THE COMPETENCE OF THE FREE MARKET FAIRY

I just can't understand how anyone could recommend privatizing Social Security given the dismal record of the MOTU.    Just yesterday we learned that UBS, the largest Swiss bank, lost $2 Billion because of a rogue trader and there have been too many other cases just like that one:  the French bank Societe Generale lost $7 Billion, MF Global lost $141.5 Million and Barings Bank was destroyed by rogue traders.