Sunday, February 20, 2005


Just met a guy who is an ex-Clinton Administration member who tells me that the government, and not Wall Street will manage the annuities. He's a good guy. BUT, I think he's wrong on this one. For one thing, he readily admits that Wall Street firms will sell investment products to whatever government agency will manage private accounts. WORSE, he doesn't know which firms already do so, and, he doesn't know what public disclsures apply. I think he's a guy with good ideas but who hasn't done his homwork. I do think this... the government managing annuities is a disaster waiting to happen. But.. I hate annuities in general. I don't think people should pay to have some one else give them an allowance for their own money. The ex-=Clintonite I met said that "Ideally, everyone should buy annuities." I think he spoke with the best of intentions, but... ideally, he's wrong.


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