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[Gene GeRue <genegerue AT ruralize.com>]

>  Such accounts, he said, "would reduce Americans' reliance on
>    government and give individuals greater ownership of wealth, as well
>    as responsibility for and control over their own lives."

I think that is the crux of the philosophical belief driving the reform 
effort by Bush. He thinks like a rich man advising his children, children 
who take wealth for granted. I heard a minister-author interview yesterday: 
the guy said he was one of several ministers Bush had asked for advice. 
During their talks, Bush had openly stated that he does not understand how 
poor people think. I am reminded of his father, about whom it was said he 
never went through a store checkout line in his life.

Most of us like the idea of being independent of government as much as 
possible. A few of us would provide for our own retirement. Most would not. 
Hence the need for a mandatory program.

"Sweden shows that most
>    people don't want this kind of responsibility. They want the
>    government to do it for them."

Which is why we have so many government programs. Modern human nature 
prefers a balance between personal freedom and government care. The 
preferred balance is different between political parties, between 
countries, between individuals. Then there is expertise. We have a wide 
range of interest and expertise, from day traders to non-investors who, 
left to their own, would never invest beyond home ownership. Which, by the 
way, is a good investment for retirement.

Unless we are willing to turn our backs on destitute retirees, which would 
mean that we would be purposely creating greater poverty, we must have a 
mandatory program, and if we want something that is better than what we 
have, it must somehow be smarter than the present system, and cost less.

Because of my life experience, I wish real estate were being discussed as 
part of the mix of potential investments that could replace part of the 
current investment in government securities. All investment entails risk; 
the greater potential for high return is riskiest. If we find that 
government bonds, with their safe but modest returns, are not the ideal 
retirement vehicle, then all other investments should be considered. With 
the present limited proposal, it looks to me like Wall Street firms would 
benefit big. They are being suspiciously quiet. Follow the money.