"I don't know why Alan Greenspan is so crabby" about President Clinton's Social Security proposal, said Wayne Angell, chief economist for Bear Stearns.
Speaking at the CBOT/CBOE/ LIFFE risk management conference late last month, Mr. Angell said government investment in the stock market will not create market inefficiencies. If the federal government uses social criteria for evaluating stocks, it will earn small returns and other investors will benefit.
Mr. Angell proposed people be allowed to opt out of Social Security, but only by paying 25% of their Social Security taxes into the old system as an exit fee.
Also, the Social Security budget should be separated from the federal budget, he said.