And put people's retirements into the stock market? TO PROP IT UP. Again the more I read about banking 101, the Federal Reserve, debt, etc (most of which I knew about already just now everything coming to LIFE), did the powers that be know what was coming, a complete market upheaval? I was always suspect as to why the certain people would want to put others RETIREMENT money, into a market that has crashed more the once, twice, three times.... throughout it's history. And then I was reading about how govt's try to instill fear into civillians to get things passed cough*bailout*cough, and when I was reading the link below, my conspiracy theory bells went off when I remember how Allan Greenspan, orchestrator of the 1% fed funds rate forever which has led us to where we are, was trying to scare everyone into thinking SS was going bankrupt. Haven't heard a peep about SS going bakrupt since then. This link is a little childish but I like it! http://www.hermes-press.com/sss1.htm
Been there, drew the same conclusions: http://www.elitetrader.com/vb/showt...8&perpage=6&highlight=retirement&pagenumber=1 (shameless self production)
I'm going to make a bold call here. This is my Joe Namath call................................... ready??? If the government made social security private, im guessing there would be an option to buy government bonds in there. WOW, you heard it here first, the government would not make people only invest in nasdaq 5000. It would probably be a good idea to at least make a small part of it private. you dont hear anyone say that 401ks are a bad idea becuase the invest in the stock market. hell people sometimes put there whole 401k in there company stock. A little common sense goes a long way. i think it could be a good idea, as its the only way social security will be htere when im 70
Guess it would've been one MASSIVE "Liquidity Injection". I'm not saying partially it wouldn't have been a bad idea. But I think now with the way things are playing out, the way I remember it being presented, it's a very good thing we didn't go down that road. And furthermore, further evidence that as soon as Bush and Co.. (And include Greenspan in Bush's company, because he's been around with Jr and Sr. hand in hand all the way) Stop making decisions for this country, the better off will be. If it's not too late. While I tend to side with democrats, EITHER one of the 2 candidates I think can get this country headed back in the right direction. I still remember McCain from the 2000 days, he was way more moderate and in the middle, hopefully he's just playing the political game and catering to the right just to get elected and then will get back to his moderate roots. 3 months couldn't come sooner.
You had the "option" to do what ever you wanted. By stocks. Buy Treasuries. Do nothing. Also you're SS contribution would've had portability to heirs.
I realized 401(k)s were bullshit back in the crash of '03, and haven't been using them ever since ... I know people who lost a (small) king(dom's) ransom in that Lehman debacle ... you have to be smart and you have to be able to take care of yours ... this whole system is based on smoke and mirros and the the assumption of the bigger fool theory. P.S. I see the same thing happening this time around with the Investment Banks and people who are "vested" in them ... I obviously don't need to name any names, just pull one out of the hat.
SS fund doesn't need to be overfunded to make up for future "estimated" payments. Pay as you go would have been a viable solution. Need more money one year - increase everyone's contribution. The only problem is that money is not there anymore. It was used by the government and they were just trying to cover it up.
You nailed how the street has peddled bullshit 401(k) plans to not only working Americans, but their employers. We, as Americans, have so much access to such voluminous and sophisticated information that it amazes me that these lame ass 'financial investment vehicles' are such a soft sell. For every $1 a person invested in an indexed fund 10 years ago, aforesaid person is now back to square one - and I'd argue underwater by a vast amount when accounting for inflation, opportunity cost, etc.
Social Security privatization has worked elsewhere, only socialistas are against it, no?? The Democrats went ballistic over that issue as I recall, in spite of the obvious looming inability to pay the unfunded liabilities. Bush was just being practical, probably the Democrats want to privatize it on their watch to get the credit for the economic stimulus it will provide and for saving SSI........