This Might Be a Good Time to Privatize Social Security

Just think how you would feel today if your pension dollars were invested in AIG, Lehman Brothers, WaMu, and the many financial and insurance corporations that have made offers that turned out to be false. I don't know a way out of this mess, but privatizing social security seems only a way of showering money on the already rich while the rest of us just get p-ssed on. I think I have a better chance of getting something back through taxation that I do through "investment" by those who make prostitutes seem moral.

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  the only solution.   This  revelation will be a big shoe to drop .   You can invest in something safe , like bonds.  You don't have to be in the stock market. 

NY joins NJ pensions in bid to starve short sellers

NEW YORK (Reuters) - New York state's pension funds on Thursday joined other public pensions that temporarily stopped lending bank and brokerage stocks to short sellers, the state comptroller said, saying he wanted to starve "this speculative fire."

New York state's list of 19 stocks that will not be loaned includes two of the latest targets of short sellers, Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), Comptroller Thomas DiNapoli said.

New York's bid to stabilize financial markets follows a similar move in mid-July by state pension funds in New Jersey, which instructed its lending custodian to stop lending securities to short sellers.

"We were well out in front of this," said Tom Vincz, spokesman for the New Jersey Division of Investment.

New York City's pension funds followed suit on Thursday afternoon. William Thompson, the Democratic city comptroller, said the city's pension funds were suspending securities lending for 19 stocks that were on the U.S. Securities and Exchange Commission's "naked" short-selling list.

http://www.reuters.com/article/ousiv/idUSN1844668920080919

...or government bonds (which are paid through taxation)? Which, if I remember correctly, is anathema to those believe in the "free market".

Old South End Broadway

It would have been a good time to get out of it before it began!!

It's no different than those airplane schemes that pop up every once in a while.

EVERY day is a good time to get out of a ponsi scheme.

McCain said as president he would create a Mortgage and Financial Institutions Trust to help homeowners avoid foreclosure. He said he would propose and sign into law changes to prevent financial firms from concealing "bad practices."

As in more, not less government intervention?

http://news.yahoo.com/s/ap/20080919/ap_on_el_pr/mccain_financial_crisis;...

I'm willing to bet social security age folks are glad they have it right now.

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