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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (44071)	1/20/1999 4:49:00 PM
From: wlheatmoon	Read Replies (1) \| Respond to of 132070

I may go long, but I keep an eye out for the lurking free-safety ready to take my head off. :-)

To: yard_man who wrote (44071)	1/20/1999 4:50:00 PM
From: Broken_Clock	Read Replies (3) \| Respond to of 132070

Do you get the feeling that AG suspects the market might be a tad overvalued? Gee, hasn't he heard of the miracle of dollar cost averaging? Yahoo! News Politics Headlines Wednesday January 20 11:19 AM ET Greenspan Opposes Investing Social Security In Stocks WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan said on Wednesday he would not support investing Social Security funds in the stock market, as proposed by President Clinton in his State of the Union address. ''What I do not support and did not support previously was the investment of government funds, especially Social Security trust funds, in private securities, especially equities,'' Greenspan told the Ways and Means Committee of the U.S. House of Representatives. Clinton proposed on Tuesday to invest up to $700 billion of Social Security funds in the stock market and subsidize retirement savings accounts -- the biggest change in the U.S. retirement system's financing since its inception 64 years ago. Greenspan said government investment in private markets would interfere with the efficient allocation of resources in the economy. ''Because I do not believe that it is politically feasible to insulate such huge funds from a governmental direction, I'm fearful that we will use those assets in a way, which one, will create a lower rate of return for Social Security recipients, but even a greater concern, that it will create sub-optimal use of our capital resources and those assets which create our standard of living,'' he said. Greenspan also told lawmakers his first preference would be to continue to run government budget surpluses and use them to pay down the national debt, but he added: ''If we have to get rid of the surpluses, I would far prefer reducing taxes than spending it. Indeed, I don't think it's a close call.''