Posted on 01/29/2014 1:04:11 PM PST by Kartographer
I have an old acquaintance named Sam who has a hell of a deal for you.
Sam is actually a pretty famous guy with a big reputation. Unfortunately he has been a bit down and out on his luck lately… but he’s trying to make a comeback. And Sam is prepared to float you a really great investment opportunity.
Here’s the deal he’s offering: you give Sam your hard-earned retirement savings. Sam will invest your funds, and pay you a rate of return.
Granted, the rate of return he’s promising doesn’t quite keep up with inflation. So you will be losing some money. But don’t dwell on that too much.
And, rather than invest your funds in productive assets, Sam is going to blow it all on new cars and flat screen TVs. So when it comes time to make interest payments, Sam won’t have any money left.
(Excerpt) Read more at zerohedge.com ...
It’s exactly the same as buying Savings Bonds through a payroll deduction. They’ll be administered by expanding the Department of Redundency Department...
Crazy. The Dems took us from Victory Bonds to Welfare Bonds in 75 years.
And Bush got hammered because he dared to propose where you could put 10% of your FICA in an approved gov’t investment account??
If its an option that’s hardly confiscation. I went to the link and read it.
That would be like saying selling US treasuries are confiscation.
US treasuries have been booming the last few years because Uncle Sam can create $$$ to return the principle after a crash, hedge funds wont do that. They say ‘sorry your life savings are gone again, better luck next time. No one could have predicted this’
If its an option that’s hardly confiscation. I went to the link and read it.
That would be like saying selling US treasuries are confiscation.
US treasuries have been booming the last few years because Uncle Sam can create $$$ to return the principle after a crash, hedge funds wont do that. They say ‘sorry your life savings are gone again, better luck next time. No one could have predicted this’
But if Obama is doing it outside a law passed, there is a question as to if the worker/saver is legally entitled to their $$$ back.
Be skeptical of putting trust in exec actions.
MyIRA is just a defective version of the self-directed IRA that is already available to all who bother to open one. MyIra is defective because it mandates putting assets in a lousy investment — the USG. A self-directed IRA can invest in stocks, bonds, gold, etc., including foreign assets. Of course, if an IRA investor is a true believer, there is nothing (except his natural acquisitiveness) to stop him from using his IRA to emulate a MyIRA. But that would impoverish the investor and deprive the Won of a talking point.
IOW, Zero needed an extra bullet point for his 2014 SOTU, and MyIRA was it.
IRAs and 401Ks and their ilk should not exist. The tax rate should be such that they are not necessary.
bkmk
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