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Santelli, Friedman duke it out over “Ponzi scheme”
Hot Air ^ | September 8,2011 | ED MORRISSEY

Posted on 09/08/2011 1:26:31 PM PDT by Hojczyk

My friend Jazz Shaw worries that Rick Perry’s argument that Social Security in its present form is a “Ponzi scheme” leaves him vulnerable in a general election. Rick Santelli gave it a workout on CNBC today against the New York Times’ Thomas Friedman, who ends up sputtering into ad hominems when he can’t counter Santelli’s arguments about the nature of a collective that can’t pay out on its promises — and Santelli responds in kind. The Daily Caller provides the transcript and Greg Hengler provides the clip:

This gets to the larger point about using blunt language to describe an obvious problem. People appreciate that in leadership, although to be fair, they also want to hear about solutions or at least the framework of a solution. Perry provided that in his answer to the Ponzi-scheme question last night, specifically saying that seniors and those close to retirement would not be affected by Social Security reform, and that younger workers would not have their funds directed to a system that won’t survive for their own retirement. That’s not exactly a novel position for Social Security reform, and it’s about as specific as we saw from Ron Johnson and Marco Rubio when they won Senate races in Wisconsin and Florida in part by talking plainly about the need for entitlement reform, including Social Security.

http://www.youtube.cm/watch?v=RygWFh39CvE&feature=player_embedded

(Excerpt) Read more at hotair.com ...


TOPICS: Business/Economy; Government
KEYWORDS: perry; ponzi; ponzischeme; ricksantelli; santelli; scam; socialsecurity; sosh

1 posted on 09/08/2011 1:26:35 PM PDT by Hojczyk
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To: Hojczyk

http://www.youtube.com/watch?v=RygWFh39CvE&feature=player_embedded


2 posted on 09/08/2011 1:27:02 PM PDT by Hojczyk
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To: Hojczyk

This Hot Air post said it best

“Poor Friedman. Coming unarmed to a battle of the wits.

UltimateBob on September 8, 2011 at 3:27 PM”

Thanks UlitmateBob!


3 posted on 09/08/2011 1:32:25 PM PDT by vg0va3 (I don't plan to quit the fight until it is finally over. Although, I am getting tired...)
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To: Hojczyk
RICK SANTELLI


that assclown Friedman.

4 posted on 09/08/2011 1:34:59 PM PDT by Recovering_Democrat
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To: Hojczyk
Maybe now people will start listening to Paul Ryan.

they also want to hear about solutions or at least the framework of a solution.

5 posted on 09/08/2011 1:35:44 PM PDT by DManA
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To: Hojczyk

“Quiet, boy, the Emperor’s new clothes are marvelous!”


6 posted on 09/08/2011 1:36:18 PM PDT by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com/)
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To: Hojczyk

LALOL nothin’ beats a good Santelli...


7 posted on 09/08/2011 1:39:13 PM PDT by PieterCasparzen (We need to fix things ourselves)
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To: DManA

Ron Paul is a Jew hating wacko who blames the USA fir 9-11 and is supported by far lecture like code Pink . He is the earmark King of Congress !
You are clueless zombies !


8 posted on 09/08/2011 1:40:29 PM PDT by ncalburt (NO MORE WIMPS need to apply to fight the Soros Funded Puppet !)
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To: PieterCasparzen

I see him, quite literally, as the father of the TEA party movement. It is absolutely qualifiable.


9 posted on 09/08/2011 1:41:37 PM PDT by cuban leaf
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To: ncalburt

I think you may have posted too quickly. ;->

Ron Paul is not Paul Ryan. Just sayin’.


10 posted on 09/08/2011 1:43:04 PM PDT by cuban leaf
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To: ncalburt

Paul Ryan is not the same guy as Ron Paul.


11 posted on 09/08/2011 1:43:04 PM PDT by DManA
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To: Hojczyk

Rick Santelli is the best.


12 posted on 09/08/2011 1:45:23 PM PDT by Katarina (God bless ElRushbo! Prayers for our troops! I stand with Israel.)
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To: cuban leaf

You, you, you are probably one of the zombies that thought Paul Lynde was the funniest one on Hollywood Squares!!!


13 posted on 09/08/2011 1:46:41 PM PDT by DManA
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To: Hojczyk

Does anyone know what congressional district Rick lives in? Assuming there’s a Dem in the seat now..someone should ask him to run..TPers nationwide would contribute $$..and he’d haved plenty of volunteers..


14 posted on 09/08/2011 1:47:22 PM PDT by ken5050 (Save the EARTH...it's the ONLY planet with CHOCOLATE!!!)
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To: Hojczyk

Wow...speak about body language and facial expressions giving you away...Friedman got his butt kicked just like it was after school in the yard. HA!


15 posted on 09/08/2011 1:48:30 PM PDT by Pharmboy (What always made the state a hell has been that man tried to make it heaven-Hoelderlin)
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To: ncalburt

I guess I don’t understand what that has to do with Paul Ryan.


16 posted on 09/08/2011 1:54:27 PM PDT by WOBBLY BOB (My mind is like a steel trap: rusty and illegal in 37 states.)
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To: Pharmboy

I sometimes confuse Friedman with that other bearded , ferret-looking guy.

Friedman is a demigod to tenured marxists here in MN. (he’s from MPLS, IIRC)


17 posted on 09/08/2011 1:56:24 PM PDT by WOBBLY BOB (My mind is like a steel trap: rusty and illegal in 37 states.)
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To: DManA

Actually, yes. Yes I did. Just remembering that guy got me to laugh. Thanks!

8-D


18 posted on 09/08/2011 1:57:03 PM PDT by cuban leaf
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To: Hojczyk

It’s pretty clear who the idiot is.


19 posted on 09/08/2011 1:58:21 PM PDT by Skepolitic
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To: WOBBLY BOB

Paul Krugman


Tom Friedman

I can understand your occasional confusion...hope this clears it up.

20 posted on 09/08/2011 2:04:33 PM PDT by Pharmboy (What always made the state a hell has been that man tried to make it heaven-Hoelderlin)
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To: DManA
Maybe now people will start listening to Paul Ryan.

IMHO...

Any plan to "save" or "reform" or "fix" Social Security has only a few choices:

A) Decrease benefits
B) somehow magically have "investment gains" on the fund balance
C) increase SS deductions, i.e., take more out of people's paychecks
D) have more people paying in.

A) As far as decreasing benefits, it's virtually impossible to live solely on SS benefits presently, so decreasing benefits only makes SS less relevant and more deceptive as a source of retirement income. In the case of raising the retirement age, that would be at best done only once or twice but would not get us through very many years, since if it is raised much past 70 years old it would start excluding people to the point of becoming laughable. The retirement age could be raised, especially in light of the fact that so many elderly working poor continue to work past 65 anyway. But the system is a joke now, as SS retirement benefits are taxable and SS continues to be taken out of the paychecks of the elderly working poor. What a retirement system.
B) The OASDI trust funds are invested only in government securties - for the time being the government is paying the interest it owes - but it has no realistic possibility currently of ever being able to pay back principal. So the $2.5 trillion in the OASDI trust funds is essentially gone. As far as being able to invest in anything else - there can be no practical assumption about the government being trustworthy enough to invest that much money anywhere and not lose it. The sad thing is that without the government paying back that $2.5 trillion in principal, the funds could not even be converted to personal retirement accounts. Each account would contain treasury debt that would have to be rolled over; retiring the debt as fast as necessary to fund individual plan withdrawals would require quite a bit of cash that the Feral government would be utterly hard pressed to come up with.
C) The system simply can't realistically take much more out of people's paychecks; every increase will cause employment to drop and confiscate even more disposable income from consumers
D) Desiring more people pay in would only serve as evidence that there most certainly is a ponzi aspect to the SS system.

Ultimately, as people have gotten more used to the system over the years, both conciously and subconciously they rely on it more and more over the years and it only causes them to increasingly neglect their personal responsibility for retirement investment planning.
21 posted on 09/08/2011 2:06:20 PM PDT by PieterCasparzen (We need to fix things ourselves)
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To: Pharmboy

Can you imagine him on the Senate floor filibustering...

If he was in the House or Senate, C-Spans ratings would skyrocket every time he spoke.


22 posted on 09/08/2011 2:08:26 PM PDT by PieterCasparzen (We need to fix things ourselves)
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To: ken5050

Can you imagine him on the Senate floor filibustering...

If he was in the House or Senate, C-Spans ratings would skyrocket every time he spoke.


23 posted on 09/08/2011 2:09:24 PM PDT by PieterCasparzen (We need to fix things ourselves)
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To: Pharmboy

They share one brain between them I think. They could if they don’t. Wouldn’t that lower their carbon footprint or something ?


24 posted on 09/08/2011 2:10:55 PM PDT by PieterCasparzen (We need to fix things ourselves)
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To: Hojczyk
LOL. I always love Santinelli:

FRIEDMAN: Your question is idiotic. That’s what you asked.

SANTELLI: You’re idiotic.

25 posted on 09/08/2011 2:11:18 PM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: PieterCasparzen

You could shorten the period in which benefits are given — i.e., materially raise the retirement age.

It could be worse.

I pay SS, but will move back to Israel shortly, and basically pissed away that money.


26 posted on 09/08/2011 2:13:58 PM PDT by TheThirdRuffian (Nothing to see here. Move along.)
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To: Hojczyk

Santelli exposes Friedman for the shallow putz that he is. LOL funny.


27 posted on 09/08/2011 2:15:48 PM PDT by jwalsh07
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To: Hojczyk
To fracture a quote, Friedman's arms are too short to box with Santelli. Nobody on CNBC will take on Santelli.

The New York Times...only media I know where a "Nobel Laureate" in economics writes about politics...and a goof whose background is politics writes about economics, with predictably dismal results.

The problem, Rick, is that Friedman doesn't know enough about politics or economics to know what a Ponzi Scheme is.

28 posted on 09/08/2011 2:28:22 PM PDT by gogeo
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To: ncalburt

Huhhh?!?!?!


29 posted on 09/08/2011 2:32:30 PM PDT by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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To: Hojczyk

Thanks for your hotlink to Santelli.


30 posted on 09/08/2011 2:35:03 PM PDT by Graewoulf ( obamatrauma"care" violates the 1890 Sherman Anti-Trust Law.)
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To: Hojczyk

bkmrk


31 posted on 09/08/2011 2:45:18 PM PDT by Huck (I don't believe there is just one God--humanity seems like the work of a committee to me.)
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To: Hojczyk

Gotta love Rick Santelli.


32 posted on 09/08/2011 2:46:00 PM PDT by Mike Darancette (Psalm 109:8)
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To: Hojczyk; All

I encourage all of you to email CNBC at https://register.cnbc.com/email/EmailSupport.jsp with your thoughts of appreciation for Rick Santelli because you know the other side actively does


33 posted on 09/08/2011 3:22:01 PM PDT by blueyon (The U. S. Constitution - read it and weep)
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To: Hojczyk

bttt


34 posted on 09/08/2011 3:27:00 PM PDT by lonestar (It takes a village of idiots to elect a village idiot.)
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To: Pharmboy

thanks. they’re still both crapweasels.


35 posted on 09/09/2011 5:36:54 AM PDT by WOBBLY BOB (My mind is like a steel trap: rusty and illegal in 37 states.)
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To: WOBBLY BOB

True enough...but Krugman is the more likely of the two to be found someday walking through a mall naked and talking to himself.


36 posted on 09/09/2011 6:35:01 AM PDT by Pharmboy (What always made the state a hell has been that man tried to make it heaven-Hoelderlin)
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