Very Best Line of the Day - From a Democrat !!

[Laura PourMeADrink]

Ron Wyden D-Oregon, on Squawk Box CNBC. They were debating the proposed Republican changes to Social Security, i.e. private accounts. Wyden said, and I am paraphrasing..

"I am against adding private accounts at the expense of the rest of the social security program. NOT SO EQUITY TRADERS CAN BUY A SUMMER HOME IN THE HAMPTONS"

More on Private Accounts...Just remember B** doesn't give a shit whether people have money to retire in 2030! Why would he? He just cares about the rich who have sweet pensions. So you have to think --there must be another reason he's pushing this! (Just like the Iraqis - he couldn't care less about them -- if he cared about people he'd be in Ruwanda or the Congo!)

Twelve Reasons Why Privatizing Social Security is a Bad Idea Greg Anrig Jr., Bernard Wasow, The Century Foundation, 12/14/2004

http://www.socsec.org/publications.asp?pubid=503

REASON #7: Wall Street would reap windfalls from your taxes.
Brokerage houses, banks, and mutual funds have been very active in the campaign to privatize Social Security. Small wonder, since they stand to gain enormous fees if billions of dollars are shifted each year from Social Security payments into accounts under Wall Street management. Of course, those fees must come from somewhere, namely from the balances in individual accounts.

Among the one hundred best stock mutual funds, management fees range from 0.2 percent per year to 1.4 percent of the asset value of an account. The average is near the high end of that range, however, and many mutual funds charge substantially more. Smaller accounts require proportionately larger management fees because many costs such as gathering and mailing out information do not depend on account size. Indeed, most mutual funds actively discourage small accounts by setting a minimum opening deposit of $1,000 to $3,000.

Experience in the United Kingdom offers a warning about what the future could bring regarding management costs. Workers there have been allowed to open private accounts starting in 1988, since which time management fees and marketing costs among financial intermediaries have eaten up an average of 43 percent of the return on investment.

[TacticalPeek]

1. Close the loophole. Tax the rich the same as the middle class.

It's only fair.

:)

[dweller]

2. the real reason...i'm gonna wear out this link...

http://www.csmonitor.com/2005/0127/p09s01-coop.htm

*moron* always points to 2018 as the critical year in this 'crisis'. Read this about what happens in 2018...there's your 'crisis'.

dp

[meppie-meppie not]

4. TY so much for posting this! I never knew this but sure do now, Wow!! n/t

[Laura PourMeADrink]

5. Interesting. So how does B**'s plan fit in? Is he there to reneg

on that promise? To finagle the system so the rich will not get taxes raised in 2018??

[peacetalksforall]

3. Corporations who outsource must pay taxes for all outsourced jobs and

compensate taxes for any person who loses their job to outsourcing and has to take a lesser paying job. They must pay taxes on the difference.

How will the country survive declining (massively declining?)taxes?

Soon we'll hear about the third house - the city house, the Hampton House, plus the Meditteranean house (and the cardboard houses).