OUTRAGE: FED CONSIDERS CONFISCATION OF 401(k) ACCOUNTS!

China and the Asian Tigers are dropping U.S. treasuries like hot coals on burning hands. The Federales are racheting ANNUAL operating deficit of $1.4 to $1.6 trillion (that's 12 zeros!). And with the economy mired in a massive recession, even the looniest of the loony would find it difficult to raise broad-based taxes. (Oh, they will raise sector-specific taxes for sure. That's a given!)

So where are the Federales going to find a stash of ready cash to balance its books? You got it: Trillions of retirement dollars held in 401(k), 457, 403(b) and IRA accounts. There have been dangerous talks in DC of CONFISCATING these accounts in exchange for Treasury-backed annuities. Sounds incredulous?

Currently, these are just brainstorming conversations in DC, but lest we forget that all dangerous ideas started out as "brainstormers."

The fact that this is under discussion at all is discerning enough for us here at the Fairbank Report.

See Bob Brinker's comment on the CONFISCATION PROPOSAL in the link below:

http://honeysbobbrinkerbeehivebuzz2.blogspot.com/2010/02/february-20-2010-bob-brinkers-moneytalk.html