Is your 401K safe from the Democrats?

jackson jambalaya ^ | November 29, 2012 | Kingfish

[justlurking]

Once such proposals get a bit of traction, it will be too late to stop it. There is a considerable body of voters out there who think "asset reallocation" should be done. They're called Obama voters.

As long as the Republicans control the House and/or at least 41 seats in the Senate, it's not going to happen.

And if it does, the capital flight out of 401k's and IRAs will be swift. Someone posted an article from 2011, which said there was close to 10 trillion in 401(k), 403(b), and IRA accounts. That's 2/3rds of annual GDP.

Can you imagine what that would do to the financial markets? It would rival the crash of '29. Not even the Democrats (aside from Obama) are that stupid, especially when you consider how much campaign cash they get from the financial services industry.

[abb]

A tale as old as ancient Greece.
http://www.umass.edu/aesop/content.php?n=0&i=1
The Ant and the Grasshopper

Again I would suggest that punishing thrift by trimming SS benefits actually is a seizure of 401K/IRA monies. The effect is precisely the same.