Coming Soon: Substituting Government Annuities for Your 401(k)?
“If the government owns the people’s savings, the people (who mostly understand what will happen to them if this goes through) will look for alternative vehicles to put their money in. The government will have to either co-opt or outlaw those to ensure the revenue stream they create. And what happens to the economy due to the loss of that capital inflow?”
That’s EXACTLY what the FDR Admin did to the country in the 1930s. It made owning Gold ILLEGAL after people stopped putting money into banks and bonds and started buying metal. The Obama Admin seems to be following the EXACT path that FDR and Hoover took in the 1930s to turn a recession into a deep Depression, during which FDR profoundly increased the power of the Federal Government. Is this mere incompetence and historical blindness? Isn’t Bernake supposed to be an expert on the Great Depression?? Then why are they DOING THE SAME THINGS!!!
