Enron - Natural Gas Industry Message Board

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Gold/Mining/Energy : Enron - Natural Gas Industry

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To: Doc Bones who wrote (1079)	12/4/2001 2:13:48 AM
From: Raymond Duray	Read Replies (2) of 1433

OT: Krugman hits a nail Hi Doc, Thanks for the link to the Krugman article. He does successfully sum up the nature of the shifting of risk in pension plans from the parent company or government to the beneficiary. I recall this being a choice I was expected to make as early as 1984, through a union pension benefit scheme. The choices were presented in much the same light then as now. When the stock market goes through an extraordinary and nearly unprecedented period as it did from 1982-2000, the defined contribution plan seems imminently rational. When one looks at the history of equity appreciations over the course of many markets, the folly of this position becomes apparent. The most shocking thing to me about the current Social Security Commission's "findings" is the utter lack of embarrassment to suggest that this nation rely on something as fickle as the stock market to fund old age pensions. The markets of the last two years really ought to be convince anyone with an iota of decency that this is simply a way to fleece the unsuspecting and enrich the financial industry. -R.

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