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Letter: Social Security reforms a sham

Wednesday, Feb. 2, 2005 | 9:18 a.m.

The Bush administration is poised to initiate its own Ponzi scheme under the title of Social Security reform.

It would have 2 percent of all paychecks drawn in United States of America forcibly injected daily into the stock market on a continuing basis. Under this plan, people would have to buy whatever stocks are currently available, regardless of desirability, price, fair market value or activity projections.

What are the established tests of a Pyramid scheme? The warning signs are many but some of the basics are: Tries to make you cancel or replace a similar contract; claims that profits may be achieved easily; pressures you to sign in quickly without a full investigation and charges a substantial entry fee. Many losers pay a few winners.

Promoters of pyramid schemes are masters of group psychology and confuse you, abuse your trust, and exploit your lack of knowledge. They stress that any delay would cause loss of benefits. If the facts and odds of winning were fully explained, few people would buy in.

In thinking about this proposed reform, people should investigate and verify the claims being made by all parties. They shouldn't be rushed. A good opportunity to build a multilevel structure will not disappear overnight. In addition, people should remember that their future and possible well-being are at stake.

RICHARD LAW

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