Friday :: Feb 4, 2005

Et Tu, Wall Street?


by rayman

With Congressional Democrats forming a solid wall of opposition, and their Republican counterparts becoming increasingly skittish, Social Security privatization looks increasingly unlikely. But at least Dubya can count on his Wall Street backers for support, right? Er, perhaps not:

Bill Gross, manager of the world's largest bond fund, is criticizing President Bush's plan to privatize part of Social Security.

Gross, managing director at Pimco, called the argument about the solvency of Social Security "silly" and said it was an example of the president not focusing on more important issues, such as the budget deficit.

The president's argument for individual Social Security accounts is meant "to promote an agenda that has little to do with seniors and more to do with Bush, his ownership society, and ultimately his domestic legacy alongside the likes of Ronald Reagan and FDR," Gross wrote in comments posted on Pimco's Web site.

"Without a blockbuster of a program in his second term it is unlikely that Bush can go very far in the history books on the back of a paltry 3 or 4 percentage point tax cut for the rich," Gross wrote.

If anything, Bush will go down in the history books as the (unwitting) father of Iraqi theocracy. I'm sure the Iranian mullahs will be forever grateful.

rayman :: 5:37 AM :: Comments (14) :: Digg It!