Profit Privatization and Socialization of Losses
Complex problems deserve a lively debate about potential solutions. That is why I've asked both colleagues and critics to guest blog on www.pensionriskmatters.com from time to time. Interestingly, few have taken me up on the offer (though I get plenty of emails about various posts). One person who has accepted the challenge to disturb and entice is Mr. Wayne Miller. Formerly CEO of Denali Fiduciary Management and a self-described passionate fiduciary advocate, Wayne invites readers to ponder his suggestions about how to (a) manage the current banking crisis and (b) save the U.S. Social Security system. When asked why he expended time in penning his thoughts, Wayne wrote that "there must be a very clear example as to how personal responsibility will be incorporated into a market principle-based framework that could lead us out of this storm" and move our nation away from "political expediency" in order to avoid being "condemned to stir inside the box we made for ourselves."
While Wayne and I have had more than a few lively debates about the merits of free markets, he and I agree that the improvement of investment best practices redounds to everyone's benefit.
Read Wayne's proposal. Decide for yourself. You can sign his petition by visiting www.sociallyresponsiblerescue.org.
- Click to read the one page summary of the "Proposal from Citizens of the United States of America."
- Click to read "The good bank/good trust proposal."
