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With all this discussion about Social Security, nothing has been said about the transaction costs that would be involved in privatizing the Social Security system. It has been estimated that stockbrokers and financial institutions will receive billions in fees and charges for investing in the market. That’s money that will never be available to pay anyone’s retirement, except for the owners of the stock brokerages and financial institutions. But maybe that’s what President Bush has been referring to when he talks about creating an “ownership society.”
