Subject: Re: Trump To Allow Crypto In 401K's...
But you also intimated that you weren't suggesting getting rid of social safety net provisions. So while it's not a full bailout, it's still a bailout. If you blow all your retirement savings betting on Red 11, you're not going to be allowed to starve. We're still going to pick up all your costs of food and housing and clothing and shelter and a lot of other things that you would have been able to pay for yourself out of your own pocket if you hadn't been allowed to bet your retirement savings at the Crypto Casino.

That's called "Social Security" and the welfare system. It's a bit of a stretch (as in, take your 1970's Stretch Armstrong action figure and tie him the to the bumpers of two cars headed in opposite directions) to equate the idea of "a dude blows all his retirement money on crypto and we're going to bail him out" to "401(k) companies have a fiduciary responsibility to look out for their clients' best interests".

If you're going to have a social safety net (which you don't argue against), then people's individual self-harm will have externalized costs to the broader society. Usually, the correct response is to not let them take the risky actions that expose other people to the risk of externalized costs. No, you can't store dynamite in your living room; no, you're not allowed to build your house out of super-flammable materials; no, you have to wear a seat belt while driving.

And, wonderfully enough, we already have such a system: It's called "incentivize the financial houses to make sure they don't give out stupid advice to their clients unless fully warned and prepared for losses". We don't need a bailout program; for once in American society we have...common sense...applied to a thing. There's zero need for a formal "Bail out 401(k) idiots" program from the government. The USSC ruling neatly creates just the right incentives into the system.

-dope, in the process of moving pre-tax IRA money into an insurance policy for guaranteed cash flow/future tax mitigation reasons.