John McCain has his head in the sand. How else would he be sticking with the idea that workers should be able to put some part of their social security payroll taxes into stocks and bonds? Yes, I know: this must mean that McCain has trust in the common people of America. But I don't, at least in so far as it concerns what is really their pensions. Sometimes the people have to be protected from themselves.
The hitch is that we no longer trust the high paid tycoons of American finance to grasp that just because a rating agency gives a company or a package of debt a Triple A rating assures that it is not Triple C.
Yet these same tycoons and financial managers who masterminded the latest disaster are now competing with each other to manage the securities and other investment instruments just acquired by the U.S. government. There is a certain insolence in this guile. But, of course, they are willing to give the feds a good deal. They will take less than they took overseeing what has now turned to be a bundle of junk.
the junk bonds. In comparison to the stuff handled by the counting
houses in the current debaucherie, those bonds were sound and
upstanding financial paper. And they did not bring the country and the
world to the edge as the new instruments are now doing.