Privatizing Social Security
Funny how all the proponents of privatizing Social Security have faded into the woodwork lately. What’s happening today is exactly why privatization would be a horrible idea. By now you’ve most likely seen Jon Stewart’s recent critiques of CNBC or you’ve seen something on television about it. I find it hard to believe that people with a median net worth over $1M watch this drivel and make investing decisions based on it. Am I the only one who was utterly amazed yesterday at the market’s nearly 400 point rebound based exclusively on a memo written by Citibank’s CEO Vikram Pandit? You people actually believe this guy?
As I’ve said many times before, I won’t pay to watch television so I’ve never seen any of the shows Stewart refers to and I’m a better person for it. I couldn’t help but feel sorry for Gabriel Winant, a writer for Salon.com, who was forced by his boss to spend an entire day watching CNBC. You might find the resulting article, Why is Jim Cramer Shouting at Me?, informative.
And here’s Joey Ramone’s tribute to Ms. Money Honey, Maria Bartiromo: