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Friday, February 05, 2010

And the Great Timing Award goes to...
Posted by Jill | 5:53 AM
..Republican Rep. Paul Ryan, who earlier this week, in his redundantly named "Roadmap Plan" revived George Bush's brilliant idea of privatizing Social Security:
This proposal addresses the shortcomings of the current system and strengthens the retirement safety net by providing workers with the voluntary option of investing a portion of their FICA payroll taxes into personal savings accounts. Due to the higher rate of return received by investments in secure funds consisting of equities and bonds, these accounts would allow workers to build a significant nest egg for retirement that far exceeds what the current program can provide. Each account will be the property of the individual, and fully inheritable, which will allow workers to pass on any remaining balances in their accounts to their descendants.

Yesterday the Dow-Jones Industrial Average closed down 268.37 points. Much of the gains of recent months have been wiped out.

And this isn't a one-day blip, either. The world economy is once again teetering. Latvia has 23% unemployment. Greece may need a bailout.. Portugal has debt concerns. Spain is in hock up to its eyeballs too.

So of course, with markets reeling all over the world, it's a perfect time to tell Americans that they should trust their retirement to these markets.

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Blogger jurassicpork said...
Maybe some of you more financially-astute people can answer this for me.

Where is all the money going if so many companies and even nations are growing broke? I mean, stocks and binds get devalued. I understand that. Sometimes entire currencies, such as the dollar, get devalued.

But not to the point of total evaporation. Where is all the wealth going when corporations and entire countries have to be bailed out?

Basic common sense informs us that someone is getting rich off all this misery and malfeasance. But whom? And it isn't just the CEO's of bailed-out corporations making 10 or 20 million a year in deferr3ed stocks options. My suspicion is that several people are raking in trillions from this global financial meltdown and I suspect they're part of the Bilderberg Group.

But how do you follow money that seemingly isn;t there?