Our private investments are losing value; but, our social security accounts are not losing value.
If George W. Bush's privatization of retirement accounts were in effect today, and if social
security had been abolished, then most of our retirement savings would be reduced by about a
third of their value. Because of the vagaries of the market, we really do need to keep social
security as a hedge against dire poverty if and when we reach the age of retirement. I trust the
current bear market will show people that privatization of retirement accounts, without social
security, is a very big mistake.
Today's capitalism is driven more by speculators, and not by entrepreneurs. Today, it's the
vulture capitalists who are wolfing down the remains of failed and ruined venture capitalists.
Nationalization to the rescue! The government ransoms AIG from the angel of death. The
government invests in commercial paper in order to resurrect and liberate credit.
Is this the beginning of socialism in the United States? Of course not!
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