How exactly is Obama going to offer a new retirement plan where your money is “invested” in U.S. Treasury bonds with no risk of losing money? The last time I checked, if you invest in a bond at 2.5% and interest rates go up to 5%, you have a big fucking loss. So, if I’m understanding this lying prick, he is going to use your tax dollars to cover any losses in this new investment. Has anyone told this blithering idiot that Roth IRAs already exist for everyone. This is a ridiculous proposal and appears to be a first step in setting up a system where the government will force all retirement funds in the country into U.S. Treasury bonds when the next financial collapse arrives. Do you think it is a coincidence that this executive order is being used in the same month where the Fed is beginning to taper their purchase of U.S. Treasury bonds? I think not.
Here are the words of the Commander in Thief:
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…
Here’s what will happen as soon as you transfer money into the new Obama IRA:
This asshole is beyond belief! Why haven’t impeachment proceedings been initiated?
Admin, for once the liar in chief was not, well, ahem, lying.
“Today, most workers don’t have a pension.”
This statement is true, because the TBTF stole $13 trillion in US pension funds in the MBS swindle. There are no mortgages to back the MBS. All the pension funds are holding empty bags of unsecured debt. There’s no there there.
I get your main point tho. Yes, the end is nigh. They are about to steal our 401k money and replace it with “safe” T-Bills that will perpetuate the “purchase” of empty MBS that are being dumped into Fannie Freddie and Ginny.
And since the Chinese are gobbling up the GSE- backed empty MBS, the Federal Government is satisfying its debt with the Chinese government.
American land for debt. Problem solved.
Did the SOTUS mention any of these tantalizing facts?
guaranteed “decent return with no risk of losing what you put in”????
hahaha, I am surprised his nose didn’t grow so long it busted through people’s teevees into the living rooms of sheeple who were watching the Oreo in Chief last nite.
That’s a very funny and very very accurate South Park video.
Put it in.
Make a deposit.
Take it out.
There’s nothing left.
Sounds just like sex. Either way, you just got fucked.
Having read the transcript of the SOTU, as watching Obongo induces uncontrollable nausea/vomiting/rage, I can’t even begin to state how many LIES, CONFLATIONS and MAGICAL THINKING DELUSIONS was in that speech.
I think it was designed that way, to purposely enrage the right, to provoke somebody into doing something violent. I ain’t playing that game and neither should any of you.
BTW: This is what sociopaths do. They are so brazen, so in our face, that even if you are totally in the right, they lure you into wrong actions when you try to respond to their lies.
Just take his arguments apart with the facts, sheeit, it can be done with half your brain tied behind your backs. Call your favorite lefty radio station, send out a tweet to the lefties (but save the screen as you will find your tweet almost immediately taken down), write a letter or a blog post on the lefty sites.
I don’t know if it will help, but the truth will out, hopefully.
I think it’s a great idea. It will make defaulting on the debt so much sweeter in that those who get fucked will be those who deserve it.
As I have stated before Obango and his supporters are a clear and present danger to this Nation. Fuck them one and all.
Here Comes The Economist-In-Chief: Obama Takes Unilateral Charge
Submitted by Tyler Durden on 01/29/2014 10:27 -0500
First MyRA, now this:
•OBAMA SAYS HE’S PREPARED TO ACT WITHOUT CONGRESS ON ECONOMY
•OBAMA SAYS WASHINGTON CAN EITHER HELP OR HINDER ECONOMIC GROWTH
So how long until the Economist-In-Chief extends presidential term limits with executive order.
The lowest individuals in any society are the ones that look you in the eyes and lie to your face.
“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.”
Wouldn’t this be one of those “special” treasuries like the kind that go into SS? Can’t be sold on the open market. Can’t take out until you reach a certain age, and then you can only take out so much per month, and when you die, your heirs get SHIT!
Sensetti, while you may have a point, what would you have anyone do about it?
There’s the mid term elections, and we can elect Tea Party conservatives to local, state, and national office.
Anything else? Oh, yeah, get out of debt, buy precious metals, have at least 3 months worth of food and water on hand, obtain firearms and get training, learn emergency communications, learn a barterable skill, basically everything prepping teaches.
And the most important thing to do is…. nurture a personal relationship with God through his Son, Jesus Christ.
Tar Balls is now taking a move from the Kirchner playbook. This should work out great!
“Don’t cry for me Argentina “
Excerpt from here: http://theweek.com/article/index/255674/how-will-obamas-new-myra-retirement-plan-work
The White House gave a bit more of a look at the new savings vehicle in a fact sheet, calling it “a new simple, safe, and affordable ‘starter’ retirement savings account” that would “be offered through a familiar Roth IRA Account and, like savings bonds, would be backed by the U.S. government.”
The White House promises to provide more details today. But Damian Paletta and Anne Tergesen at The Wall Street Journal note that myRA appears “similar to an idea Treasury officials have studied for several years, which would create something called an R-bond, allowing employees to have a certain amount of money deducted from each paycheck and directed toward a specific investment.”
The retirement plans will be voluntary for the employees of participating companies, and sort of structured like IRAs: Workers won’t pay taxes on the wages diverted into the myRA, but they would pay penalties for cashing out before retirement age. The money can be rolled over into an ordinary IRA without penalty, though — and will have to be after the account reaches a certain balance, reports Bloomberg News, citing government officials.
In other words, it really is just a “starter” retirement account.
Forbes has an interesting take on it, too:
It’s a retread of ideas that have been bouncing around Washington for years. These proposals are unlikely to get traction in this Congress, although anything can happen as we head into the mid-term elections later this year.
Here’s how to tackle this problem, as outlined by the Center for American Progress:
“The Secure, Accessible, Flexible, and Efficient, or SAFE, Retirement Plan would automatically enroll workers in a collective defined-contribution plan, offer low fees and professional fund management, collectively pool participants’ assets, and turn these assets into lifetime payments in retirement at a low cost. Additionally, a Universal Savings Credit, which would replace all existing deductions with a new flat tax credit based on their contributions to a savings account, would flip the upside-down pyramid of tax benefits to better help low- and middle-income families save for retirement.”
http://www.forbes.com/sites/johnwasik/2014/01/28/why-retirement-security-stinks-in-u-s-and-how-to-fix-it/
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. -Obungeo
Didnt people reject this same bad idea under the GW Botch regime? And does anyone think Yellen is much different from her mentor Bernanke and his mentor Greenspan?
Treasury Asset Backed Securities will be bundled, given a AAA by S&P, a stamp of approval by the watchdog that never barks and sold to investors around the world. And when it implodes Ol Yellen will buy the toxic crap back at par.
Most of Lew’s screed is language lifted directly from the SOTU speech, including the bullshit about 8 million jobs, housing recovery and domestic energy independence.
The media is already dutifully spreading the “starter retirement account” message, from what I’ve seen. The other message they’re trotting out is that this “has been considered for a number of years” — which I take as an attempt to make Republicans give it the benefit of the doubt in case it’s actually something Bush came up with. We all know it doesn’t matter one bit which party’s idea it was, the end result is to force people to give more money to the government.
Thinker
They continue to spout that the IRA cannot lose money. That’s a bold faced lie. Investments in Treasuries can lose money. The odds of losing money in Treasuries is very high over the next ten years as interest rates will rise. What he isn’t saying is that the American taxpayer will fund the losses. I hate these pricks.
Agree, Jim. The only way they can NOT lose money is if the government guarantees it, an bails out the program any time it loses money. And we all know where that money will come from.
We need to add the “your myRA cannot lose value” to the list of other lies, ala “if you like your plan, you can keep your plan.”
I read somewhere recently that the Fed is purposely keeping unemployment high so that inflation stays low. Increasing jobs / personal income mean inflation will also rise. And the author suggested that the wage-increase debate is supposed to help keep unemployment high, thus preventing us from spiraling into high inflation. What are your thoughts on that?
I don’t think the idiots at the Fed are smart enough to control the labor market. Their policy has just resulted in mal-investment by companies and lenders. Wages are the biggest driver of inflation. A booming economy would blow this system sky high.
The more I ponder this MyRA thingey, the more I am reminded of this quote:
“A strange game. The only winning move is NOT TO PLAY.”
(caps mine for emphasis)
Name the movie and the year and for 10 bonus points, provide us with a compare and contrast of the concept of Mutual Assured Destruction as it applies to nuclear warheads and economic policies.
Cuz as far as the Obongo Administration goes, we are apparently facing BOTH scenarios.
War Games 1983
Still convinced that Mathew Broderick is a bender.
“Name the movie and the year and for 10 bonus points”
War Games, 1983, with Mathew Broderick (aka Ferris Bueller).
Finding it interesting that 3 doctors have nothing better to do than to be perusing TBP during a workday and having a knowledge of Broderick films. Well I guess since Barry Soetoro ( AKA Tar Balls) is ruining our careers we might as well enjoy some apocalyptic doom and gloom.
Tar Balls. What a hoot!
“The new accounts will be structured much like Roth IRAs, in which account holders contribute money after income taxes are paid, and any investment gains and withdrawals are tax-free.” I don’t understand how the President can do this by executive order it has implications for taxes. The Roth account had to go through the Congress why doesn’t this one. Its a “pretty good deal”, not really the rates of return are not going to do much for anyone that needs to save for retirement, it will barely keep up with inflation.