Although there are no claims contained herein that a fool-proof system of vetting questionable emerging market entities can be configured at the state, or even federal, levels, a good-faith effort to strengthen transparency and dialogue in this area could avoid some of the most troubling abuses of the US capital markets as well as help safeguard the public portfolios of California and other states.
Nor does it correspond to the madness of the credit market bubble prior to 2007 when every fool in the world was buying mortgage backed securities without understanding the value of the real estate that backed them or the fantastically dangerous amount of leverage they were playing with.
Paying what he and his employer would otherwise pay into Social Security into the personal account instead, suppose he was fool enough to invest his entire portfolio in the stock market for his 45-year working career.
Paying what he and his employer would have otherwise paid into Social Security into his own personal account instead, suppose he was fool enough to invest his entire portfolio in the stock market for his 45-year working career.