-----Original Message----- From: PEN-L list [mailto:[EMAIL PROTECTED] Behalf Of Doug Henwood
>Bush has a point here. They're worthless in the sense that they're >IOUs from one branch of government issued to another. That's >completely different from bonds sold to outsiders. It's like your >left pockent lending money to your right pocket. Even by the >standards of modern finance, that makes no sense. Or in other words, Social Security is a transfer program, not a savings program, and it was an achingly stupid rhetorical move for the Democratic Party to start defending it as a savings program. Didn't someone (Jim) post a Jamie Galbraith article about "Save Social Security From Its Defenders"? dd
