Tag Archives: Recession

Social Security: What’s In It for Wall Street?

What do Wall Street financial advisers tell their clients about Social Security? That they shouldn’t count on it. In fact, ex it out of your planning altogether. But behind the scenes, brokers and advisers eagerly use Social Security as a marketing opportunity – even bringing in experts from the Social Security Administration itself to educate them on the ins and outs of the program.

On Wall Street is an online magazine for Wall Street brokers and financial advisors. A feature in the January issue offers a fascinating look at the Street’s convoluted but always opportunistic thinking about Social Security.  Author Matthew Leung notes, Continue reading Social Security: What’s In It for Wall Street?

Paul Ryan’s Hammock

How stands the Social Security discussion in Washington following State-of-the-Union night? More or less where it was before. Which, for defenders of the program is mostly not good.

President Obama honored his pledge to congressional Democrats over the previous weekend not to endorse cuts to the program. In fact, he went a bit farther, rejecting any plan that would include “slashing benefits for future generations.”

There’s more to say about that. But first, what about Paul Ryan and that Michele Bachmann? Continue reading Paul Ryan’s Hammock

I Didn’t know Krugman Could Read Geithner’s Mind

What Krugman suspected – that high unemployment just doesn’t matter that much anymore to our political leaders, and in fact is the new normal – appears to be just what Tim Geithner is willing to settle for.

Paul Krugman was saying what a lot of people were already thinking on Sunday, when he described

a sick feeling … that a once-unthinkable level of economic distress is in the process of becoming the new normal…. I worry that those in power, rather than taking responsibility for job creation, will soon declare that high unemployment is ‘structural,’ a permanent part of the economic landscape — and that by condemning large numbers of Americans to long-term joblessness, they’ll turn that excuse into dismal reality.

Reading between the lines just a little bit, this is the scenario Treasury Secretary Tim Geithner laid out in Krugman’s newspaper, the New York Times, just two days later. Continue reading I Didn’t know Krugman Could Read Geithner’s Mind