Dean Baker's economic theory relies heavily on market maneuvers. Here is one disturbing example from two years ago.
Andy Stern: Invest Social Security Funds In Wall Street By Ryan Grim Huffington Post, 06/30/10 Andy Stern, a key member of the deficit commission, is pushing to invest a significant portion of the Social Security trust fund in private companies through the stock market, the former labor leader told HuffPost. ... "I don't think it's necessarily a bad idea," said Dean Baker, an economist with the liberal-leaning Center for Economic Policy and Research. "If he's talking about getting money out of the trust fund for that purpose, I could live with it. You'd get a higher return now that stocks are falling." ... "Steven Rattner and Orin Kramer should not be allowed to touch Social Security," said [Firedoglake's Jane] Hamsher. Investing Social Security funds in the market ignores the corruption at the heart of Wall Street, she said. "It's a Ponzi scheme run by con artists," she said of the market. "Why do you take that risk for three percent? Wall Street wants their hands on the money. Who's going to pay these fees? And we're doing this why? So Pete Peterson doesn't have to pay his taxes?" ,,, http://www.huffingtonpost.com/2010/06/30/andy-stern-invest-social_n_631228.html _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
