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Politics : Don't Blame Me, I Voted For Kerry -- Ignore unavailable to you. Want to Upgrade?

To: geode00 who wrote (56748)	11/6/2004 12:23:11 PM
From: Karen Lawrence	Read Replies (2) \| Respond to of 81568

Privatizing SS: the winners - wall street and brokers; the losers - Americans Social Security plan a potential windfall BY SUSAN HARRIGAN STAFF WRITER November 5, 2004 At least one neighborhood in staunchly Democratic New York City is likely celebrating President Bush's victory in Tuesday's election. Wall Street is thought to be drooling over the prospect that Bush and the Republicans will finally succeed in pushing through a plan to allow some Social Security funds to be invested in private accounts. "It would be a bonanza," said Richard Bove, an analyst for Punk Ziegel & Co. in Manhattan, of the Bush plan, which would let money in individual accounts be invested in stocks and bonds. "Nothing in the history of the securities industry would come close to the benefit that will be created if in fact Social Security is privatized." Although it is not the area's largest employer, Wall Street is what New York State Comptroller Alan Hevesi calls the local economy's "800-pound gorilla." Because of its high pay and the number of businesses that depend on it, the Street has the power to stomp or elevate the area's fortunes. By some estimates, it accounts for about a third of the city's tax revenues, Mayor Michael Bloomberg said recently. newsday.com