Keyword: ponzischeme

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  • FDR signs Social Security Act

    08/14/2014 2:17:49 AM PDT · by right-wing agnostic · 2 replies
    On this day in 1935, President Franklin D. Roosevelt signs into law the Social Security Act. Press photographers snapped pictures as FDR, flanked by ranking members of Congress, signed into law the historic act, which guaranteed an income for the unemployed and retirees. FDR commended Congress for what he considered to be a "patriotic" act. Roosevelt had taken the helm of the country in 1932 in the midst of the Great Depression, the nation's worst economic crisis. The Social Security Act (SSA) was in keeping with his other "New Deal" programs, including the establishment of the Works Progress Administration and...
  • VIDEO On eve of O/care deadline, law remains a work in progress (Repub wood-chippers O/Care bill)

    03/31/2014 4:24:24 AM PDT · by Liz · 16 replies
    CBS ^ | 3/30/14 | STEPHANIE CONDON
    After six tumultuous months, open enrollment on the new Obamacare marketplaces comes to a close. Once enrollment is over, a look at the marketplaces will give the nation a better picture of how well the Affordable Care Act is functioning. It's already perfectly clear, though -- to voters and lawmakers alike -- that the law is a work in progress. The first few months of open enrollment were disastrous, after HealthCare.gov -- the site that serves as the Obamacare portal for 36 states -- was launched with major technical problems. Still, the administration says it has largely recovered, with more...
  • Eddie Long Settles With Megachurch Members in Lawsuit Linked to Alleged Ponzi Investor Ephren Taylor

    02/08/2014 5:24:16 PM PST · by Gamecock · 4 replies
    Christian Post ^ | February 6, 2014 | Nicola Menzie
    More than a dozen members of New Birth Missionary Baptist Church have managed to recoup some of their losses, originally totaling nearly $1 million, in a civil suit involving Bishop Eddie Long and alleged Ponzi scheme mastermind Ephren Taylor. Thirteen former members of Long's Lithonia, Ga., megachurch recently reached a confidential financial settlement with the Christian minister, although neither he nor Taylor have admitted to any wrongdoing. "I somewhat blame New Birth, because when this happened, instead of really showing us love, we were kind of looked at as outcasts," J.B. Bailey, one of the 13 victims who has recouped...
  • Ponzi schemer Rothstein: Wooing politicians, including Crist [and McCain], key to success of fraud

    02/05/2014 11:53:59 AM PST · by PJ-Comix · 6 replies
    Palm Beach Post ^ | February 5, 2014 | Jane Musgrave
    WEST PALM BEACH — Wooing politicians like Gov. Charlie Crist and U.S. Sen. John McCain was a key to the success of his $1.4 billion Ponzi scheme, convicted fraudster Scott Rothstein testified Wednesday in federal court.In a wide-ranging discussion of how he built the scheme and how it imploded in October 2009 that came during his testimony in the trial of lawyer Christina Kitterman, Rothstein was both confident and contrite.
  • The Serious Disadvantages of Bitcoin

    01/04/2014 8:13:19 AM PST · by narses · 27 replies
    The Wall Street Pit ^ | 1/1/2014 | Anthony Alfidi
    You’ve all heard about Bitcoin. No one knows who created it, although some writers have made very educated guesses about the identity of the pseudonymous creator. I have sometimes wondered whether Bitcoin is the product of some transnational criminal organization or rogue state that wants to undermine developed economies by casting their payment systems into doubt. I am less concerned with Bitcoin’s origin than with its flaws. I shall enumerate those flaws forthwith. Bitcoin enables fraud and other criminal activities. This is absolutely the single most salient feature of Bitcoin’s anonymity. Conventional currencies are indeed subject to laundering and counterfeit....
  • Bitcoin is Gold 2.0: But how can it be regulated?

    12/28/2013 10:41:57 AM PST · by SeekAndFind · 24 replies
    American Thinker ^ | 12/28/2013 | Chriss Street
    Bitcoin is the name of a group of peer-to-peer payment networks that serve as an open-source form of digital currency that was originally introduced in 2009 by a software developer with the alias of 'Satoshi Nakamoto." Bitcoin currency is created as rewards to "miners" for providing the computing power to solve difficult math problems to maintain the "blockchain" of internet transactions in the currency. Unlike online credit cards and PayPal systems that allow buyers to claim their money back, bitcoin permanently transfers value. The bitcoin cyber-economy compassed of merchants, users, service providers, and startup enterprises has flourished for the past...
  • This Senate hearing is a Bitcoin lovefest

    11/19/2013 3:10:23 AM PST · by pluvmantelo · 31 replies
    Washington Post ^ | November 18, 2013 | TIMOTHY B. LEE
    The Senate Committee on Homeland Security and Governmental Affairs, chaired by Sen. Tom Carper (D-Del.), is holding the first congressional hearing on the future of Bitcoin. The first panel features senior figures from the Obama administration. And their comments about Bitcoin have been remarkably positive.
  • Florida Democratic congressman (Grayson) loses $18 million in (Ponzi) scheme

    12/09/2013 7:20:53 PM PST · by Zakeet · 48 replies
    Fox News ^ | December 9, 2013
    Florida Democratic Rep. Alan Grayson lost $18 million in a scheme by a Virginia man that involved over a 100 victims, the congressman’s office confirmed Monday. [Snip] The scheme worked like this: clients would turn over their stocks to Chapman as collateral for a loan, and Chapman would let customers borrow about 90 percent of the stocks' value. If the stocks did badly, borrowers could walk away and keep the money they were loaned. But if the borrowers' stocks did well, they would repay the loan with interest, and Chapman was supposed to return the stocks to the investor at...
  • That’s Weird? NBC Deletes Top Story Criticizing Obama on Health Care--Update: Story Back Up--Glitch

    10/28/2013 9:30:08 PM PDT · by jodster36 · 102 replies
    The Gateway Pundit ^ | 10/28/13 | Jim Hoft
    That was quick. Earlier today NBC Investigative journalists released a report where they claimed the Obama administration knew Americans would lose their insurance due to Obamacare back in 2010. Drudge linked to the article But suddenly the story is gone… Vanished. It was there all evening. It even made their top story list. But now it’s gone. The story is listed on Google – but it links to a dead ink. Weird.
  • Lew’s Testimony on Debt Mirrors SEC’s Definition of Ponzi Scheme

    10/13/2013 11:23:21 PM PDT · by Olog-hai · 3 replies
    Cybercast News Service ^ | October 13, 2013 - 4:30 PM | Terence P. Jeffrey
    When Treasury Secretary Jacob Lew testified in the Senate Finance Committee on Thursday, urging Congress to enact a new law allowing the administration to increase the federal debt, his description of how the Treasury handles that debt mirrored the Securities and Exchange Commission’s definition of a Ponzi Scheme. “A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors,” says the Securities and Exchange Commission. … On Thursday, Lew candidly told the Finance Committee that the U.S. Treasury will not be able to pay off current government debt-holders...
  • $3.39T: Fed Owns More Treasuries and MBS Than Public Debt Amassed From Washington Through Clinton

    09/22/2013 3:06:19 PM PDT · by Olog-hai · 23 replies
    Cybercast News Service ^ | September 22, 2013 - 3:47 PM | Terence P. Jeffrey
    The same day that the Federal Reserve’s Federal Open Market Committee announced last week that the Fed would continue to buy $40 billion in mortgage-backed securities (MBS) and $45 billion in U.S. Treasury securities per month, the Fed also released its latest weekly accounting sheet indicating that it had already accumulated more Treasuries and MBS than the total value of the publicly held U.S. government debt amassed by all U.S. presidents from George Washington though Bill Clinton. Since the beginning of September 2008, in fact, the Fed’s ownership of Treasury securities and MBS has increased sevenfold. As of the close...
  • States consider fees for hybrids to recoup lost gasoline taxes

    06/10/2013 6:25:54 AM PDT · by rktman · 52 replies
    Fuel Fix ^ | 6/9/2013 | Chris Kardish
    RALEIGH, N.C. (AP) — North Carolina is joining a growing number of states exploring new fees for hybrid and electric car owners to help make up for revenue those drivers aren’t paying in gas taxes on their fuel-efficient vehicles.
  • Who is Ed Mezvinsky? [Can Anyone Verify This?]

    05/21/2013 2:10:15 PM PDT · by SoFloFreeper · 41 replies
    Email | 5/21/13
    Edward "Ed" Mezvinsky born January 17, 1937, is a former Democrat congressman. As a Democrat, he represented Iowa 's 1st congressional district in the United States House of Representatives for two terms, from 1973 to 1977. He sat on the House Judiciary Committee that decided the fate of Richard Nixon. He and the Clinton's were very politically intertwined for years. In March 2001, Mezvinsky was indicted and later pleaded guilty to 31 of 69 charges of bank fraud, mail fraud, and wire fraud. He was sentenced to 80 months in (Federal) prison. Ed Mezvinsky embezzled more than $10 million...
  • Bitcoin, the nationless electronic cash beloved by hackers, bursts into financial mainstream

    04/11/2013 11:38:29 PM PDT · by Ernest_at_the_Beach · 28 replies
    Foxnews ^ | April 11, 2013 | Associated Press
    NEW YORK –  With $600 stuffed in one pocket and a smartphone tucked in the other, Patricio Fink recently struck the kind of deal that's feeding the rise of a new kind of money -- a virtual currency whose oscillations have pulled geeks and speculators alike through stomach-churning highs and lows. The Argentine software developer was dealing in bitcoins -- getting an injection of the cybercurrency in exchange for a wad of real greenbacks he handed to a pair of Australian tourists in a Buenos Aires Starbucks. The visitors wanted spending money at black market rates without the risk of...
  • The Global Financial Pyramid Scheme By The Numbers

    03/21/2013 6:29:59 PM PDT · by aMorePerfectUnion · 11 replies
    Zero Hedge ^ | 03/21/2013 17:19 -0400 | Tyler Durden
    [Via Michael Snyder of The Economic Collapse blog} Why is the global economy in so much trouble? How can so many people be so absolutely certain that the world financial system is going to crash? Well, the truth is that when you take a look at the cold, hard numbers it is not difficult to see why the global financial pyramid scheme is destined to fail. In the United States today, there is approximately 56 trillion dollars of total debt in our financial system, but there is only about 9 trillion dollars in our bank accounts. So you could take...
  • Why Is The World Economy Doomed? The Global Financial Pyramid Scheme By The Numbers

    03/22/2013 6:03:13 AM PDT · by Diana in Wisconsin · 32 replies
    The Economic Collapse Blog ^ | March 20, 2013 | Michael @ TEC
    *SNIP* The following is the global financial pyramid scheme by the numbers... -$9,283,000,000,000 - The total amount of all bank deposits in the United States. The FDIC has just 25 billion dollars in the deposit insurance fund that is supposed to "guarantee" those deposits. In other words, the ratio of total bank deposits to insurance fund money is more than 371 to 1. -$10,012,800,000,000 - The total amount of mortgage debt in the United States. As you can see, you could take every penny out of every bank account in America and it still would not cover it. -$10,409,500,000,000 -...
  • BILL GROSS: Investment Banks Have Morphed Markets With 'Ponzi Finance' — And Time Is Almost Up

    01/31/2013 2:34:03 PM PST · by blam · 3 replies
    TBI ^ | 1-31-2013 | Matthew Boesler
    BILL GROSS: Investment Banks Have Morphed Markets With 'Ponzi Finance' — And Time Is Almost Up Matthew BoeslerJanuary 31, 2013, 9:52 AMBill Gross, the PIMCO fund manager known as the "Bond King," is out with his February investment letter, titled "Credit Supernova!" This month, Gross tackles the relationship between credit expansion and real growth. He channels the late economist Hyman Minsky, saying the economy is now in Minsky's "Ponzi finance" phase, "when additional credit would be required just to cover increasingly burdensome interest payments, with accelerating inflation the end result." Gross writes that new credit is providing diminishing returns: "Each...
  • Greed, Lack of Transparency Caused Financial Crisis, Says Greenberger

    11/23/2012 2:28:04 PM PST · by ex-Texan · 90 replies
    The Epoc Times ^ | 11/15/ 2012 | Gary Feuerberg
    Bad mortgage loans, obscured through complex and unregulated investment instruments, cost taxpayers billions WASHINGTON—The U.S. economy is slowly making a recovering from a near-collapse and the worst recession since the Great Depression. But what brought on the subprime mortgage crisis that led to huge financial losses, a decline in wealth for much of the country, a GDP drop of 5 percent for the period from Dec. 2007 to June 2009, and an official unemployment rate that peaked at 10.0 percent in Oct. 2009? “Very few people understand [what happened],” said University of Maryland Professor Michael Greenberger at the Center for...
  • Boomer Power and the War on the Young

    10/14/2012 3:34:55 PM PDT · by Publius804 · 39 replies
    The American Interest ^ | October 4, 2012 | N/A
    The Economist ominously reports: The struggle to digest the swollen generation of ageing baby-boomers threatens to strangle economic growth. As the nature and scale of the problem become clear, a showdown between the generations may be inevitable. The statistics are frightening: The average federal tax rate for a median American household, including income and payroll taxes, dropped from more than 18% in 1981 to just over 11% in 2011. Yet sensible tax reforms left less revenue for the generous benefits boomers have continued to vote themselves, such as a prescription-drug benefit paired with inadequate premiums. Deficits exploded. Erick Eschker, an...
  • Bill Gross: "Normal" Economic Growth Impossible Now: 90% of the Media Now Controlled by 6 Companies

    08/23/2012 3:04:20 PM PDT · by lbryce · 4 replies
    Money Morning ^ | August 23, 2012 | Terry Weiss
    Legendary market maven Bill Gross, the so-called "King of Bonds," said investors will flat-out lose money if they continue employing the "buy and hold" strategies of the past. In his August Investment Outlook, Gross told investors that "financial repression, QEs of all sorts and sizes" and low interest rates will "dominate the timescape" for decades, maybe longer. Investors must adjust to the new world order to avoid being the loser in this zero-growth environment, Gross warned. Ultimately, Gross said, the stock market's historical, inflation-adjusted 6.6% annual growth rate is unsustainable. Gross, of course, is a bond man. In March, he...
  • Peregrine Financial CEO Indicted On 31 Charges

    08/13/2012 9:00:41 PM PDT · by Kartographer · 7 replies
    ZeroHedge ^ | 8/13/12 | Tyler Durden
    Is it good that Wasendorf is going away, most likely for the rest of his life? Of course- the man is a sociopathic criminal. But the problem is that the incentives, the controls, and the "processes" that PFG engaged in to cheat thousands of clients out of their life savings are pervasive throughout the US financial system. It is this, and not an individual appeals court case which incidentally has no impact on a completely standalone bankruptcy process and whose outcome can be appealed under any other jurisdiction, that US investors, or what's left of them, should be worried about....
  • Poway Unified to Pay Nearly 10 Times What it Borrowed (CA District to Pay $1B for $105M School Bond)

    08/07/2012 7:20:56 PM PDT · by DogByte6RER · 29 replies
    NBC San Diego ^ | August 7, 2012 | Rory Devine and Lauren Steussy
    Poway Unified to Pay Nearly 10 Times What it Borrowed: Report District will begin financing the 40-year loan beginning in 2050 New school, new library, new technology – just a few examples of the renovations and repairs made to Poway Unified School District’s 24 aging schools starting in 2001 under Proposition U. To finish the job, Poway taxpayers passed Proposition C in 2008. Last year, as part of that bond, the district borrowed $105 million. It won’t begin paying it back until 20 years from now. With interest, that $105 million loan will end up costing taxpayers almost $1 billion...
  • Obamacare's Medicare Scam

    05/13/2012 8:26:49 AM PDT · by Kaslin · 28 replies
    Townhall.com ^ | May 13, 2012 | Susan Brown
    America's senior citizens deserve to enjoy their golden years in security rather than be faced with the uncertainty of having their beloved Medicare benefits yanked away thanks to provisions within the Democratic Party's darling, Obamacare. Mathematicians Congressional Democrats are not. Democrats failed to inform seniors nearly half of Obamacare's cost would be funded initially by taking more than $500 billion from Medicare. When this information was made public, Democrats promised the cost-shifting would not in any way lead to benefit cuts. In addition, they were told Obamacare would reduce the deficit and were told everyone could keep their doctors. If...
  • Recovery threatened by runaway student loan debt [Newt: "Student Loans a Ponzi Scheme"]

    04/03/2012 1:58:28 AM PDT · by Cincinatus' Wife · 31 replies
    The Florida Times Union - Jacksonville ^ | March 3, 2012 | Tom Raum
    Surging above $1 trillion, U.S. student loan debt has surpassed credit card and auto-loan debt. This debt explosion jeopardizes the fragile recovery, increases the burden on taxpayers and possibly sets the stage for a new economic crisis. ............. Newt Gingrich calls student loans a "Ponzi scheme" under which students spend the borrowed money now but will "have to pay off the national debt" later in life as taxpayers.... Lifting student debt higher and higher is the escalating cost of attending schools, with tuition increasing far faster than the rate of inflation. And enrollment has been rising for years, a trend...
  • California: Bankruptcy Upon the Union Altar

    02/26/2012 4:50:45 AM PST · by Kaslin · 11 replies
    Townhall.com ^ | February 26, 2012 | Mike Shedlock
    Bondholders of Stockton, California debt are about to be punished as City Manager Takes Steps Toward Bankruptcy. Stockton, California, may take the first steps toward becoming the most populous U.S. city to file for bankruptcy next week because of burdensome employee costs, excessive debt and bookkeeping errors that misrepresented accounts, city officials said today. The Stockton City Council will meet Feb. 28 to consider a type of mediation that allows creditors to participate, the first move toward a Chapter 9 bankruptcy filing under a new state law. The council will also weigh suspending some payments on long-term debt of about...
  • The Last Ponzi Game

    12/17/2011 12:49:59 PM PST · by Razzz42 · 5 replies
    The Wall Street Examiner ^ | December 16, 2011 | By Lee Adler
    A heavy Treasury auction schedule with a big settlement on Thursday was enough to contribute to keeping stock prices (SPX) in check this week, but not to knock down Treasuries. Demand for US Government paper is so great it simply engulfs even heavier than expected levels of new supply. The massive capital flight out of Europe is now confined to the only game in town, the US Treasury market, the last great Ponzi game still operating. This won’t end well, but it won’t end until it ends, and the technical signals suggest that it won’t happen in the short run....
  • Seniors Rally in Boston Against Cuts to Social Programs (Seniors for Socialism Alert)

    11/10/2011 5:54:35 AM PST · by rabscuttle385 · 25 replies
    The Wall Street Journal ^ | 2011-11-10 | Jennifer Levitz
    BOSTON–Chanting “hands off” and “no cuts,” hundreds of seniors rallied here to warn Congress’s deficit-cutting supercommittee to stay away from Social Security, Medicare, and Medicaid. “When you get older, you need help, not cuts,” said Steve Ciardi, a former pipe fitter who has multiple sclerosis and was in a wheelchair being pushed by his wife, Patty. “That is what the country is about – helping people,” she said. AARP Massachusetts, the SEIU and AFL-CIO labor unions, and several senior activist groups are organizing the event, which kicked off this morning with a rally at the historic Wang Theatre in downtown...
  • Fresh Solyndra Emails Show the Involvement of an Obama Fundraiser

    11/09/2011 2:33:01 PM PST · by Dubya-M-DeesWent2SyriaStupid! · 7 replies
    theatlanticwire.com ^ | November 9, 2011 4:08 PM ET | ohn Hudson
    According to new emails released by House Republicans, George Kaiser, a billionaire investor and bundler for President Obama's 2008 campaign, discussed the now-bankrupt solar company Solyndra with White House officials. The emails show a series of exchanges between Kaiser (who has an apparent fondness for Comic Sans) and his associates, including Steve Mitchell, an employee at his VC firm Argonaut and Ken Levit, an employee at the George Kaiser Family Foundation, discussing a number of interactions with the White House, including a statement that Solyndra was among the "prime poster children" of the administration's stimulus plan and that Kaiser and...
  • Bullet train Project Nearly Triples In Cost (High Speed Rail To Nowhere)

    11/01/2011 8:39:12 AM PDT · by goldstategop · 42 replies
    Mercury News ^ | 10/31/2011 | Mike Rosenberg
    With the Golden State nearly broke, it now plans to secure funding largely by borrowing more, the Associated Press reported, though specifics were unclear. About 20 percent would come from the private sector. Until now, the state had been relying on more than $15 billion from the federal government, $10 billion from private investors and $5 billion from local governments. But the state hadn't gotten any closer to raising the money in the three years since voters approved the plan. The bullet train project, which would link San Francisco and Los Angeles with the nation's first high-speed rail line, has...
  • Madoffs Tried to Commit Suicide, Wife Says

    10/26/2011 5:36:34 PM PDT · by TigerLikesRooster · 25 replies
    NYT ^ | 10/26/11 | DIANA B. HENRIQUES
    <p>On Christmas Eve 2008, two weeks after Bernard L. Madoff confessed to running history’s largest Ponzi scheme, he and his wife, Ruth, attempted suicide in their Manhattan penthouse.</p> <p>Mrs. Madoff said in an interview with The New York Times: “I don’t know whose idea it was, but we were both so saddened by everything that had happened. It was unthinkable to me: hate mail, phone calls, lawyers.”</p>
  • Is Medicare also a Ponzi Scheme?

    10/25/2011 5:16:24 AM PDT · by SeekAndFind · 21 replies
    The American ^ | 10/24/2011 | Christopher J. Conover
    Many retirees feel they have ‘paid’ for benefits through their payroll taxes. This is much closer to being true for Social Security than it is for Medicare. Most Medicare recipients receive far more in benefits than they “pre-pay” through payroll taxes. Far too few Americans understand this simple truth, with the result that too many Americans think politicians have no business cutting “my Medicare.” Even though much vitriol of late has been directed at Social Security, Medicare is arguably far more of a Ponzi scheme than Social Security ever was. The payroll taxes used to finance Part A Medicare benefits...
  • How Do We Care for the Elderly?

    10/22/2011 4:28:52 AM PDT · by Kaslin · 74 replies
    Townhall.com ^ | October 22, 2011 | Linda Chavez
    Last week, the Obama administration dropped one of the signature provisions of its healthcare plan. The CLASS Act (Community Living Assistance Services) was intended to provide affordable insurance for long-term care to individuals who, because of infirmity or age, could no longer care for themselves. But the reality that not enough healthy Americans would sign up to make it self-supporting finally doomed the program. Many opponents of Obamacare will no doubt cheer this turn of events because it confirms the view that we cannot afford to, in essence, nationalize health care. I agree --but I also recognize that the problem...
  • Gov. Perry's Right About Social Security

    09/21/2011 8:40:57 AM PDT · by shield · 12 replies
    Townhall ^ | 21st September 2011 | Walter E Wiliams
    During the recent GOP presidential debate, Texas Gov. Rick Perry said that Social Security is a "monstrous lie" and a "Ponzi scheme." More and more people are coming to see that Social Security is a Ponzi scheme, but is it a lie, as well? Let's look at it. Here's what the 1936 government pamphlet on Social Security said: "After the first 3 years -- that is to say, beginning in 1940 -- you will pay, and your employer will pay, 1.5 cents for each dollar you earn, up to $3,000 a year. ... Beginning in 1943, you will pay 2...
  • Rep. Ryan: Rick Perry is right on Social Security

    09/21/2011 2:58:05 AM PDT · by Cincinatus' Wife · 33 replies
    The Hill ^ | September 20, 2011 | Alicia M. Cohn
    The Republican chairman of the House Budget Committee on Tuesday drew fire from Democrats for backing Texas Gov. Rick Perry’s description of Social Security as a “Ponzi scheme.” Social Security fits the technical definition of a Ponzi scheme, Rep. Paul Ryan (R-Wis.) told conservative Laura Ingraham on her radio show. “It’s not a criminal enterprise, but it’s a pay-as-you-go system, where earlier investors — or say, taxpayers — get a positive rate of return, and the most recent investors — or taxpayers — get a negative rate of return,” he said. “That is how those schemes work.” Perry’s description of...
  • Mandatory Ponzi Schemes

    09/17/2011 9:41:16 AM PDT · by BUSHdude2000 · 27 replies · 1+ views
    US Daily Review ^ | September 17, 2011 | Keith Rodebush
    When Ida May Fuller received the first Social Security check for $22.54 in 1940 she had paid into the system in the amount of $24.75. By the time of her death in 1975 at the age of 100 years she had received payments totaling $22,882 and change. Is Social Security a Ponzi scheme? Of course it is, money from current investors was used to pay Ida May’s bill far beyond her investment. But there is a distinction. Social Security is a mandatory Ponzi scheme. This is no small difference as the downfall of all Ponzi schemes is when financial downturns...
  • Krauthhammer on The Great Social Security Debate : Of course it's a Ponzi Scheme. So What?

    09/16/2011 7:23:53 AM PDT · by SeekAndFind · 55 replies
    National Review ^ | 09/16/2011 | Charles Krauthhammer
    Proposition 1: In a Ponzi scheme, the people who invest early get their money out with dividends. But these dividends don’t come from any profitable or productive activity — they consist entirely of money paid in by later participants. This cannot go on forever because at some point there just aren’t enough new investors to support the earlier entrants. Word gets around that there are no profits, just money transferred from new to old. The merry-go-round stops, the scheme collapses, and the remaining investors lose everything. Now, Social Security is a pay-as-you-go program. A current beneficiary isn’t receiving the money...
  • What Consensus?

    09/14/2011 4:26:30 PM PDT · by radioone · 4 replies
    Boston Review ^ | December/January 1996-97 | Paul Krugman
    I don't want to seem to quibble with Richard Freeman's essay, since I am overwhelmingly in agreement with it. Let me just make a few points. I like Freeman's idea of providing each individual with a trust fund when young rather than retirement benefits when old, but we had better realize that this is a significant change in the character of the social insurance system. Social Security is structured from the point of view of the recipients as if it were an ordinary retirement plan: what you get out depends on what you put in. So it does not look...
  • You Say 'Ponzi Scheme,' I Say 'Fraud'

    09/14/2011 9:04:12 AM PDT · by Kaslin · 28 replies
    Townhall.com ^ | September 14, 2011 | Paul Jacob
    At the Republican presidential debate in Tampa, Fla., on Monday night, Mitt Romney said Rick Perry has needlessly "scared seniors" by calling Social Security "a Ponzi scheme." Romney, more sensitive to the anxieties of retirees, prefers to say "the American people have been effectively defrauded out of their Social Security" (as he puts it in his 2010 book "No Apology") because Congress has spent the program's surplus revenue instead of saving it to pay for future benefits -- the sort of crime for which bankers "would go to jail." See the difference? Neither do I. Both the former Massachusetts governor...
  • Democrat: Gov't Has No Contractual Obligation to Pay Social Security Benefits

    09/14/2011 2:38:29 PM PDT · by Nachum · 168 replies
    Cybercast News Service ^ | 9/14/11 | Matt Cover
    Blue Dog Democrat Rep. Jim Cooper (D-Tenn.) said that most Americans do not understand that federal entitlements are not “bank account” programs that hold their money, adding that Social Security is not even a legal guarantee -- "Legally, they're not even promises." Cooper, asked about potential reforms to Medicare and Medicaid, said that the core problem was that the public does not understand the true nature of entitlements. “Many Americans don’t really realize that Medicare is a government program,” Cooper said at a press conference with fellow Blue Dogs on Wednesday.
  • Galveston County is at the center of the great social security “ponzi” debate

    09/14/2011 11:06:52 AM PDT · by SeekAndFind · 9 replies
    Beaumont Enterprises ^ | 09/13/2011 | Gator
    The Rickster has been fending off his “Social Security-as-criminal-enterprise words” ever since he tossed his revolver into the ring, but it turns out our neighbors in Galveston County have been the “test tube babies” of a brave new alternative social security universe. Back in the 70s, county workers used a short-lived federal provision and voted to opt out of social security. Instead, they decided to place their retirement cash into one of Dubya’s favorite pet policies: Personal savings accounts. It’s been forty some years, so how did that bold maneuver work out for these intrepid Gulf coasters? For the majority,...
  • Setting Grandma's Hair on Fire

    09/13/2011 5:31:40 AM PDT · by Kaslin · 14 replies
    Townhall.com ^ | September 13, 2011 | Pat Buchanan
    Social Security is a "Ponzi scheme for these young people," said Gov. Rick Perry in his first debate as a presidential candidate. "The idea ... that the current program is going to be there for them is a lie." Pressed by the moderator, Perry did not back down. He doubled down, calling Social Security a "monstrous lie to our kids." Is not such language provocative, Perry was asked. Retort: "Maybe it's time to have some provocative language in this country." Since Barry Goldwater suggested the program be privatized and LBJ ran an ad of a Social Security card being scissored...
  • Poll: Voters disagree that Social Security is a “monstrous lie”

    09/13/2011 12:06:00 PM PDT · by SeekAndFind · 61 replies · 1+ views
    Hotair ^ | 09/13/2011 | Tina Korbe
    Even after an op-ed in USA Today and a strong exposition of his position in last night’s debate, Rick Perry still draws heat for his characterization of Social Security as a “monstrous lie.” A new CNN/ORC poll, for example, reveals that 72 percent of registered voters say Perry’s description of the program is “inaccurate,” while just 27 percent say it is “truthful.” More of the breakdown from WSJ’s Washington Wire: The survey also shows that 59 percent of tea party supporters disagree with Mr. Perry’s characterization.Still, 55 percent of those polled say there’s a serious problem with Social Security that...
  • (VANITY) Where and when did Mitt Romney call Social Security a Ponzi Scheme?

    09/12/2011 7:27:24 PM PDT · by Halfmanhalfamazing · 20 replies · 1+ views
    Someone around here has to know. It's nearly impossible to cut through the liberal media noise machine and find Mitt's words, but I know one of you freepers around here knows where to find it. Rush talked about it today, so we know Mitt said it: http://www.freerepublic.com/focus/f-news/2777387/posts Tell us where and when.
  • Rush Limbaugh puts GOPers on notice: Refer to Social Security as a criminal enterprise, or else!

    09/12/2011 7:03:07 PM PDT · by Clairity · 33 replies
    washington Post ^ | Sept. 12, 2011 | Greg Sargent
    During his Monday show, Limbaugh warned the 2012 Republican field not to use Perry's remarks against him. He specifically named Minnesota Rep. Michele Bachmann and former Massachusetts Gov. Mitt Romney. "I've not endorsed anybody and this is not an endorsement" Limbaugh said. "But be very careful if you start attacking Rick Perry on Social Security and the 'Ponzi scheme.' There are too many of you out there who have already said that yourselves -- Mitt Romney. Mitt, you have already called it a Ponzi scheme. And worse." "I've got a whole list of people here - media and outside -...
  • (LIVE THREAD!) Republican Presidential Debate #5 - Sep. 12, 2011 8pm/5pm: Tampa, FL (CNN)

    09/12/2011 7:14:30 AM PDT · by newzjunkey · 2,228 replies
    2012 Election Central ^ | Sept. 12, 2011 | CNN/Tea Party Express
    Broadcast on: CNN Broadcast time: 8pm EDT/5pm PDT The Candidates: Michele Bachmann Bachmann is serving her 3rd full term in the U.S. House. Founder of the House Tea Party Caucus, she earned a Master of Laws degree, worked as a tax attorney, and was a foster mother for 23 teenagers. She is a member of the House Permanent Select Committee on Intelligence. Herman Cain Cain is the former chief executive of Godfather's Pizza and former chairman of the Federal Reserve Bank of Kansas City. He lost the Georgia Republican primary for a U.S. Senate seat in 2004. He was recently...
  • Obama would hike taxes to pay for his jobs bill

    09/12/2011 2:29:46 PM PDT · by Hunton Peck · 22 replies
    Associated Press ^ | Monday, September 12, 2011 5:00 PM EDT | ERICA WERNER
    WASHINGTON (AP) — In a sharp challenge to the GOP, President Barack Obama proposed paying for his costly new jobs plan Monday with tax hikes that Republicans have already rejected, and he accused them of political motives if they still refuse to go along. "The only thing that's stopping it is politics," Obama declared. The president's proposal drew criticism from House Speaker John Boehner, who'd previously responded in cautious but somewhat receptive tones to the $447 billion jobs plan made up of tax cuts and new spending that Obama first proposed in an address to Congress last Thursday. "It would...
  • Rich: Rick Perry Is Right About Social Security

    09/12/2011 2:33:21 PM PDT · by Cincinatus' Wife · 5 replies
    Fits News ^ | September 12, 2011 | Howard Rich
    Texas Gov. Rick Perry made waves during a recent Republican presidential debate when he referred to Social Security – one of the entitlement programs responsible for our nation’s skyrocketing debt – as a “Ponzi scheme.” “You cannot keep the status quo in place and call it anything other than a Ponzi scheme,” Perry said. “It is a Ponzi scheme to tell our kids that are 25 or 30 years old today, you’re paying into a program that’s going to be there. Anybody that’s for the status quo with Social Security today is involved with a monstrous lie to our kids,...
  • Perry and the Ponzis

    09/12/2011 3:14:24 AM PDT · by Cincinatus' Wife · 49 replies
    National Review Online ^ | September 12, 2011 | Stanley Kurtz
    Until a half a minute ago, liberals called Social Security a Ponzi scheme, too. Is Texas governor and Republican presidential candidate Rick Perry a courageous and welcome truth teller for calling Social Security a Ponzi scheme, or is he being needlessly provocative instead? Or maybe you think Perry’s Ponzi comparison is just plain wrong. I favor the truth-teller option, but the debate will surely go on. In any case, it’s certain that Perry’s Ponzi-scheme claim is in no way original. Not only have a raft of conservatives called Social Security a Ponzi scheme over the years, quite a few very...
  • Ponzi Social Security May Be the Wedge Issue for Youth Voters

    09/11/2011 11:32:47 AM PDT · by smoothsailing · 67 replies
    Big Government ^ | 9-10-2011 | Chriss W. Street
    Ponzi Social Security May Be the Wedge Issue for Youth Voters Chriss W. Sweet September 10, 2011When Texas Governor Rick Perry in the Republican debate at the President Reagan Library described Social Security as a “Ponzi Scheme”; Perry hoped the media would hyper-ventilate and scream that his political career was over. Back in 1982, Democratic Speaker of the House Tip O’Neill legendarily damaged the President’s and the Republican’s popularity by spinning that Reagan’s efforts to return Social Security to solvency was an effort to destroy the program. Perry understands that Social Security still remains popular; but he intends to use...
  • In flier, Romney hits Perry on Social Security ('How can you trust someone who wants to kill it?')

    09/11/2011 12:18:07 PM PDT · by SeekAndFind · 62 replies
    Tampa Bay Online ^ | 09/11/2011 | William Marc
    Mitt Romney didn’t wait long to begin his attack on Rick Perry over Social Security—his campaign is doing door-to-door distribution of a flier attacking Perry on the issue. The flier, which a campagn spokesman said is being left at the doors of Florida GOP primary voters, portrays the GOP primary as a two-candidate race—“Two candidates. Only one will protect what’s important to you,” is the headline. Of those two, it says, Perry is “reckless and wrong on Social Security.” The bold-face tagline: “Rick Perry: How can we trust anyone who wants to kill Social Security?” Romney, it says, favors “entitlement...