Tuesday, July 7, 2009

Jim Cramer Pushing For IRA Treasury Bond

as if it was his own idea. It is beyond amazing. All I can do is LOLRL (laughing out loud, really loud). Mr. Jim Cramer of CNBC Mad Money is simply pushing the administration's idea of forced IRA accounts stuffed with the specially-designed Treasury bond.

I was made aware of Mr. Cramer's latest antic via Market Ticker. I followed the link provided there, and voila, almost word for word with the administration's plan that's been floating around. This blog posted the detail of this attempt to grab more money by the administration, here.

Cramer: 30-Year, 5% Treasurys? (7/6/09 Mad Money)

"Cramer has a solution for average Americans looking to recoup investments losses after a tough two years in the market: Rebuild America Retirement Bonds."

"...he [Cramer] called for the Treasury Department to issue 30-year, 5% bonds as a way to help families who are desperate to recover their savings."

And here's the administration officials:

"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 enrolled in this “universal” workplace retirement system."

Back to Cramer:

"CD rates are just too low right now, and stocks have been too volatile to trust. As a result, typically cautious investors have few places to put their money."

Back to the administration officials [follow this link on my post]:

"And if their auto-IRA assets are invested in a vehicle that could decline in value or at least fluctuate frequently, these workers may be discouraged from continuing to save, and could choose to opt out of the plan.

"Using R bonds as the cornerstone for these accounts, however, could eliminate this volatility issue."

One original idea, Mr. Cramer.

Back to the administration official:

"The administration, which included an auto-IRA provision in its 2010 budget, has gained some bipartisan support for the proposal, Mr. Iwry added."

Back to Cramer:

"So call your congressman, call your senator and let the White House know you want these bonds to be issued."

78 million Americans who could "benefit" from such scheme, according to the article in my post. Multiply that by $100,000 each in the account, and you will get $7.8 TRILLION. Now the administration can spend, spend, spend on everything they ever dream of.

I urge you to contact your Congressman and your Senator to block this fraud.


Post a Comment