[mlocher]

There are two things going on that scare the h3ll out of me. First is the current financial reform bill that Chris Dodd and others are pushing. Right now the dems are demonizing Wall Street and recently Greenspan has been called to defend himself. The sad fact is that a large number of people, including those here at FR, are buying the line that Wall Street needs to be further regulated. Congress wants more control over the Federal Reserve, wants to punish bond holders if a company that is too big to fail has financial problems and wants to give power to the treasury to be able to (effectively) disband a large bank.

The second thing, and this is still under the radar, is that the dems want to nationalize 401Ks and let them be run by the government. We are $12B in debt and there is about $12B in 401Ks. You can connect the dots. It is not clear if the current talk would include IRAs, but you can bet that if the 401K nationalization gathers steam, then IRAs will be next.

[DCBryan1]

Why are you posting this? You should be buying toilet paper, gold, Playboys, liquor, and LOTS of ammo RFN! ;)

[Shermy]

Yes. It is a stunt.

Obama has no intention of having the big Wall Street Banks follow prudent laws. They own him, as do the insurance companies. They get fascist privileges into your wallet, what ideologues call “freedom.” But to protect Democratic branding, Obama needs to pretend to care about the people. The media won’t call him on it because they don’t want to say he is a liar. They still believe.

Most Republicans are in the business cult and cannot fathom that eeevil “regulations”, especially for banks that have a license to invent money, might be the prudent thing to do. If they admit otherwise, their ideology falls apart, and they are exposed as no less purchased as the Democrats.

Capiche?

[Lazamataz]

A summary: Do you have any money? ALAKAZAM! LOOK, now you DON’T!

[TruthHound]