“Unions Muffle Wall Street Support of Private Accounts”
That’s the Washington Post headline yesterday.
It’s about how certain parts of organized labor are threatening to move their money (much of which is invested in the, ahem, stock market) away from any financial firm that speaks out in favor of SocSec privatization. Some firms have caved and ceased their involvement with groups involved in promoting the idea.
(Hat Tip: Larry Kudlow)
Kudlow calls it “dirty pool” and “hypocritical.” Unless the unions want to put all their pension money into US Government Bonds, it’s hard to disagree. Otherwise (more Kudlow), “they are penalizing some of the very same money managers who are providing a comfortable retirement for the union members.” Yup.
Union rank-and-file are some of the greatest people in the world. Their leaders, OTOH, all too often fail to represent their interests but pretend to speak for them anyway. Unless they somehow know that every single member is against SocSec privatization, this is one of those times.
