<!doctype html public "-//w3c//dtd html 4.0 transitional//en"> <html> Dear Greg, In all fairness to Doug, he did pose your question to me and others who commented on his radio debate with the kook from the waco institute.  Doug's answer to the historical return question I think was pretty good---it's all a matter of what time period we are talking about and what in reality did go on during that time period. Greg,  did you notice my posting on the Supreme Court decision on pension plans---talk about discouraging savings and investment! Your email pal, Tom L. Greg Nowell wrote: <blockquote TYPE=CITE>If you say that stocks outperform gdp by an historical avg of about double, then this cannot be finessed in your article (well, I suppose you did finesse it, but you get my meaning), as on the one hand, you say that SS private funds can't outrun gdp (or imply it), and on the other hand, you're featuring front and center data to the contrary.   In other words it's an important point that should get some ironing before we charge out into the wider world with it. Now, for my part, I am in sympathy with the general drift of the article in any case.  But it doesn't help when I come away scratching my head.  I'm supposed to understand "our guys."  Most of the time, anyhow.  -gn -- Gregory P. Nowell Associate Professor Department of Political Science, Milne 100 State University of New York 135 Western Ave. Albany, New York 12222 Fax 518-442-5298</blockquote> </html>