Social Security is Tied to Financial Services Industry Failures?
My last post talked about the possible political “ruse” of slamming redeeming of US Treasury Securities by the social security system while at the same time advocating redemption by foreign governments. This ruse of creating a problem where there is none has nothing to do with whether or not social security SHOULD BE a government program. So, I asked one of my commenters to my original social security post, Alan Lidstone, what he thought about this. He responded by asking “who do you trust?”:
“The question you have to ask, [is this:] would you rather rely on the full faith and credit of the United States Government to guarantee retirement programs that can span 60–70 years, or the Financial Services industry that has had multiple large scandals affecting the life savings, personal investments, pension plans, retirement benefits, and now home mortgages of millions of Americans.”
While I think that at least the financial services alternative gives people a choice, many feel that people in general are just not smart enough to distinguish between a good and a bad investment, and, if they are, dishonest corporations are out to fleece people anyway.
THIS gets to the heart of the issue- how much of a role should the government have in making sure that we live comfortable lives until we die? Alternatively, how much government oversite (SOX, etc.) is required to make companies honest enough to be invested in? I’m all for regulating certain aspects of the credit industry, who are allowed to make ridiculous sub-prime offers and charge usurious interest rates; I’m not so sure when it comes to heavy handed requirements like Sarbanes-Oxley.
Tough questions- but I’m sure you will be enlightened by the complete set of comments on the post. Check it out! You’ll learn something and possibly be entertained.
Are we smart enough to do our own investments that provide us income until we die? Should companies be more regulated or less regulated in terms of their reporting? All of this affects personal as well as business projects- let me know how you are impacted.
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Tags: business projects, financial services industry, government and business, government programs, personal projects, social-securityRelated Stories
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