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An "Avalanche of Money" for Wall Street

Reported by Melanie - April 28, 2005

Tonight, George Bush will hold his first prime-time press conference in over a year. One of the topics he will address is Social Security "reform," and there will no doubt be talk about private accounts (now known as "personal accounts").

On December 9, 2004, I happened to see an unusually honest exchange on Fox's "business news" program, Your World w/Neil Cavuto, about privatizing Social Security. You might say the cat was let out of the bag that day. Since then, the door has closed on this kind of honesty so I thought it might be informative to "re-air" part of that post today.

Jordan Kimmel of Magnet Investment Group was Cavuto's guest. He and Cavuto discussed "fixing" Social Security, and here is part of their conversation:

Cavuto: "Jordan Kimmel, if we start seeing that [privatization], that's a lotta money that makes its way to guys like you right?"

Jordan Kimmel: "Oh, it's just another, another bushel of money. The money that's been on the sidelines in the bonds. The money that's in Social Security. Again, I think you will see a certain privatization happen. And again, it's an avalanche of money and there's just so much money on the sidelines. That's why the market has been so strong for months now."

Comment: Private accounts, personal accounts, whatever accounts. I can't get the words "bushel of money," and "avalanche of money," out of my head.

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