Media in Trouble: All the news thats UNfit to print!: Scarborough Country - seems like it needs some more conservative residents

"The information of the people at large can alone make them safe, as they are the sole depositary of our political and religious freedom." --Thomas Jefferson 1810

Friday, December 10, 2004

Scarborough Country - seems like it needs some more conservative residents

Joe Scarborough may be the first and only conservative to try and talk sense in the right wing media.

Unprecedented. He is actually siding with Paul Krugman whose columns this week in the New York Times (here and here) point out the lack of feasibility, responsibility, and practicality of the Bush proposed Social Security plan.

I watched conservatives pandering to liberals last night about the soldier without armor story that has resurfaced. Bashing Democrats for underfunding the Military Industrial Complex during peacetime. Choosing to side against Democrats than take the issue for what it is worth. This is not news, but when it was news, the conservatives were too busy with swift boats and Flipping Kerry's Flops.

Question for Joe: How bout getting a little caucus of conservatives together, like Bill O'Reilly who's always looking out for us. Or even Sean Hannity who believes anything that comes out of Bush's mouth as true and sane. Discuss the economic shortfalls of this whole situation. How about having an hour long program with economists wriggling through the real issues surrounding Social Security.

However, the real issue on the table for the 109th (congress not army division), is this Social Security plan. Krugman says that if you remove the tax subsidy of the rich, there is no problem. However, if their is a problem, he also says that sending the Soc Sec Bank account to Wall Street is extremely risky.

The plan so far involves borrowing money to cover the transition in order to indirectly trade your retirement away on Wall Street.

This is already a regular trading platform. It is called trading on Margin. Most investment firms will let you borrow money to invest. The problem is that most investors find it hard to "win" enough money in the casino on Wall Street to pay back the interest the firms charge on Margin balances.

Ask any day trader what he thinks about trading on Margin and he will let you know how on top of things you have to be in order to make out with this investment strategy.

Question for Congress. If you can't keep up with soldiers demands for equipment in a war that you planned and put forth on your own time lines with money you borrowed, how well will you do when it comes to keeping an eye on the investments you are making with America's 401k?