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RE: Charlie Hoyt and the Labor Party


<<<
Healthy children of
wealthy, educated, good parents generally have far greater 
opportunities than sickly children of poor, uneducated, clueless
parents, for example.
>>>

I came from a family that was neither wealthy or educated 
or clueful. What you are essentially telling me is that I
can't make it, so I need to be stuck with a poor system?
You have determined my fate without my own input, just based
upon my circumstances?

This notion it decidedly Un-American.




<<<<
As for government management of the social security funds, the 
administrative costs at about 1% are far lower than those of 
any insurance company or brokerage that I have heard of.  Please
give me the names and addresses of those that do a better job
of managing other peoples' money.
>>>>

Costs are a concern. Even "rich" people have to watch out for
high fees from brokerages. However, it is very easy to buy
index funds (which would be the preferred vehicle for investment)
from current providers at a cost of about 0.19% (1/5 of 1%).

The largest index fund company Vanguard (http://www.vanguard.com)
has the #2 largest mutual fund in the country, which is an 
index fund. If it can work for 80B of investment, it can work for
everyone else. And at the same low cost.

I could list a whole bunch of companies which have low cost
index funds. Fidelity. Putnam. etc.etc... All of these
funds cost much less than 1%.

In practice though, the individual account will probably be 
administered likemy 401K at work. The company pays a fixed 
fee for all the accounts. The fee is not transferred to the 
individual.

Michael 


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