Reply #38: Several years ago there was a push in England for privatization...

[rasputin1952]

I looked good on paper, and from what I understand one could opt in as they pleased, but they lost the government pension plan.

Not long afterward, many of those that had opted into privatization lost their shirts and begged back into the government program.

What would happen here, is essentially the same. Risk taking is big business, and there is a LOT of money to be made charging fees alone. Some people would "win", most would lose. The fees had already been paid by the time the "losers" start to squeal, so the real winners are the brokers. Here's the real rub though...Just as with the S&L fiasco, we bailed people out on taxpayer dollars and those that ran with the cash got away. Those who never used an S&L got stuck with the bill because thieves were abundant and there was no real risk of prosecution. Just like de-regulation, there will be those that are more than willing to watch your savings, pension, SS, and anything else you have of value go up in smoke...simply because they "could" get away with taking your assets w/o you having recourse to get anything back.

Being the nation of decent people we are, we would bail out those that lost their butts...and most of whom are souls that condemn anyone for taking a dime from the government to eternal damnation. Personally, I would not mind seeing those holier than thou types in a soup kitchen for once...:evilgrin: