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To: Joan Osland Graffius who wrote (161228)	4/21/2002 8:55:32 PM
From: Tommaso	Read Replies (1) \| Respond to of 436258

A lot of public-employee pension fund money is in stocks, much of it in speculative issues. Maybe what happens to them will convince Congress not to put Social security into the stock market. My own pension fund, State of North Carolina, back in 1982 had next to nothing in the stock market. I was horrified to find about 18 months ago that it's about 60% in equities, and in many cases in non-dividend-paying stuff. At least, because I have a defined-benefit plan, I know pretty well what to expect no matter what since contributions by current employees will fund it. But the equity insanity permeates the whole country.