January 13, 2005


Dick. Cheney.

The millionaire pundit chattering-class is all for it. The investment houses and big stockholders are all for it. What? Why the latest rob-the-poor and feed-the-rich scheme being propagated by the 1600 Crew. Just today Dick. Cheney. aka Darth Scandalous proclaimed the net present value of The Destruction of the Social Safety Net: it's wonderful, and it's less filling too and costs you almost nothing. Returns not guaranteed by anyone!!

Vice President Dick Cheney took on critics of the Bush administration's Social Security overhaul plans Thursday, arguing that channeling part of workers' salaries into the stock market would yield bigger retirement nest eggs and help pull many Americans out of poverty.

"Young workers who elect personal accounts can expect to receive a far higher rate of return on their money than the current system could ever afford to pay them," Cheney told an audience of college students and administrators at The Catholic University of America.

Notice that Dick. Cheney. did not mention what the net effect of a future non-mythical declining market scenario would be. Or the effect of -ahem- investment fees. Or anything else adverse.

Then there's this Gem:

"Many low-income workers who have nothing to spare after taxes would have a chance to begin saving for their later years," the vice president said.
Ah, Dick. Cheney. if you have nothing left "to spare after taxes" pray, what the fuck do you invest? All the low-income workers I meet who are employed at fast-food villas and big-box boutiques seem to invest all their spare income in luxuries like new Kate Spade bags and Hermès ties, right after they make their final payments on their upcoming holiday cruises to the Riviera.

What the 1600 Crew is doing is selling the most ambitious multi-level marketing scheme ever backed by any federal government. Everyone will be in charge of selling it to their heirs, and the profits will all go to those already invested in the system who have nothing to lose.
posted by Jo Fish on 01.13.05 at 07:39 PM





Comments:

Once again the Bush Jr. Administration is replaying "The Music Man". Now, it's Cheney coming back to River City in a lead role on the road. Bush Jr. has augmented Abe Lincoln's adage "You can fool some of the people all of the time, all of the people some of the time, but not all of the people all of the time" by adding: "And you can fool most of the people most of the time." That reflects Bush Jr.'s first term and will probably permeate his second. What should one serve with lame duck?

 posted by: Shag from Brookline on 01.14.05 at 06:21 AM [permalink]

reminds me of a crooked salesman "guaranteeing" I will make money investing in some stock..
MOST unethical ..Does our "beloved" VP have a securities license..cuz if he did it would probably not be his for too long
remember folks past performance is NO GUARANTEE of future returns...EVER!!!

 posted by: elf on 01.14.05 at 01:00 PM [permalink]

First, you get your new "Ownership Society", where the richest own the rest of us. Second, it's a jobs program. Once we're all living like the desperately poor in third world countries, we'll be happy to take jobs at third world wages.

posted by: Kendra on 01.14.05 at 07:44 PM [permalink]

And Chicken George actually said that SS is unfair to black men because they die sooner. No, he really said that.

 posted by: merl on 01.15.05 at 06:53 AM [permalink]

You mean Dick 'my feets are swelling cuz my heart is dead' Cheney's lil SS speech the other day?

I muted the sound on the TV and played Cheech Y Chong.


I hope he's on live TV when his heart blows.

 posted by: Barndog on 01.16.05 at 06:25 AM [permalink]

Interesting take. Perhaps this does constitute securities fraud? Neil and Marvin Bush are experienced in that. One of Bush's brothers is a pardoned embezzler. Thanks papa Bush!

 posted by: Mr. Murder on 01.16.05 at 11:57 PM [permalink]


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