:: blame the extended gestation.... ::

:: Sunday, September 19, 2004 ::

Kevin Drum over at Political Animal says the Charter School Crash in California is a cautionary tale about the 'ownership society' The Washington Monthly:

" The problem with privatizing public services is that, in the end, it's the government that picks up the pieces if the private sector fails. If you invest a piece of your Social Security in private mutual funds and your mutual fund collapses when you're 64, what happens? In theory, it's just tough luck and you're screwed, but we all know perfectly well that's not what would really happen. As with the S&L disaster in the 80s or the LTCM collapse in the 90s, if enough people are affected the government will step in and make them whole."

:: Jim Nichols 9/19/2004 02:36:00 PM [+] ::
...