this morning, i thought that nearly immediate doom was inevitable because we as population were tapped out and had run out of ways to steal from our future. now, i'm not so sure.
you can now get a debit card to take money out of your 401k retirement plan, just like a second mortgage on a house, sucking value out of your only remaining forced savings plan.
so, huge numbers of people got into financial trouble by stealing from their own future by taking money out of their house through a second mortgage. now people will do the same with their personal retirement plan. so, what will be left to pay for their retirement? social security only pays 40% of your average income (which is great if you enjoy having poverty for breakfast, lunch, and dinner).
the upside is that it is a new source of debt aka a new way to push off the inevitable crash portion of the credit supercycle for at least a few more years.