I have resisted blogging about Madoff. Its about time that crook started doing time. Dont get me started on his wife, how in the world does she believe that she is entitled to $70 million dollars? She was his assistant, a bookeeper. Bottom line is that that money is ill-gotten gains and ought to be taken away, period.
But thats not why I am blogging. With the market off 50% and Madoff and Stanford proving that anyone can indeed turn out to be a scoundrel, we are very fortunate that the Social Security trust fund was not allowed to be put into the stock market!
Can you imagine what our economic situation would be like, how decimated the dollar would be? Social Security is underfunded as it is, imagine, it would 50% less today. Imagine how politized every appointment to the fed and treasury would become (they are already a little).
Bottom line, there is absolutely no reason to put our Social Security in the stock market which is proving to be more like a casino everyday. We will make the necessary adjustments to taxes and benefits and get by and the baby boomer bubble (pig in the snake) will exhaust itself in time and we will be back to more of a normal distribution of workers to retirees which will take care of the problem naturally.