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This is why I quit contributing to my 401K when obutthead was elected. Some call me stupid for not taking advantage of the “booming” market. I see it as not putting any more of my money where the government may very well declare it not mine very soon.

Good grief. No one is trying to take it away from you. There was one instance where an obscure professor testified to a committee, proposing it. No one took her seriously, except for the conspiracy theorists.

This is simply a misguided attempt to prevent financially-illiterate people from making poor investments. They have a point, but this is a sledgehammer approach to a problem that could easily be solved with one small change: ban company stock funds from 401(k)'s.

I've personally been burned by a bad investment advisor, and am still involved in a class action lawsuit as a result. But, I don't think more regulation is needed.

There are actually better choices than ever for the passive retirement investor: the lifecycle funds. There are fees that you could avoid if you do it yourself, but for many investors, the fees are worthwhile.

... one small change: ban company stock funds from 401(k)'s.

There is nothing inherently wrong with investing in one's own company -- as long as that's not the only investment. Perhaps place a percentage cap on how much you can direct to company stock.