Posted on 09/08/2011 8:22:17 AM PDT by caroline2005nc
Texas Gov. Rick Perry stuck to his claim during last night’s 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 Thursday’s “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.
(Excerpt) Read more at thedc.com ...
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!
Santelli bump.
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.
For later
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.
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BERNIE MADOFF |
SOCIAL SECURITY |
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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. |
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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. |
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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. |
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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. |
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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.
Bump!
Great analysis! If Bernie Madoff was allowed to print his own money he would not be in jail right now.
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