PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: MKTBUZZ who started this subject	10/17/2003 7:30:07 PM
From: Kenneth E. Phillipps	Read Replies (1) of 769667

"You began saving for your retirement 18 years ago. You could have bought stocks and corporate bonds but your nephew persuaded you to keep it in the family. So ever since you have been lending him money. Your contribitions helped him through some bad financial patches, he used money he had borrowed from you to pay off his mortgage. But now he tells you had better start investing for your retirement. After all, he says, you don't have any real assets. "What about the money you owe me?" you ask. "That's not a real asset, he replies. "It's just a promise. The only way I could honor that promise is by earning more or spending less money on myself. And you can't expect me to do that." Meanwhile, you happen to know he has ordered himself a yacht--and that the payments on that yacht would be enough to cover the debt he owes you." The Great Unraveling by Paul Krugman at page 204

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