Of course this is just a fictional scenario, but it makes you wonder just how bad the financial sector of our nation would have suffered if such a plan had been carried out in view of the disasterous situation on Wall Street in recent days, in addition to the declining interest in the secondary mortgage market because of failed subprime.
It sounded like a good idea at the time. Glad it never happened. Then again, he could have said invest it all in real estate and your picture would have been appropriate as well. These things go in cycles. Overall, I think real estate is an important part of a portfolio as is, to some degree, stocks and mutual funds. Social Security shoudl stay where it is although I think it will become less and less of everyone's retirement plan.
Sounded like a good idea, Tom ? :-) I suppose Jim Jones preaching in Guyana sounded good to his followers as well.
Jay,
I am so glad that never happened. I agree with Tom, at the time it sounded like a good idea. If George Bush, Jr. had invested, I wonder what would be left, if anything of the Social Security system today? Something to think about ...
Me, too, Dinah. He made some bad decisions, but everybody does. Bad decisions are ok occasionally, and can be rectified, as long as they don't cripple a nation.
A picture speaks a thousand words.
Thank you for sharing.
Have a nice weekend!
Most real estate fraud-related articles and Department of Justice Press Releases published here are taken from the public record, which normally include press releases and court documents related to each entry and case.
Any other type of record, i.e. newspaper reports, are only published after consent has been obtained from the original publisher.
Nothing will be published that has not been verified via the public record or consent provided.
The use of the names or initials of the Federal Bureau of Investigation, the Drug Enforcement Administration, and the United States Marshals Service is governed by 18 U.S.C. sec. 709, which prohibits their unauthorized use in a manner calculated to convey the impression that such use is approved, endorsed, or authorized by that component, unless written permission has been received from the head of the respective component.
Where initials are found within this blog site they are not used in a manner calculated to convey the impression that such use is approved, endorsed or authorized by that component.
Please see the Department of Justice Legal Policies at:
http://www.justice.gov/legalpolicies
Please contact David with any questions.
Comments(9)