New SEC rules being drafted by the Bush administration are set to declare that Paris Hilton is a fully "accredited investor" with full freedom to invest in any way she likes. I, who graduated near the top of my class at Harvard Business School, shall likewise be declared not capable of investing and the government will limit my options "for my own good"
The U.S. Securities and Exchange Commission (SEC) has just proposed
that the amount of liquid net worth an individual must have before
investing in hedge funds and other so-called risky investments be
raised to as much as $2.5 million.
The largest program the government has for protecting us from our own investing incompetence is called Social Security, which takes retirement savings from us by force and has the government invest it for us. As I showed in previous posts, Social Security is returning -0.8% a year on our savings. Thank god the government is investing this money for us - no way I could have beaten a -0.8% a year return during the greatest 20-year bull market of all time.
Tinfoil Hat Observation: I use Google search to find old posts on my site. Usually it is flawless. For some reason, though, my post titled Social Security Ripoff is not indexed by Google. A follow-up post on the same day is indexed, as you can see from this search, but not the original. I have never failed to pull up a post before, even with inexact search words, and have never failed with the exact title in the search. Weird. Maybe something in the comments, I will have to check.