Running Scared: Observations of a Former Republican
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"Losing my faith in humanity ... one neocon at a time."

Tuesday, February 01, 2005

A man with an idea on Social Security

posted by Jazz at 2/01/2005 01:34:00 PM

NOTE: YOU ARE VIEWING AN ARCHIVED POST AT RUNNING SCARED'S OLD BLOG. PLEASE VISIT THE NEW BLOG HERE.

Many of you outside the Empire State may not have heard of him, but NY Attorney General Eliot Spitzer has something on his mind.
Eliot Spitzer blasted President Bush's proposed Social Security overhaul Monday, saying that an administration that hasn't protected investors has no business investing retirement funds in the stock market. "You have an administration that failed to protect investors -- and they say take the safety net we have and invest it in a system that was fundamentally broken," Spitzer said. "Where would we be if those who are retiring had invested their money in Enron and WorldCom?" he said, referring to companies that cost investors billions of dollars after inflating their worth to disguise business failures.
Just as a side note, Spitzer may be a man to watch in the future. He's already thrown his hat in the ring to run on the Dem ticket for NY Governor against Pataki in 2006, and he's made no secret of the fact that he thinks the chair in the Oval Office is just about the right size for his butt.

We may have had a few of the sane, "there is no crisis" crowd bring this up before, but I had yet to hear it so directly and succinctly. Wall street has turned into a quagmire which is the financial equivalent of Iraq. A few insiders still get massively rich, but pension planners and individual investors are often still to be found teetering on the edge of their building roofs, staring longingly at the pavement. Flushing the safety net for our workers into such an unpredictable rat hole is the height of folly.

The only crisis is the one created by Rove and Bush.