Future News: 2008 Stock Market Bubble Crash, Social Security Bankrupt!

[OutsourceBush]

Future News: Stock Market Bubble Crash, Social Security Bankrupt!

Feb 26, 2008 Black Wednesday

XYZ Corporation accused of bilking Social Security investors while also engaging in extremely risking trading activity.

Highly leveraged International currency trading blamed for destabilizing XYZ Social Security retirement fund. The largest investment firm default in US history. SEC closes doors late Wednesday and seized company computers. XYZ corporation Chairman and CEO (Former Enron CEO) was arrested in a mid-morning raid.

Senior administration sources, speaking on condition of anonymity, say the investment loss is catastrophic as hundreds of billions of dollars were lost on highly leveraged derivative trades gone bad.

60 year old investor Jane Smith from Baltimore, MD said "I lost everything, now I have no retirement. I will not have enough money to pay my bills. I don't know what I'll do."

The Bush Administration says that investors are responsible for their own investments. The US government has no way to protect individual investments from losses. President Bush told seniors "Buyer beware, make sure you know who you are investing with. Education is the key to proper investing."

This is where Bush wants to take Social Security

My point here is that putting Social Secuity into the stock market is extremely risky. Stocks can crash, companies can bilk investors, leaving investors and retirees pennyless.

Comments?

[Demeter]

1. It's Not Going to Wait for 2008

The stock market is melting down as we sit here.

[troubadour]

2. well actually

Kerry or Bush, social security is equally fucked in about 20 years without a revamping of the system.

[Trailrider1951]

3. "Comments?" Yeah, I have one...

It seems to me that this scenario is precisely what happened to retirees in the late 1920's and early 1930's, and that is PRECISELY why Social Security was implemented in the first place. This privatization push is being championed by those people who see all that good money that we pay into the government as a way to make millions for themselves. They want the right to "invest" your money so that they can make a cut for "portfolio management" while letting their friends and relatives speculate with your savings. And, of course, they are always good Republicans, party faithful always. I speak from experience, as I have lost plenty of money and paid obscene "commissions" trying to save for my retirement in my corporate-sanctioned "retirement fund". Here's an example: the company I worked for previously had a policy where one could not advance to management unless one purchased stock in the company. But, to purchase such stock, one had to purchase a minimum of 1000 shares, at $30 per share. If one did not have that kind of money to just throw around, a certain bank was available to lend you the money, at 9% interest, of course. And this was the ONLY bank available for this loan. JEEZUS what a sweetheart deal! Needless to say, I did not stay with the company, and left for greener pastures.