Bush Really Was Trying to Destroy the Middle Class
March 30, 2009 at 7:43 PM 1 comment
Did you hear about this? Last fall, at the very moment the stock market was tanking, the Pension Benefit Guaranty Corporation – the government agency that guarantees the pension funds of U.S. workers – “decided to pour billions of dollars into speculative investments such as stocks in emerging foreign markets, real estate, and private equity funds.”
People knew the crash was coming. Don’t tell me the Bush administration didn’t. Those guys were either (l) trying to enrich their friends on Wall Street with our money; money they had a fiduciary responsibility to protect, or (2) they were trying to prop up Wall Street to protect their sorry asses until they could get out of town.
Now the fund is down significantly at precisely the same time that We the People are looking at potential business failures that could jeopardize the pensions of tens of thousands of us. Per the article, “Currently, the agency owes more in pension obligations than it has in funds, with an $11 billion shortfall as of last Sept. 30.” Good time to switch to the stock market, huh?
My God. When January 20 came and went I was relieved that the Bushies were gone but it looks like the curtain is still being drawn on the unspeakable damage they did – damage that could potentially affect millions of us for decades to come.
Entry filed under: Financial Crisis, WingNutO'Sphere. Tags: .
1.
ChrisH | March 30, 2009 at 10:20 PM
At least they didn’t try to put our Social Security in the stock market….oh, wait, yes they did. I wonder what all the “it’s my money” whiners are saying now, probably “well at least I’ve still got SS. It may be cat food and generic mac-n-cheese but at least I won’t starve to death.”