For those who believe that Wall Street is good for S.S.

[rfranklin]

This article from the NY Times is a perfect illustration of the scenario if Wall Street gets its hands on Social Security--


How Wall Street Wrecked United's Pension
Matthew Staver for The New York TimesBob Stone, who retired last year as a mechanic at United Airlines, belongs to a union that wants details about the failure of the pension plan. "We have to learn what went wrong," he said.

By MARY WILLIAMS WALSH
Published: July 31, 2005

HAD anyone listened to Doug Wilsman, tens of thousands of United Airlines employees would not be facing big cuts in their pensions. And the federal agency that guarantees pensions might not be struggling with its biggest losses ever.

United flight attendants protested at Denver International Airport last Thursday over their beleaguered pension plan, which is now overseen by the federal pension agency.
So who is Doug Wilsman? He is a retired pilot and a former fiduciary of United's pension plan for pilots, and in 1987 he discovered that the company had abandoned its older, tried-and-true approach of investing retirees' money in bonds timed to pay when the pensions came due. Instead, it had bought into the promises of Wall Street that it could put less money into the plan - and take out more later - if it just put most of the assets into the stock market.

- more -

http://www.nytimes.com/2005/07/31/business/yourmoney/31pension.html

[SammyWinstonJack]

1. Just the fact that bu$h** wants this, is reason enough to be wary.

He's a thief, plain and simple.