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Crisis scenario might make us all gulp
Senate Banking Committee Chairman Christopher Dodd, right, welcomes Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson to the committee's hearing on Sept. 23. At left is ranking committee member Sen. Richard Shelby.
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My money (maybe literally) is that the pension plans are rife with this bad paper and therefore the baby boomers are faced with a double whammy of Social Security cuts and a devastation of the defined benefit plans as well as their 401K plans that used these rated securities. Can anyone envision the boomers marching on Wall Street on the way to Washington? As someone who has been betting on this, i am in a cash positive situation, and ready to pick up the bargains of excess.
