off what it borrows today, with the MOAR that it borrows tomorrow?
Treasury needs to borrow and spend 90$ today, so it sells a $100 bond for 90$
The Bond matures, so Treasury borrows $100 more by selling a $110 dollar bond for $100, pays back the original Bondholder their $100...
Treasury still needs to spend more, so borrowing limit is increased.
Meanwhile the price of everything that WAS $90 when the bond was issued, is now $110, so your $100 bond that you paid 90 bucks for actually buys you JACK SHIT.
Yeah, this ought to work SWELL.
The financial perpetual motion machine... Are they fucking serious?
MyRoyalAss!!
This is the first step to nationalizing your pension plan and extend food stamps to everybody.