(8-18-08) It interesting and even telling to note that the new pro-Bush faction Republican initiative would allow debit cards to be linked to IRA, 401K, and other plans.
This is actually a good idea. And it will most likely become law because the Democrats are in a politically awkward position and they really can't oppose it.
What's fostering this is that the Bush Cheney Regime is desperate to maintain consumption in this country. Consumption is now falling sharply.
Also we see that retail sales numbers and personal consumption numbers continue to fall and gross domestic product are now in minus figures.
What the Regime is concerned about is that the economy may sink into an outright depression by the 4th quarter of 2009. They would like to try to avoid that because it's not enough "distance" between themselves and whoever will be in power at that time.
In other words to try to avoid that, how can you pump up consumption or replace that 14% of consumption that had been generated from people using their homes as an ATM? They can/t do that anymore.