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Social Security is Now Privatized

Posted by Contrarian Guitarist on Thursday, October 16, 2008 12:18:43 PM
With the collapse of the stock market there are literally hundreds of articles and blogs trumpeting how bad it would've been had Bush been able to privatize a portion of social security. Imagine the losses! A couple thoughts, first, if Bush had some managed to get congress to pass changes that would allow future retirees the ability to invest a third of their "savings" in the stock market, it wouldn't have gone into affect until next year anyway. There would've been some good deals out there. And second, didn't the federal government essentially privatize all of social security by so heavily tying the future of the government to banking, financial and insurance stocks?
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Bowling for Banks

Posted by Contrarian Guitarist on Thursday, October 16, 2008 12:06:06 PM
I get the impression from this Washington Post article about many banks refusing federal monies that most banks, particularly community banks, did the right thing: only loan to those who can pay you back and only loan that which you have. This paragraph from the article I found socialistic...

"Participating banks cannot increase the dividends they pay to shareholders without federal permission, they must accept some limitations on compensation for their executives, and Paulson said the government would press companies to limit mortgage foreclosures."

The government will always get theirs first. Except when they are giving it out to get your vote and their power.
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