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Officials in the Obama administration are moving quickly to develop the investment infrastructure behind the president’s proposal for mandatory automatic enrollment in individual retirement accounts, which could be supported by the creation of Treasury-issued retirement bonds.
J. Mark Iwry, deputy assistant secretary for retirement and health policy at the Department of the Treasury, said that administration officials are exploring some “conservative” options for investing the assets of 78 million Americans that he estimates could be automatically en¬rolled in this “universal” workplace retirement system.
But there is also a chance that they could rely on a new form of bond — an “R bond” — as the basic building block for the auto-IRA, Mr. Iwry said in addressing reporters at the Treasury Department in Washington last week.
00:15:17 >> Ira, rick santelli mentioned there was a buzz on the trading floor out there about some proposal that is apparently making the rounds if only among traders to in some sense convert massive portions of the american retirement system into an annuity plan that would buy treasurys.
00:15:34 Are you hearing anything about that?
00:15:36 If you haven't, fine, if you have, tell us.
00:15:38 >> No, I just heard that from rick and that would make sense.
00:15:41 It would kind of fit with the whole takeover of fannie and freddie by the treasury on the christmas eve surprise that we saw because they'll have to figure out some way to move that off the fed balance sheet on to other people's hands and they'll find creative ways to deal with that.
We have MANDATORY ObamaCARE. We're going to have MANDATORY 'R' bond. What will happen to us if we don't own this bond?? still Jail and Fine?
Why do I see a lot of mandatory horse *****s from Obama???? Are we living in a communist country? Will our SS be gone in the future??
Obama wants to use our investment money to pay this country debt and his programs when other countries don't do it.
Last edited by NEPatriot; 01-23-2010 at 01:08 AM..
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