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September 15, 2010
I had a conversation with a friend today about the economy going forward. I am of the mind that sooner or later the obligation we all have to pay future retirement benefits will bankrupt us as a nation. I think this last crash we saw, where the market fell from 14,000 to 6,500 is just a hint of what is to come. The solution has two parts, but neither will be in place in time to prevent the next collapse. We have outlaw defined benefits for the future and tax current income from those plans very aggressively now.