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Fame & Fortune: ABC's John Stossel
Consumer crusader has '20/20' vision with his finances
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Bankrate: Do you agree with predictions that Social Security might not be there by the time you reach 65?

Stossel: I think that may be reasonable. It is a Ponzi scheme, and it is disgusting what these politicians have promised, knowing that the numbers don't add up. If it had been done in the private sector, those guys might have been doing perp walks.

Bankrate: How do you rate yourself on the happiness scale?

Stossel: From studies they've established that religious people are happier. I can't make myself religious; I'm not. They established that extroverts -- people who spend time doing things with people -- are happier, and certainly everybody can do more to forge and maintain friendships and relationships. Money doesn't do it; leisure time doesn't do it. And I've learned ... people pay me $40,000 sometimes to make a speech and I give the money to charity but it's still a very luxurious experience, going to a fine resort, and I used to think that in retirement, if I could do that more, that would make me happy. But I soon saw that no, you get to take that for granted and it doesn't make you happy. What makes people happy is pursuing useful deployment, finding purpose in life through family and charity and employment. Happiness comes as a byproduct of that.

Bankrate: Would you agree with the old adage, "The love of money is the root of all evil?"

Stossel: Yes. The lust for money has certainly driven many people to hurt others, and it doesn't bring them the goal, which presumably is happiness for most people. The root of ALL evil? I don't know. I think the love of power is the root of much evil in American life, the power by the government who think they know best and want to micromanage our life.

Bankrate: Do you have a third act in mind for your life?

Stossel: Actually, yes. I have a nonprofit, In The Classroom Media, that is making my free-market TV specials available to high school teachers who will use them in their social studies classes and offers scholarships to teachers who can't afford them. I see perhaps I'll spend my third act as some kind of Internet teacher for high schools, trying to explain the unanticipated benefits of freedom and free markets.

Bankrate.com's corrections policy -- Posted: Sept. 19, 2006
 
 
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