Skip to comments.Rick Santelli to Tom Friedman: ‘You’re idiotic’
Posted on 09/08/2011 8:22:17 AM PDT by caroline2005nc
Texas Gov. Rick Perry stuck to his claim during last nights presidential debate that Social Security is a Ponzi scheme. The media are getting a lot of mileage out of that sound bite, and the Ponzi-scheme debate is very much alive this morning.
On Thursdays Squawk Box on CNBC, CME Group floor reporter Rick Santelli, known to some as the father of the tea party movement, challenged New York Times columnist and Rick Perry critic Thomas Friedman on that claim.
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Too cool, I have wanted some to say this to Friedman for decades
If any private enterprise was hawked to consumers and run like the SSS-they’d be arrested for fraud AT THE LEAST!
The look on Friedman’s face is priceless.
Seriously, how cool is it that Santelli got to say what we have all been thinking for years?!
And how absolutely pathetic and sad that it is considered “controversial” by so many nimrods?!
Interestingly, this is the discourse after last night’s debate. I know this is but one issue, but what is happening today shows that Perry won THIS issue last night. There is something afoot in the dark recesses of Perry’s handlers offices, I suspect.
Must be a great program since even SSA members don’t use it.
If you don’t use your own product - what does that tell you.
Friedman is a fatuous lard azz.
Seriously, I could hear him getting fatter during the video.
Wow. Look at the comments in that thread. Another “SS” recipient there that thinks Perry is right, and a lot of other really good comments.
I’m tellin’ ya, Perry struck a nerve last night that is gonna twitch until next november. For a lot of people, the last twitch will be them pulling the lever for Perry.
I’m not even sure I like the guy, but he sure knows what he is doing, or someone advising him does.
Takes money from investors with the promise that the money will be invested and made available to them later
Takes money from wage earners with the promise that the money will be invested in a "Trust Fund" and made available later.
Instead of investing the money Madoff spends it on nice homes in the Hamptons and yachts.
Instead of depositing money in a Trust Fund the politicians use it for general spending and vote buying.
When the time comes to pay the investors back Madoff simply uses some of the new funds from newer investors to pay back the older investors.
When benefits for older investors become due the politicians pay them with money taken from younger and newer wage earners to pay the geezers.
When Madoff's scheme is discovered all hell breaks loose. New investors won't give him any more cash.
When Social Security runs out of money they simply force the taxpayers to send them some more.
Bernie Madoff is in jail.
Politicians remain in Washington.
Santelli has been my hero ever since I turned CNBC on once I started working in the fixed income market in 2001. I’m so happy more people have been able to tune in to listen to his very succinct rants that very few advesaries can counter logically. Those floor traders worship the ground the guy walks on which is telling for a journalist.
The idea of SS was the working generation of Americans would help support the retired generation of Americans. This worked pretty well when there was some 8-15 Americans working to support the retired. There still is 15 or more workers but now they are in other countries and do not pay into the SS system, nor does their employers. So SS can no longer work unless SS is charged on all imported goods. Our exported economy claims another scalp.
Libs that think referring to SS as a ponzi scheme will hurt a politician these days are living in the past.
Bump for further enjoyment.
Great analysis! If Bernie Madoff was allowed to print his own money he would not be in jail right now.
Libs that think referring to SS as a ponzi scheme will hurt a politician these days are living in the past.Don't fool yourself, it's not just the libs. It won't be long before the establishment shuts Perry up on this and who knows what else.
Billionaire Thomas Friedman laughs at idiots from his $9 Million mansion.
Any question that makes Friedman look stupid when he can't answer it is, apparantly, "idiotic."
The only answer Friedman even attempted to offer came down to this: Ponzi schemes are illegal, and Social Security is a government program. Friedman's logic apparantly runs like this: Ponzi schemes are illegal, and nothing the government does can be illegal, and Social Security is run by the government, so therefore Social Security is not a Ponzi scheme.
Anyone who would offer such an answer is, as far as I'm concerned, idiotic.
He's idiotic because either (a) he thinks the public is made up of idiots, or (b) he actually believes his answer.
Does Santelli ever say anything I don’t agree with?
I see that look a lot on the faces of liberals when they are confronted with logic and facts. It's as if they can't believe there would be someone with the bottle to challenge their worldviews. This is especially so with the elite liberal media, who have owned that turf for so long they can't logically deal with anyone who opposes their positions.
>> Rick Santelli, known to some as the father of the tea party movement
Perhaps like Edison to the light bulb; it was going to happen anyway.
Friedman's wife, Ann, is a graduate of Stanford University and the London School of Economics. They were married in London on Thanksgiving Day 1978. Her father, Matthew Bucksbaum, was the chairman of the board of General Growth Properties, a real estate development group. As of 2007, Forbes estimated the Bucksbaum family's assets at $4.1 billion, including about 18.6 million square meters of mall space, but the firm's value later plummeted. The family's trust declined in value from $3.6 billion to $25 million. On April 16, 2009, the company filed for Chapter 11 bankruptcy, after failing to reach a deal with its creditors. The GGP collapse marked the largest real estate bankruptcy in U.S. history.
Ann and Thomas Friedman live in Bethesda, Maryland, a suburb of Washington, D.C. The July 2006 issue of Washingtonian reported that they own "a palatial 11,400-square-foot (1,060 m2) house, currently valued at $9.3 million, on a 7½-acre parcel just blocks from I-495 and Bethesda Country Club." Friedman is paid $50,000 per speaking engagement.
In other words his rich wife isn't nearly as rich as she once was ... what's next, divorce or foreclosure for poor 'ol Tom?
It’s not a ponzi scheme. It just looks, acts, feels, smells, works and costs like a ponzi scheme.
But it’s not a ponzi scheme.
I remember Friedman going to the Detroit Show and lambasting the big 3 for SUV's and how he hated the "Excursion", and how they couldn't build cars like the Japanese.
The Darn fool didn't realize the niche(s) it filled, especially in industry and how ranchers are now the 2nd-ary market for them.
I bet Friedman wishes he bought some Ford Stock in March of 09' but that is another story for another day...
IMHO he got PWNED by Rick...