STOCK MARKET CRASH MEANS THIS WOULD HAVE BEEN A GREAT TIME TO PRIVATIZE SOCIAL SECURITY: THE ASTUTE BLOGGERS SCOOPS HOT AIR BY SEVEN WEEKS!

HOT AIR TODAY:

In the wake of the stock market collapse, one theme emerged almost immediately — that derailing George Bush’s reform and privatization plans for Social Security saved retirees from disaster. People saw the steep drop in stock prices over the last few weeks and figured that retirees would be eating cat food by Christmas. However, that ignores a couple of realities, and in fact we may wind up wishing we’d listened to Bush in the long run.

First, the people who were close to retirement weren’t eligible for privatization anyway. In fact, the first stock purchases under the 2005 plan wouldn’t have been made until next year, and those only for people whose retirement dates were still years away. Anyone within ten to fifteen years of retirement had to stick with Social Security with Bush’s transition proposal. Having that money flowing into the markets now would have provided some welcome capital flow during a recession, and the portfolios could have bought some real bargains.

THE ASTUTE BLOGGERS ON OCTOBER 10TH:

With the market down, new opportunities are arising. The Dow is below 8000. It's time to buy.

And, you know who should be buying?

Social Security.

Social Security funds don't yield much growth, because they are invested in only the most conservative places, such as T-bills.

Whoever becomes our next President ought to seriously consider taking visionary action. Now is the time to partially-privatize Social Security.

IT'S BETTER FOR THE TRUST FUND TO BUY NOW, AT 8000, THEN AT 14,000 - AFTER ALL - IF YOU WANT TO MAKE MONEY - YOU HAVE TO BUY LOW AND HOLD!

WE BEAT THE BIGGIES ALL THE TIME. SPREAD THE WORD. BLOGROLL US.