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March 08, 2005

Personal Bankruptcy and Private Accounts

Max Sawicky asks an excellent question:

MaxSpeak, You Listen!: [Would] the private accounts and annuities under Bush's... Social Security privatization plan would be vulnerable to attachment by creditors, thereby opening up a new source of equity to the credit card industry, after they have sucked out all your blood?

I think the answer is "Yes"--either immediately in the plan itself as it moves through the House of Representatives, or in five years as the next wave of credit-card industry lobbyists hit the beaches of Capitol Hill.

Posted by DeLong at March 8, 2005 11:28 AM