Companies that Insure $450 Billion in Mortgages to Be the Next Falling Domino?

Some say we are in recession and the subprime crisis is more than just subprime, it is a credit and a coming insurance crisis:

And, as if there were not enough stupid and crooked lending ideas in the world, when the market finally maxes out consumers, they can charge it on their 401(k) Debit Card:

Borrowing against your nest egg is becoming as easy as stopping at an ATM.

A growing number of companies now offer employees the option of being issued a debit card that taps a 401(k) loan. The card, called ReservePlus, allows workers to withdraw funds from their 401(k)s.

The immediate concern for consumers is that impulse spending desires could trump their long-term savings needs.

Critics contend use of the cards risks depleting already skimpy retirement savings. "Big picture: it just takes us out of the context of a 401(k) loan being a loan of last resort," says Jean Setzfand AARP's Director of Financial Security. "Seeing what we see, with retirement savings not quite where we want to see it, we're just afraid that this is going to deplete it further."

Oh, yeah. Making retirement accounts easier to draw from sounds like a great idea. Who are the market wizards who come up with that one?