And Left From My Dreaming Was A Feeling Of Unnameable Dread

First blog post about the economy ever that had a Rocky Horror Picture Show lyric as its title? Perhaps.

Why the dread? One of the very nice and well-meaning things many Obama supporters said after the election was “Don’t be afraid.” I’m not; I blew straight past fear into horror and dread almost immediately. I try to keep a handle on it, since we made fun of the Bush Derangement Syndrome weirdos back in the day. And again, I’m willing to give him a chance.

Still, the dread. Consider this. George W. Bush is a businessman from old wealth. That was one of the reasons he was supposedly evil–had an MBA, was an oilman, ran a baseball team. Eeeevil capitalist. Nevertheless, when the economy started on a rocket sled to hell, HIS default position was Socialism–bail everyone and everything out, send out “rebate checks,” nationalize banks. That’s what the evil capitalist did in response to the economic crisis. Given that, what will the ACORN-supported community organizing lawyer from the church that disavows middle-classness do? There’s the dread, right there.

To be fair, Obama’s choices so far haven’t been that bad. It’s sort of scary that he picked a person from EMILY’s List as communications director, but he has to play to his base somewhere. Clinton’s not a terrible choice. I like Bill Richardson okay. The market seemed to like Obama’s choice of Treasury Secretary pretty well, and I have yet to hear anything bad about him. Larry Summers would be a decent choice as Fed Chairman, for as long as we have something as misbegotten as a Fed.

And then there’s Pelosi. After we had a few hopeful days of thinking that we the taxpayers WEREN’T going to bail out the Big Three automakers and thus they would have to renegotiate with the unions that are bleeding them dry, I heard on the news today that Pelosi is now offering them not only the 25 billion dollars in taxpayer dollars they asked for, but another 50 billion on top of that. Ooh, there’s that dread again.

And, Obama’s talking the sort of policies that turned our 1930s Depression into a Great one. Increasing the size of Americorps, raising the minimum wage to $9.50 an hour, taxing the wealthy, creating millions of government jobs in infrastructure and “green” jobs. For what it’s worth, many of Missouri’s state parks were constructed by the CCC–they did a great job…back in the day. That was a different culture, one that valued and was familiar with the concept of hard physical work. Will that work now? Will the banker who used to make million-dollar bonuses be willing to live in a dormitory and build rock walls? Will the college grad who can’t get a job be willing to do likewise? Will these highway building projects be subject to the same bidding quotas that have turned highway departments into such bloated bureaucracies? Will these green jobs be subject to market pressures, or government-subsidized make-work details? I guess we’ll have to see, but I have my thoughts.

The weird thing is, none of this will hurt me too much personally–the dread I feel is more for the economy as a whole, and our standing in the world. I have no credit card debt. I am toward the end of Step 2 of Dave Ramsey’s baby steps, in that I am still paying for a car. That’ll be done by the end of next year. Then comes step 3–saving up 3 to 6 months of expenses in cash. I want to save more than that because I also want to save a 20% down payment on a Gulch of my own. That’s 2010 taken care of, maybe more than that, and I expect in 2010 to see a Republican revolution rivalling or surpassing 1994. I’m young-ish, and for now I’m only paying into my 401(k) up to my employer match (6%). By the time I get to step 4–investing at least 15% of my income for my retirement, we should have ended our sojourn with Socialism, barring a 1930s-style Depression and the market should be looking up. So, it’s all good–my destiny is mostly in my own hands. And yet, the dread remains.

Preparedness tip of the day: Booze. I was grocery shopping yesterday and noticed that the holiday liquors were out now–you know, bottles of good booze with glasses or other extras. They’re cheaper now than they usually are, and will be up through the New Year. Buy a few bottles (or more) of what you like–bourbon or vodka is probably better if things go to hell and you have to barter with them. Liquor has many uses–you can drink it to calm down when the President announces another Socialist plan, it’s as good as NyQuil for treating a cold at bedtime, etc. If you’re seriously into preparedness, consider buying the equipment and learning how to make your own beer or wine. You could be very popular if things go all to hell.

Don’t Panic

So it is written in large, friendly letters on the cover of The Hitchhiker’s Guide to the Galaxy, and so it shall be.

This is pretty much another disaster preparedness post. Again, scroll if it’s not your thing.

Vital stats: Dow down 445 to 7552 (down 2076 points since Mr. Obama was elected); silver down $0.36 to $9.32 an ounce; gas $1.76 a gallon.

There’s a lot there to panic about–even those of us who live simply and don’t have much or any debt do feel the tension of seeing our retirement plans dwindle for a few years. We’ll either bail out the American auto industry with taxpayer money (bad) or take even more of a hit in manufacturing (also bad). Not even the pundits seem to understand what’s going on.

Still, panic fixes nothing. Panicky people make bad decisions. Panicky governments throw the people’s wealth at problems with no understanding of how to fix them. You cannot control the Dow. You cannot control the worth of precious metals. You cannot control what Mr. Obama may or may not do. What you can do is to strive for greater self-sufficiency. Pay off your debts. Dave Ramsey has awesome advice for this. Cut back on lifestyle so that you can pay debts, save some cash, and store supplies for you and your family–food, how-to books, water filters, health supplies, clothes, weapons and ammo, etc. Develop skills–learn to hunt, fish, grow your own food to the extent you can, can, knit, sew. People in the last Great Depression had the advantage of living close to the land–we have the advantage of suspecting what is coming and having the time and health to prepare for it.

There’s a preparedness tip coming up, but first a cautionary note. This is something that I’ve seen repeated on Rawles and du Toit’s blogs, and it bears repeating as times get tougher.  I am a Christian (yep, true, I’m not a pure Objectivist), and I believe people have a moral obligation to help each other out (on the other hand, I don’t believe the government has the right to coerce people to help each other out, or to confiscate people’s wealth for redistribution). I believe in helping others out. I post these tips on this blog, and I give to churches and charities. However, my charity is not a suicide pact. Some people know I have preparations.  They should know this–except for those I have invited to come, if the absolute worst occurs, I will turn others away. We’ve all heard the “joke”–’Well, if the zombie apocalypse happens, I’ll come to your place.’ No, if you’re not invited, you won’t. Most all people who prep do not have enough to provide for everyone. That’s why so many preppers work so hard to educate others. It’s part of the self-sufficiency thing. Be prepared to do for yourself. It’s not that hard, and it’s extremely satisfying. Teach a man to fish, be an ant and not a grasshopper, and all those other cliches are true. If you are reduced to trying to join up with someone who didn’t previously invite you, be prepared to offer something–money, skills, food, shelter, supplies, etc. You’ve seen photos of Katrina refugees walking into the Superdome with nothing–not a bottle of water, a toothbrush, or food–don’t be like them. It’s a scary, panicky, powerless place to be. You are at the mercy of others, or of the state.

Preparedness tip of the day: Bread. Bread is so key–a good, simple, whole wheat bread (ideally with a little butter), some protein, and some carbs will keep you going on the cheap. If you’re into basic preparedness, store plenty of flour (all purpose or wheat, your choice), yeast, and salt. If you’re a serious prepper, buy whole wheat by the 5-gallon bucket and invest in a sturdy hand grinder. If the weather goes bad for a long time, or the stores empty out, this no-knead bread will make you happy happy. It’s a recipe from the Mother Earth News adapted from the New York Times. There’s a loaf of it rising in the Gulch’s kitchen right now. Makes one 1 1/2 pound loaf.

• 1/4 t active dry yeast
• 1 1/2 cups warm water
• 3 cups flour (your choice)
• 1 1/2 t salt
• Cornmeal, wheat bran, or flour for dusting

1. In a large bowl, dissolve yeast in water. Add the flour and salt, stirring until blended. Dough will look shaggy and sticky. Cover bowl with plastic wrap. Let it rise at least 8 hours, preferably 12 to 18, at warm room temperature (room temperature in the Gulch is cool, so I let mine rise on an electric heating pad turned to low–a gas oven with a pilot light also works).

2. Dough is ready when surface is dotted with bubbles. Lightly flour a work surface and put dough on it. Sprinkle with flour and fold it over on itself once or twice. Cover loosely with plastic wrap and let it sit for about 15 minutes.

3. Using just enough flour to keep the dough from sticking to the work surface or to your fingers, gently shape it into a ball. Generously coat a clean dish towel with flour, wheat bran, or cornmeal. Put the seam side of the dough down on the towel and dust with more flour, bran, or cornmeal. Cover with another towel and let rise for 1 or 2 hours. When it’s ready, the dough will have doubled in size and will not readily spring back when poked with a finger.

4. At least 20 minutes before the dough is ready, heat oven to 475 degrees. Put a 6- to 8-quart heavy covered pot (I use a cast-iron dutch oven, but you can use an enamel, Pyrex, or ceramic pot) in the oven as it heats. When the dough is ready, carefully remove the pot from the oven and lift off the lid. Slide your hand under the towel and turn the dough over into the pot, seam side up. The dough will lose its shape a bit in the process. Give the pan a firm shake or two to help distribute the dough evenly, but don’t sweat it–it will even out as it bakes.

5. Cover and bake for 30 minutes. Remove the lid and bake for another 15 to 20 minutes, until the loaf is browned. Remove the bread from the dutch oven and let it cool on a rack for at least 1 hour before slicing.

Dense, dense, but satisfying and good. Awesome with soup or stew.

Home Sweet Home

Nice to be back. Flew back to St. Louis last night, went to work this morning, then came back and passed out for a bit. Got my paycheck today so I paid my voluminous bills and now I’m kicked back watching Dave Ramsey. Rainy and cool, but what the hell, it’s November.

Earlier this week I went to the sheriff’s office to do the concealed carry thing–it’s no ordeal, but do have all of your documentation ready.

Flight yesterday had a layover in Chicago. Now, I despise Illinois politics, but I love Chicago. Yes, it’s Obama’s chosen home–imagine that, an ambitious democrat politician choosing to start out in Chicago–but he’s not from there, it didn’t form him. Chicago is my favorite city in the country. As you approach O’Hare, heading north over Lake Michigan, you look to the west and see the awesome concrete canyons of downtown Chicago–the Sears Tower, the John Hancock Building, Soldier Field, the Navy Pier. I love nature, but if anything I’m even more moved by these achievements of people. Massive buildings, well lit and full of action. These buildings are evidence of great thinkers and great do-ers. I don’t think Mr. Obama would know how to change a fluorescent light bulb in any of those great buildings. Chicago is glorious–the massive downtown, surrounded by marvelous, densely populated, livable neighborhoods. The only thing that mars it is to look down and think “That city allows only criminals to carry guns.” Try not to think of it, and move on.

One of the many horrible things about September 11, 2001, in addition to the unbearable loss of life, was the destruction of buildings and planes. Nineteen screaming morons with box-cutters killed 3000 people and destroyed numerous buildings in New York, as well as damaging the Pentagon. These scum, and the stupid ideology they followed, are incapable of building a plane, or a great skyscraper. They knew how to slash, murder, and crash. Contemptible filth. The World Trade Center towers were not beautiful, but the were striking structures that gave the New York skyline a muscular, dynamic appearance. It’s a crime that we’re not replacing them exactly as they were, but replacing them with that odd, willowy, contemplative structure. Terrorists, *spit*. They’re cowards, not worthy of the name human being. I will NEVER forgive, nor forget.

Wow, my cup runneth over. “Lock and Load,” the history of the rifle, is on the History Channel, then “Suspiria” on TCM. Win!

Vital stats: Yesterday: Dow up 52 to 8835; silver up $0.11 to $9.37; gas $1.94 a gallon in the undisclosed location. Today: Dow down 338 to 8497 (down 1131 points since Mr. Obama’s election); silver up $0.13 to $9.50 an ounce; gas $1.82 a gallon–shoot, we’re broke, but we can drive anywhere we want! Big international meeting in DC tomorrow about the economy. Pray they don’t come up with yet more Socialism, but don’t hold your breath while you’re doing it.

Preparedness tip of the day: You’ll note I mention silver prices every day. You should have some precious metals–James Wesley, Rawles, recommends $1000 face value in junk silver, but every little bit helps. Gold is good for holding large amounts of wealth, but it’s hard to divide up in an emergency. Still, if you can afford it, get some. If you are of more modest means, like myself, you can still get into precious metals. First, make sure you’ve got an emergency fund of cash in the house and in the bank. Make sure you have the basics of survival–beans, bullets, and band-aids. After that, with every paycheck, go to your local coin shop and ask about “junk” silver. These are silver coins pre-1965 that don’t have value for collectors, but they are 90% silver. A silver dime is currently “worth” about $0.75, but expect to pay a dollar a piece because they are scarce right now. I expect their value to go up, or I wouldn’t invest in them. They may not, but they’ll always have intrinsic value, unlike paper money, which is only what governments agree it is worth, or the worthless alloy coins circulating today. Try to buy $10 in face value of dimes with each paycheck–you’ll eventually be glad you did.

Rand of the Day (Part Two, Chapter X: “The Sign of the Dollar”)(Kellogg is discussing the dollar sign): Incidentally, do you know where that sign comes from? It stands for the initials of the United States…. Do you know that the United States is the only country in history that has ever used its own monogram as a symbol of depravity? Ask yourself why. Ask yourself how long a country that did that could hope to exist, and whose moral principles have destroyed it. It was the only country in history where wealth was not acquired by looting, but by production, not by force, but by trade, the only country whose money was a symbol of man’s right to his own mind, to his work, to his life, to his happiness, to himself. If this is evil, by the present standards of the world, if this is the reason for damning us, then we–we, the dollar chasers and makers–accept it and choose to be damned by that world. We choose to wear the sign of the dollar on our foreheads, proudly, as our badge of nobility–the badge we are willing to live for and, if need be, to die.

Was it over when the Germans bombed Pearl Harbor?*

*God rest John Belushi

Nothing is over until we decide it is. I’m in a better mood today. No reason–I didn’t believe the polls then, and I’d be a hypocrite to believe them now. Still, I’m harboring the flame of hope (not “HOPE” like the holy Soviet Realist Obama triptych at the Royale, but the little hope). The Republicans are finally starting to spend their money: I saw the “I am Joe the Plumber” ad and the “Biden: Mark my words” ad last night. I know the theory is the big 72-hour plan to dump all their money this weekend; hopefully it will convince the undecideds that all is not lost. As for me, I’m going to keep fighting. Walked in the door tonight and someone had conveniently left me a “Democrat sample ballot” on my door telling me who and what I should vote for. I suppose the Republicans do this in Republican areas–I’ve never lived in one, so I wouldn’t know–but it shows a pretty low respect for the thinking capacity of the voter. I still need to look up the judges on the ballot to see who needs to be thrown out–the Dems say to keep them all in power, which is already one strike. Heh.

I told my co-workers today that I’m taking next Wednesday off–I intend to be hung over, regardless of who wins. One of them suggested I come into the office for safety’s sake. A lot of people have a bad vibe. I’m not scared; we’ll see how it goes.

National Review arrived today-first one since they asked Christopher Buckley for his resignation. I was gratified to see Mark Steyn back on the back page–he’s a treasure. Things you never expect to see in National Review: an article about Burning Man. Author liked it, too, sort of.

The weird continues apace. One of the radio stations here, the River 101.1 FM, has been running Christmas music 24/7 for the past 2 weeks. I don’t suspect it will stop. Makes me want to jam an icepick in my face when I hear it, though.

Speaking of Christmas (*removes icepick*), I made my list today. 12 adults, 2 teenagers, 2 babies (yay!), and a dog. This year I vow, no credit cards. I expect the bargains to be good, and I ought to be able to swing it, cash-wise. If the economy well and truly goes to hell, it can be apples and string NEXT Christmas. The worst part is that December is personal property tax month–that one always hurts.

Dow up 889 to 9065. Apparently the Fed is meeting tomorrow, and this is the market’s way of saying it wants and expects an interest rate cut. I’m not an economist, and I have no idea if that’s a good or bad idea. We’ll see what happens tomorrow if Bernanke DOESN’T lower the rate. Gas is $2.29 a gallon, and silver is down $.26 to $8.79 an ounce, which strikes me as inexplicable.

Preparedness tip of the day: This one is my hat tip to an interesting conversation at Little Green Footballs today–pick up books. Good books, good history, good literature. See what they’re giving away at the library. Hard copy knowledge, especially knowledge that has stood the test of time, is invaluable.

Vote NO on Missouri Proposition C.

You’re broke, darlin’*

*In the immortal words of Dave Ramsey.

No, not really. Today was no different from any other day, except on paper. Dow down 203 points, to 8176. Silver down $.19 to $9.18 an ounce. I have no credit card debt, car is close to being paid off, and I have an emergency fund. The lights are on as I watch cable and surf the net in my well-heated apartment. I am better off than 95% of the world’s population. I am so very lucky to be an American, and I try to make myself worthy of that good fortune.

Still. My net worth, the product of my labor the government allows me to keep, has shrunk 40% in the past year, just like everyone else’s. Dang. I don’t retire for more than 30 years, so I normally wouldn’t worry.

These aren’t normal times. I’m trying to keep my hopes up, and I’m going to fight for McCain/Palin until the end next Tuesday. Nevertheless, we seem poised to elect a Socialist with 142 days of Senate experience to the highest office in the land. We’re not really going to do this, are we? A man whose father was a Communist lecturer, a man who bragged about his college drug use and vandalism? A man who attended church for two decades in a parish that had one of its precepts as disavowal of middleclassness? A man who despises the Second Amendment? A man who voted that if a term baby survived an abortion it should receive no medical care but be left to die on a cold shelf? A man who blacklists media who ask difficult questions? A man who in 2001 compared his country to Nazi Germany? A man who wants to redistribute wealth? A man whose political career was launched in the home of a woman who openly admired the Manson Family murders and a man who bombed the Pentagon and dedicated one of his books to the assassin of RFK? This is like a nightmare.

In normal times, the stock market would bounce back, naturally, after it underwent its correction. If we elect a Socialist as President, I don’t see how the stock market survives. People will RUN for the exits, lest they be taxed for their success. Obama will rule over a veto-proof Democrat Congress. For two years, they’ll be able to do whatever they want.

Hell of a thing. This Eeyore moment brought to you by John Galt. I’ll be better tomorrow, and I’ll never stop fighting.

McCain/Palin 2008.

Vote NO on Missouri Proposition C.

Obama Socialism Watch– “Redistributed Change” Interview from 2001

Back in 2001, then Illinois State Senator Barack Obama gave an interview on Chicago public radio station WBEZ FM. His Socialist economic positions and ignorance of the Constitution have never been more obvious:

http://gatewaypundit.blogspot.com/2008/10/socialist-obama-talks-redistribution-of.html

TRANSCRIPT:

MODERATOR: Good morning and welcome to Odyssey on WBEZ Chicago 91.5 FM and we’re joined by Barack Obama who is Illinois State Senator from the 13th district and senior lecturer in the law school at the University of Chicago.

OBAMA: If you look at the victories and failures of the civil rights movement and its litigation strategy in the court, I think where it succeeded was to vest formal rights in previously dispossessed peoples. So that I would now have the right to vote, I would now be able to sit at the lunch counter and order and as long as I could pay for it I’d be okay.

But the Supreme Court never ventured into the issues of redistribution of wealth and sort of more basic issues of political and economic justice in this society. And to that extent as radical as people tried to characterize the Warren court, it wasn’t that radical. It didn’t break free from the essential constraints that were placed by the founding fathers in the Constitution, at least as it’s been interpreted, and the Warren court interpreted it in the same way that generally the Constitution is a charter of negative liberties. It says what the states can’t do to you, it says what the federal government can’t do to you, but it doesn’t say what the federal government or the state government must do on your behalf. And that hasn’t shifted. One of the I think tragedies of the civil rights movement was because the civil rights movement became so court focused, I think that there was a tendency to lose track of the political and community organizing and activities on the ground that are able to put together the actual coalitions of power through which you bring about redistributed change and in some ways we still suffer from that.

MODERATOR: Let’s talk with Karen. Good morning, Karen, you’re on Chicago Public Radio.

KAREN: Hi. The gentleman made the point that the Warren court wasn’t terribly radical with economic changes. My question is, is it too late for that kind of reparative work economically and is that that the appropriate place for reparative economic work to take place – the court – or would it be legislation at this point?

OBAMA: Maybe I’m showing my bias here as a legislator as well as a law professor, but I’m not optimistic about bringing about major redistributive change through the courts. The institution just isn’t structured that way.

You just look at very rare examples during the desegregation era the court was willing to for example order changes that cost money to a local school district. The court was very uncomfortable with it. It was very hard to manage, it was hard to figure out. You start getting into all sorts of separation of powers issues in terms of the court monitoring or engaging in a process that essentially is administrative and takes a lot of time.

The court’s just not very good at it and politically it’s very hard to legitimize opinions from the court in that regard. So I think that although you can craft theoretical justifications for it legally. Any three of us sitting here could come up with a rational for bringing about economic change through the courts.

Will Atlas Shrug?

Spent a productive day in the Gulch. Have read 200 pages of “Atlas Shrugged” in 3 days; I’ll post today’s quote when I can find just ONE good one–there’s so much Rand wrote in that 51-year-old book that reads as if she wrote it after the 2008 primary season. Lovely, sunny fall day in the high 50s. I threshed some amaranth, stored some water, then did a little shopping, and am settling in for the Notre Dame game.

News of the Day? Who knows? I heard a little as I worked–Obama’s back on the stump after spending a day and a half visiting his grandmother in Hawaii. Some poll Fox was quoting had Obama ahead by 12 points–a ridiculous assertion. Gas is $2.59 a gallon here. Sample ballot arrived today–McCain is the first listed choice for President, which should be a little helpful.

What government services did I use today?  I live in a free country thanks to the military. I’m writing this thanks to the First Amendment. I heard police and fire sirens, which means they’re still around. I drove on state highways. I used electricity and natural gas–private monopolies, but I would reckon they’re “too big to fail” and operate under the aegis of the government. I paid sales tax on my purchases. Government was benevolent today.

Will it always be? Again, I remain convinced McCain will win. One of the many reasons I am voting for him is I know where he stands–I’ll hate many of the things he does, but he won’t actively work to subvert democracy and capitalism. My life and my investments will still be my responsibility.

What will Senator Obama do? The fact that he’s on the record as wanting to spread the wealth around gives some clue, but he’s such an unknowable cipher that no one knows for sure. Kelsey Grammer was on Cavuto a couple of weeks ago saying he was completely out of the stock market, partly as a hedge against Obama winning and confiscating his profits. I noted below that if people vote for this madness, I will get out of my 401(k). How many others will do so?

There’s no doubt that the greed of people living beyond their means, as well as the government forcing banks to give mortgages to people with no hope of paying them back has gotten us into an awful financial mess. The government bailed the whole mess out with incomprehensible sums of taxpayer money. All objective sources indicate that credit is loosening back up. Yet still the market struggles.

Is Atlas preparing to shrug? Not with the ostentatious displays that leftists indulge in–protests with papier mache puppets–but with silent, purposeful action? A prediction–if Obama wins on November 4, the market will lose another 2000 points between election day and when he takes office. People will simply cash in their chips and walk. The big guys will move it overseas to those few shelters still friendly to capitalism. The little guys will purchase tangibles, land, precious metals, and store up cash. What’s the point of taking a risk in the markets when you will be punished by the government if you succeed? Like Joe the Plumber, why start a business if it will be taxed and regulated into oblivion?

How many productive people will simply go “on strike”? How many would it take to show the country that the government needs productive people more than those people need the government?

Thinking the Unthinkable

I remain convinced that McCain will win the election.

However, as a preparedness-minded person, I have to consider the ways in which my life would change if Senator Obama wins. Senator Obama has an admittedly Socialist outlook on the economy, and he would have a solid majority in the House and Senate. He has expressed the desire to spread the wealth around, and as the story below shows, the dems are already looking to raid 401(k)s of their tax breaks. During a recession, this is what’s known as a Very Bad Idea.

That’s at the macro level. At the individual level, I’m a big fan of financial guru Dave Ramsey. I’ve created my small emergency fund and paid off all credit cards. I have a car loan I’m paying extra on, which will be paid off in late 2009. That means I’m closing in on Baby Step 3–amass three to six months’ worth of expenses as an emergency fund.

It goes against all the beliefs instilled in me about 401(k)s and other types of IRAs, but if the Messiah wins, I’m seriously inclined to cash it all out, taking the penalties and the taxes. With rational leadership, it’s foolhardy to pull out of a 401(k)–taxes and penalties, you lose your employer’s matching money, and you lose the magic of compounding money. Even in bad times like this, you’re acquiring lots of shares, which translates into more wealth when the market rights itself. That assumes rational leadership, though, and none of the democrat (and precious few of the Republican) economic proposals I’ve seen are rational. I would have a full-up emergency fund (and then some) and be able to move onto step 4 (which, ironically, is saving at least 15% of your income for retirement), for which I would find programs the government is least likely to confiscate.

May it never come to this. The fit has well and truly hit the shan when people have to bail out of their private retirement plans lest they be nationalized by the government.

House Democrats Contemplate Abolishing 401(k) Tax Breaks

http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081012/REG/310139971

So, if the Dem Congress forces this through:

1. Investors in 401(k) programs lose their tax breaks, as do their employers.

2. Employers stop the matching program.

3. People withdraw en masse from their 401(k)s. Stock market collapses for good.

4. People are made dependent on government.

Sigh. Most people of my age got into 401(k)s because we knew Social Security to be a Ponzi scheme that will collapse long before we are able to receive any benefit from it. Both parties are lying about the stability of Social Security. So, Congress, which has mismanaged one retirement program into the ground, wants to apply their tender mercies to another program. In the words of Peter Griffin, they can kiss the fattest part of my ass. If Congress tries to nationalize 401(k)s, I’ll close mine, taxes and penalties be damned, and buy a piece of land for Galt’s Gulch, and hold out until sanity returns to the body politic.

Keep your eyes on this story, and hope that there will be a Republican President to veto the worst of Congress’s ideas.