 |
 |
Addressing Noid: Part 1
October 22nd 08:50:50 PM
Anyone who regularly checks on this site knows we have a militant libertarian who loves to post here.
He has some legitimate, if overblown and misplaced, concerns regarding Modernizing Social Security to include Productive Assets.
While I don't share his paranoia (or would that be Paranoida?) regarding SS reform, he is correct that our organization has tried to blow him off, instead of engaging him and his legitimate concerns.
This is the beginning of an occasional series. Unfortunately, I work for a living, so I can't do this very often. I strongly encourage my fellow S4 posters to pick up an aspect of this debate when you have the time.
Noid's first regular link is to a Heritage Foundation paper deriding direct government investment of SS money in the stock market.
Obviously, this is a horrible idea. Any notion the government can make universal investment decisions for everyone in the economy is garbage. The only people who might support that idea would be Karl Marx, Freidrich Engels, Vlad Lenin, Joseph Stahlin, Paul Krugman, Fidel Castro, Hugo Chavez, or Kim Jong Il.
As a past, and future, resident of California I understand fully the dangers of politically motivated pension funds.
Furthermore, considering what has happened to a great company like GM, one understands why Americans would be hesitant to embrace this defined benefit approach.
Fortunately, to quote a Washington expression (though I despise Washington) there's no there there.
This is an old idea from President Clinton which has never gotten off of the ground. Fortunately President Bush has rejected this idea from Day 1.
The only folks still supporting this idea are some irrelevant Dems.
Nobody has to worry about direct government investment in the stock market until 2008 .
Of course, we could act before then and avoid that whole mess.
Noid -- I'll get to your issues over corporate voting rights eventually. Unfortunately, I can't really devote much time to posting on here. It might take 6-8 weeks before I get to it, but I will eventually. In the meantime, other S4ers should address this if they have a chance.
Feel free to post all your links in one place so I can have one source to reference them from.
Love,
Adam
Posted by Adam Cahn
Comments
First of all, you shouldn't link to anything pro-hillary since it will help her in google, unless the text includes 'Fat Nixonian Whackjob".
Second, do you actually have a link about any bill GW sent to congress concerning SS equity accounts? The link you gave about him just says that he said once on the campaign trial that he didn't want direct investment of SS money. Now I haven't been assuming he does (I have been assuming GW will propose a phased in FERS style plan which has the equivalent of SSA pick a equity fund manager) but that's not because of anything he's said while campaigning. He also has said while campaigning that he would restrain govt spending all while challenging LBJ for biggest spendthrift evar!!!
3. Everything I have said about impending govt corruption in SS equity accounts pertains to what I view as the most likely plan G.W. will pull from his butt, namely a FERS style plan with SSA picking a fund manager or SSA appointing a board to pick a fund manager. But it doesn't really matter. So long as it's something like that going on, there *will* be corruption both with government control over corporate vote proxies and control over allocation of investment money.
4. I'm glad you raised the specter of hillary, since you should consider how SS equity funds would work with her as president. Might she do exactly what I'm talking about? Can we agree that she would? You should check out what Bill did with state housing funds back in Arkansas. The clintons would definitely be able to make the right appointments to do exactly what I'm talking about.
Posted by Noid on October 27th 06:06:08 PM
QUOTE:
Anyone who regularly checks on this site knows we have a militant libertarian who loves to post here.
/QUOTE
Exactly how have I been 'militant'? If you mean that I have blown your SS Equity Fund crap to methaphorical smithereens, I guess that might make sense.
Posted by Noid on October 28th 07:07:34 PM
Noid,
I've sent a copy of this post out to a couple of folks who know more about this subject than I do. Hopefully, I'll get back to you in a couple of days.
Love,
Adam
Posted by Adam Cahn on October 30th 02:28:45 AM
As for spending, last time I checked the news from Washington they were in the process of cutting it.
Posted by Adam Cahn on October 30th 02:31:39 AM
Simple Google Search Yields This:
FERS style plan is a defined benefit plan. Part of moving from current system to Modernized System that includes Productive Assets is to move towards Defined Contribution Plan.
Posted by Adam Cahn on October 30th 02:38:02 AM
|
|
|
|
|
