[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.

[Shermy]

“Right now the dems are demonizing Wall Street”

Please, that is their kabuki act. They are owned by Wall Street Banks.

“and recently Greenspan has been called to defend himself.”

Oh my, we can’t have that! Anyway, he completely apologized for his libertarian useful idiot ideology on banks and finance. The Democrats will use him as a show piece to yell at to dissuade investigation into their deceit.