A personal finance rule of thumb is to save six months' worth of wages. The object is to protect the family against the loss of a job. How many of you out there have six months' worth of savings?
He's not saying have six month worth of savings in 401K. No one thinks about 401K, and you don't use 401K that way.
The title refers to the author's hysterical belief that there will soon be a total economic meltdown - he is not talking about preparedness for a personal financial emergency (job loss, illness, etc.).
His argument is that savings rates are low and that somehow this is Bush's fault. He mentions the "six month rule" parenthetically to shame the reader into agreeing with him.
He's not saying have six month worth of savings in 401K. No one thinks about 401K, and you don't use 401K that way.
Again, as I pointed out, a home equity line is a way of accessing assets without substantial penalties.
There are more flexible means of financial planning than keeping a few grand in your mattress or the next-best thing - a checking account.