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2014-01-29 Economy

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Posted by Bobby 2014-01-29 07:57|| || Front Page|| [6 views ] Top

#1 Obama said he'd launch "myRA" accounts to help people save for retirement -- under the rough outline of the plan, the accounts would be offered, via employers, through a Roth IRA account and backed by the government.

I just glanced at the Dow: It's at -138.9

Posted by Besoeker 2014-01-29 09:32|| 2014-01-29 09:32|| Front Page Top

#2 Listening to these speeches reminds one of Joseph Goebbels or Baghdad Bob's proclamations and propaganda.

Posted by JohnQC 2014-01-29 10:58|| 2014-01-29 10:58|| Front Page Top

#3 and backed by the government.

I'm guessing either some sort of fee-based insurance like bank accounts up to $X now have, or used to buy Treasuries each time the cash balance hits $25 or whatever. Not that I trust the Treasury to be safe, but I'm not sure this is a bad thing to get lower paid workers into a savings plan that doesn't depend on government promises, especially if it can be rolled over into a proper IRA.

Posted by trailing wife 2014-01-29 11:06|| 2014-01-29 11:06|| Front Page Top

Not much discussion about the obvious.

Posted by Besoeker 2014-01-29 11:30|| 2014-01-29 11:30|| Front Page Top

#5 The My IRA - derth - MyRa made no sense at all. Wut, put my money in a government account earning blank percent and hope that account has not been raided, like what Sebilius tried to do in Kansas before getting promoted.

Not interested in fighting old battles huh. Good, quit your amnesty and gun grabbing shit.

BTW, loved the red carpet last night. Fabulous. The economy is fired up...but we need to reinstate unemployment benefits for the millions who have exceeded its time frame...so that we can attract millions of unemployed foreigners with permament citizenship...because we need a larger government with a larger payroll...but trust us with your savings account and health concerns...because the government is like totally trustworthy.

(Anyone else notice how totally obvious the visual agit-prop of having the personal story props all sitting next to the queen mom, and her appearance in each an every one? Some guy who couldn't run a bowling scorecard know how Joe Pizza should run his business - good employees mean good product mean good wages, and inverse)

Posted by swksvolFF 2014-01-29 11:48|| 2014-01-29 11:48|| Front Page Top

#6 I suspect our IRAs and 401(k)s will be converted to MyRAs. This is just a first step.

Posted by Glenmore 2014-01-29 11:51|| 2014-01-29 11:51|| Front Page Top

#7 As everyone knows....private IRA's and 401k's are inherently unfair. New gov't regulations and standards of fairness and equality will be established. Firms and account holders which cannot meet the new regulations will be forced to close or transfer accounts, or both. Investors will be encouraged to move their accounts to the new FDIC back myRA to avoid severe, early withdrawal IRS penalties and taxes.

[sarcasm?...]

Posted by Besoeker 2014-01-29 12:07|| 2014-01-29 12:07|| Front Page Top

#8 Anyone know of a good, reasonable place to buy physical gold and platinum?

That is kind of a serious question as I am looking to invest in something not based on cash.

I already have a shovel and a backyard :)

Posted by CrazyFool 2014-01-29 12:12|| 2014-01-29 12:12|| Front Page Top

#9 Besoeker is on to something. The MyRA will be used to help redistribute income more fairly and will appear to give more free stuff to Dem voters.

It's a win-win for Champ.

Posted by Bobby 2014-01-29 12:37|| 2014-01-29 12:37|| Front Page Top

#10 a good, reasonable place to buy physical gold and platinum?

Some people are investing in lead - in the caliber of your choice.

Posted by SteveS 2014-01-29 12:55|| 2014-01-29 12:55|| Front Page Top

#11 The MyRa plan puts the US on course to be Japan where all of their debt is basically held by their own citizens. This is how Japan can sustain such substantial debt to GDP levels. All this MyRA nonsense suggests is that the Treasury knows that foreign appetite for US debt will never be the same and there has to be a means to fund several hundred billion dollar annual deficits going forward. Anyone can buy US bonds right now. Why does the government have to help us buy them?
This is the next Social Security debacle in which all the money is spent and there is nothing but IOUs in the lock box....

Posted by Mugsy Glink 2014-01-29 13:59|| 2014-01-29 13:59|| Front Page Top

#12 Way it looks to me as well Mugs, rolling Ponzi schemes. This myRA business appears to be the default for a failed Obamacare enterprise.

They're BUSTED and looking for ways to sustain the big lie so the entire bloody mess doesn't implode.

Posted by Besoeker 2014-01-29 14:04|| 2014-01-29 14:04|| Front Page Top

#13 Of course. After 'Healthcare' reform we will have 'Investment reform' because of those evil bankers and investors. Much like how Besoeker described it above.

Just need to trigger another 'bubble bust' to create the proper crisis... blame it on the ~~jews~~ investment bankers and we're off!

Posted by CrazyFool 2014-01-29 14:25|| 2014-01-29 14:25|| Front Page Top

#14 MG - MyRA is the new 'war bonds' to continue to run the bankrupt government. Unfortunately, the old war bonds were sold to 'Americans' to defend their way of life and culture. 50 years into the culture war with multiculturalism and every special interest group vying for exceptions, exemptions, and pay offs, it's everyone for themselves. That's not going to sell.

Posted by Procopius2k 2014-01-29 15:38|| 2014-01-29 15:38|| Front Page Top

#15 I bought my gold from Larry Pink at
Goldline. I did not buy it as an investment, but as a security.

Posted by bman 2014-01-29 15:43|| 2014-01-29 15:43|| Front Page Top

#16 ZeroHedge on the MyRA

Posted by Bright Pebbles 2014-01-29 17:15|| 2014-01-29 17:15|| Front Page Top

#17 Ref #16.... and the bottom line is:

Heres the thing: according to the IRS, there is well over $5 trillion in US individual retirement accounts. For a government as bankrupt as Uncle Sam is, $5 trillion is irresistible.

Posted by Besoeker 2014-01-29 17:59|| 2014-01-29 17:59|| Front Page Top

#18 That 5 out of 17 wont be grabbed all at once.
Remember it's debt and as such paid in interest.

The MyRAs will be used to pay the interest, not to pay off the debt.

Posted by Bright Pebbles 2014-01-29 18:32|| 2014-01-29 18:32|| Front Page Top

#19 ...early withdrawal IRS penalties and taxes.

Protip - you can file your 1040 and report an early IRA / 401(k) distribution without the 10% penalty and your return won't get rejected, nor will you get a letter in the mail shortly thereafter with the penalty bill.

However, if your return gets pulled / audited or you get a correspondence audit from the IRS (say, for unreported stuff like not reporting bank interest, dividends, etc. on your return), then the IRS calculates the penalty.

Just sayin'...

Posted by Raj 2014-01-29 19:52|| 2014-01-29 19:52|| Front Page Top

#20 Might work, IF he wasn't a LIAR already, Just can't be trusted, so, He'll FORCE you.(It's for your own good)DANGER WILL ROBERTSON, DANGER, DANGER.

Posted by Redneck Jim 2014-01-29 20:21|| 2014-01-29 20:21|| Front Page Top

#21 There is already a thing called an (Roth) IRA, the program is up and running, its called a Bank, and they are already insured for loss.

If it is a voluntary program, what could the Government offer which would be superior to IRAs already offered, and yet be different than bonds and other savings options? How?

Posted by swksvolFF 2014-01-29 20:41|| 2014-01-29 20:41|| Front Page Top

23:10 CrazyFool
22:51 Omavising Ebbemp9815
22:49 USN, Ret. ontheroad
22:47 USN, Ret. ontheroad
22:43 Flaiger Uneamp8181
22:15 SteveS
22:11 Uncle Phester
21:50 Enver Snusotle5630
21:47 Uncle Phester
21:47 JosephMendiola
21:42 Uncle Phester
21:39 JosephMendiola
21:14 JosephMendiola
21:08 JosephMendiola
20:53 Enver Snusotle5630
20:41 swksvolFF
20:25 Redneck Jim
20:21 Redneck Jim
20:15 Redneck Jim
20:02 JosephMendiola
19:52 Raj
19:48 JosephMendiola
19:41 JosephMendiola
19:33 JosephMendiola