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June 22, 2007
Dangerous Financial Products
Don Boudreaux has provided us with another glimpse into his refreshing perspective on economics.
22 June 2007
Ms. Clara Perez
www.democracyjournal.orgDear Ms. Perez:
Thanks for your e-mail alerting me to Presidential-hopeful John Edwards's proposal to create "a regulatory commission to protect consumers from dangerous financial products."
If such a commission does its job, I suggest that the first dangerous financial product that it attacks be Social Security. Not only are Social Security's returns lousy; not only does the institution providing it have no sound plan to keep it solvent; not only does this institution intentionally mislead its clients about its insolvency (witness its discussions of the illusory "trust fund") - but its "customers" are forced to buy it. THAT is a dangerous financial product!
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Cafe Hayek Blog
Posted by Andrew Roth at June 22, 2007 9:06 AM | Print
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