Financial Services Industry
Industry: Email Alert RSS FeedSocial Security plan: Shiller questions Bush's 'financial engineering'.(Robert J Shiller)(Brief Article)
Pensions & Investments, April, 2005 by Chernoff, Joel
Byline: Joel Chernoff Yale University professor Robert J. Shiller gave President Bush a "D'' on his proposal to partially privatize Social Security. "What is the president proposing? The president is proposing that Americans don't buy stock on margin enough,'' even though federal policy has restricted margin purchases since Depression-era Regulation T was adopted, Mr.
Shiller told the graduating class of masters in financial engineering at the University of California at Berkeley's Haas School of business last month. Here's why. Americans who opt to invest 4% of their Social Security-eligible earnings will have two new accounts created: the investment account, and an offset account of the same size that will be assumed to earn a 3% real interest rate. At...
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