Thursday, December 02, 2004

Privatize SS? Higher Benefits for Stockbrokers, Losses for Us.

Bush wants everyone to "own" their own brokerage account, which is an excellent way for everyone to go broke. If even multi-millionaires like Senator Frist, with access to the best investment brokers around, can't manage to make a profit, just how well will the rest of us do at "growing" our own retirement funds. Privatizing Social Security should be re-named the "Leave No Stockbroker Behind" bill. It's just another Bush scheme for giving money to the wealthy at the expense of the poor and middle class.

: "A campaign fund controlled by Senate Majority Leader Bill Frist (R-Tenn.) has lost almost $460,000 in stock market investments since 2000 and now does not have enough to cover a sizable bank loan, according to federal election records and the manager of the Frist account.

The heaviest losses, totaling more than $500,000, occurred in a stock index fund in 2001 and 2002, years when the securities markets suffered a major downturn. But the Frist campaign account lost an additional $32,050 in July and August, a setback that was only partially offset by a gain of $11,472 in September, according to Linus Castignani, treasurer of 'Frist 2000,' which was created to finance the senator's successful campaign for a second six-year term in 2000."

Thanks to: MyDD :: Due Diligence of Politics, Election Forecast & the World Today.


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