[MichaelCorleone]

“401(k)s and IRAs? Forget it.”

Can you say in terms of what? Will this be the ‘crisis’ that will enabe the Treasury to confiscate everyone’s retirement $$, or do you mean we can kiss 80% of the value good-bye?

Or both?

[publius911]

Can you say in terms of what? Will this be the ‘crisis’ that will enable the Treasury to confiscate everyone’s retirement $$, or do you mean we can kiss 80% of the value good-bye?

The complete article at the link explains the problem in detail; Many retirement accounts are heavily into Bonds, traditionally the safest investment.
If Detroit succeeds in defaulting on all its bonds, they wont be worth squat. Both present and future.
Nationwide.