An Obama Plan? Argentina Nationalizes Pensions

In a move that one could practically see occurring in an Obama administration, Argentina's socialist president, Cristina Kirchner, nationalized $30 billion in private pension funds.

Not surprisingly, this had the effect of spooking the markets and tanking the equity markets in Argentina and practically eliminating the debt market altogether. Most investors seem to think the government will raid the funds for its own purposes and then issue IOUs - not a way to build confidence in Argentina. That's why you don't elect socialists.

Don't think it could happen here? Democrats are already floating a plan that would effectively eliminate the 401-k and replace it with a government-run fund.