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Keyword: ponzischeme

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  • Economist Calls Entitlements A Massive Ponzi Scheme And Says US Is Actually $211 Trillion In Debt

    08/31/2011 10:53:25 AM PDT · by blam · 48 replies
    TBI ^ | Simone Foxman
    <p>Image: Yahoo!</p> <p>In an interview with NPR, former Reagan economic adviser Laurence Kotlikoff said the U.S.'s "true indebtedness" amounts to $211 trillion.</p> <p>That's more than 15 times the $14 trillion official figure.</p> <p>"We're focused just on the official debt, so we're trying to balance the wrong books," Kotlikoff said, naming Social Security, Medicare, and Medicaid for the skyrocketing unofficial figure.</p>
  • We have A Social Security system Bernie Madoff would love

    08/30/2011 8:45:13 AM PDT · by SeekAndFind · 4 replies
    Daily Caller ^ | 08/30/2011 | By C.J. Ciaramella
    There goes Rick Perry again, saying things that make liberals’ heads explode. Speaking to a crowd in Iowa this weekend, the Texas governor and GOP presidential hopeful doubled down on statements he made in his book, Fed Up!, that Social Security is essentially a pyramid scheme. “It is a Ponzi scheme for these young people,” Perry said. “The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie. It is a monstrous lie on this generation, and we can’t do that to them.” The left reacted,...
  • Is Social Security a Ponzi Scheme? Rick Perry thinks so.

    08/29/2011 12:58:04 PM PDT · by martosko · 45 replies
    The Daily Caller ^ | 08/29/2011 | CJ Ciaramella
    There goes Rick Perry again, saying things that make liberals’ heads explode. Speaking to a crowd in Iowa this weekend, the Texas governor and GOP presidential hopeful doubled down on statements he made in his book, Fed Up!, that Social Security is essentially a pyramid scheme. “It is a Ponzi scheme for these young people,” Perry said. “The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie. It is a monstrous lie on this generation, and we can’t do that to them.” The left reacted,...
  • Rick Perry says Social Security is a "Ponzi scheme" and a "monstrous lie" (Perry speaks the truth)

    08/29/2011 12:04:46 PM PDT · by tobyhill · 165 replies
    cbs ^ | 8/29/2011 | Corbett B. Daly
    Republican presidential candidate Rick Perry continued his attack on Social Security over the weekend, calling it a "Ponzi scheme" and a "monstrous lie" to younger Americans who should not expect to get back their contributions upon retirement. "It is a Ponzi scheme for these young people. The idea that they're working and paying into Social Security today, that the current program is going to be there for them, is a lie," Perry said, according to the Houston Chronicle. "It is a monstrous lie on this generation, and we can't do that to them," Perry told a crowd a The Vine...
  • Rick Perry sticks to claim that Social Security is a scam

    08/29/2011 11:34:13 AM PDT · by reaganaut1 · 119 replies
    Los Angeles Times ^ | August 29, 2011 | Michael Muskal
    Texas Gov. Rick Perry is standing firm in insisting that Social Security, the federal government’s insurance programs for retirees and disabled, is a Ponzi scheme designed to deceive the young. In a weekend campaign stop in Ottumwa, Iowa, Perry, who has surged into the lead in the Republican presidential sweepstakes in at least one major poll, repeated his characterization of the social insurance program that is generally supported by the electorate. He has made the same point before, especially in his book, “Fed Up!,” though at one point his campaign tried to explain that he had softened his language. “It...
  • Wall Streeter Confesses: I Was Paid Millions At UBS And Bear Stearns For Fronting A Ponzi Scheme

    07/11/2011 7:22:29 AM PDT · by SeekAndFind · 12 replies
    Business Insider ^ | 07/11/2011 | Courtney Comstock
    Meet your worst nightmare: a Wall Streeter who got paid millions to work at investment banks while he was stealing money from innocent investors and his company. Justin Paperny, a 36-year old who lived the Wall Street dream until a few years ago, tells a shocking tale of greed and sociopathy to Paperny looks like the hundreds of thousands of well-bred youngsters who go to work on Wall Street every year. He grew up wealthy in a suburb outside of LA, went to college at USC, and went to work on Wall Street. He was paid $200,000 his first...
  • Obama’s speech in Westminster Hall was heavy: but his big speech in Ireland was simply fraudulent

    05/28/2011 2:41:21 PM PDT · by NYer · 32 replies
    Catholic Herald ^ | May 28, 2011 | William Oddie
    President Obama drinks a Guinness in Hayes Bar in Moneygall, County Offaly, during his visit to Ireland (Photo: Press Association)What one has always to remember, in speeches delivered abroad by statesmen from any democratic country—but especially from America—is that for them their most important audience is back home. President Obama’s performance in the medieval splendours of Westminster Hall, it seems, didn’t go down all that well back in the US of A: his meeting with the Cambridges got more media attention. Certainly, his oratory has often been more compelling; after the jokiness and rabble-rousing of a lot of his speech...
  • Insolvency looms for federal entitlement programs, government warns ("TurboTaxCheatTimmy" says)

    05/13/2011 12:08:22 PM PDT · by NormsRevenge · 109 replies
    Los Angeles Times ^ | 5/13/11 | Noam N. Levey
    Caught in the sluggish recovery from the last recession, Social Security and Medicare face an increasingly dismal fiscal future, the federal government reported Friday in its annual review of the two mammoth entitlement programs. Medicare, which now provides health insurance to some 47 million elderly and disabled Americans, could begin running a deficit in 2024, five years earlier than projected last year. And Social Security, which last year began paying out more in benefits than it collected in taxes, now faces insolvency in 2036, compared to 2037 in last year’s projections. Over the years, the Social Security and Medicare trustees...
  • Scott Rothstein's wife, Kim, reaches deal in bankruptcy case

    05/10/2011 7:07:04 PM PDT · by TheDingoAteMyBaby · 8 replies
    Sun-Sentinel ^ | May 10, 2011 | Jon Burstein
    The wife of Scott Rothstein will give up much of the couple's belongings in a deal she cut with the attorneys cleaning up her husband's $1.4 billion Ponzi scheme. Kim Rothstein will keep some clothing and household items, but is relinquishing her rights to almost all of the high-end purchases taken out of their homes in Florida, New York City and Rhode Island, according to court records filed Tuesday afternoon. Gone are the Zola Keller designer dresses, the pairs of Jimmy Choo and Christian Louboutin shoes, and much of the couple's 240-bottle wine collection. She kept a pair of Coach...
  • Retired bus drivers lose everything in Ponzi scheme

    04/20/2011 1:43:05 PM PDT · by Signalman · 39 replies
    CNNMoney ^ | 4/20/2011 | Blake Ellis
    NEW YORK (CNNMoney) -- Bobby Bradley, a 70-year-old retired bus driver, was duped out of $215,000 -- his entire life savings. Now, he's desperate for any work he can get. "I've been looking for jobs but I'm too old, nobody wants to hire you at this age so it makes it rough -- I drove a bus for 35 years, so what am I supposed to do now?" Frances Wills, 67 years old and also a former bus operator, has 75 cents to her name and can't pay rent after losing her $156,000 retirement fund. "I can barely pay for...
  • Why Social Security is a Ponzi Scheme

    03/15/2011 6:36:54 AM PDT · by SeekAndFind · 24 replies
    Forbes ^ | 03/15/2011 | Dean Zarras
    Want a recipe for ruckus? Merely suggest that Social Security might be a “Ponzi scheme”. You might even end up on Drudge Report. Yet the facts bear out the thesis, as we shall see… For starters, let’s be clear on what a Ponzi scheme is. Say you’re in a scheming kind of mood and looking to get rich off it. Say you’re Bernie Madoff! You start by convincing a small group of people, say five of them, to each give you some money, say $1,000, with the promise that each month thereafter, you’re going to give them $50 back. That...
  • Ultimate Collapse of Social Security and Medicare

    03/03/2011 7:26:57 PM PST · by Bob Maverick · 12 replies
    American Fairhope Retirement Plan ^ | March 03, 2011 | Bob Maverick
    By congressional action, seniors lean upon younger workers to keep their perceived ‘entitled’ pension benefits coming. This 'backward lean' is the very 'ponziness' of the debacle because the youngest group has no one to lean upon, hence they will be defrauded. The crucial problem is that our government has enacted socialistic and immoral institutions into law such as Social Security and Medicare, which are cloaked in many high-moral sounding themes. But if you are a great grandchild (or later) of the 1930's New Deal era, you will grievously and forever be a dining table server at the Ponzi Scheme Banquet...
  • Bernard Madoff Accuses His Investors Of Greed ['I just went along']

    02/28/2011 1:24:38 PM PST · by fight_truth_decay · 46 replies ^ | 5:12PM GMT 28 Feb 2011 | By Jon Swaine
    Bernard Madoff, the disgraced financier, accused the investors whose money he lost in a £40 billion Wall Street investment fund of being greedy. 'Everyone was greedy,' Bernard Madoff told New York magazine.'I just went along' Photo: AP Madoff, who is serving a 150-year prison sentence, also rubbished the financial reforms introduced by the US to prevent future corruption and claimed: "The whole government is a Ponzi scheme". He added: "These banks and these funds had to know there were problems". "It was a nightmare for me," he said. "Even the regulators felt sorry for me ... They said 'how did...
  • Another New Liberal Ponzi Scheme : Green Bonds for a low carbon society

    02/17/2011 6:57:21 AM PST · by SeekAndFind · 11 replies
    American Thinker ^ | 02/17/2011 | Michael Fraley
     History appears to be repeating itself. Consider the following logic:  1. Green energy needs more access to money. 2. Banks should be encouraged to loan them this money. 3. This will only happen with government intervention. 4. So-called "green bonds" are the instruments for hiding the risk. As reported in an article on Energy Central, this is, in essence, the conclusion of a study by Barclays and Accenture. The issuance of so-called green bonds would be the mechanism, or the means by which primary loans could be packaged and re-sold in secondary markets to pension funds, institutional investors and...
  • Wait A Minute, Why Should I Hate Bernie Madoff? (There's a Ponzi Scheme we should hate but don't)

    02/09/2011 7:16:30 AM PST · by SeekAndFind · 15 replies
    Forbes ^ | 02/09/2011 | Kyle Smith
    When Bernie Madoff popped up in the news again last week, this time when it was alleged that his bankers at JP Morgan Chase saw red flags in his actions but failed to tell the authorities, I felt that familiar feeling again--nothing. Because I don't hate Bernie Madoff. Why should I? SNIP I shed no tears for Madoff, but nor do I clench a fist. Madoff didn't do anything to me. However, if I were forced to join an investment fund that I knew to be a Ponzi scheme and made to watch helplessly as my dollars were sucked out...
  • Social Security Fund to Be Empty by 2037 (and now the Government gets to ruin healthcare!)

    01/27/2011 3:31:36 AM PST · by tobyhill · 30 replies
    Fox News ^ | 1/27/2011 | ap
    Sick and getting sicker, Social Security will run at a deficit this year and keep on running in the red until its trust funds are drained by about 2037, congressional budget experts said Wednesday in bleaker-than-previous estimates. The massive retirement program has been suffering from the effects of the struggling economy for several years. It first went into deficit last year but had been projected to post surpluses for a few more years before permanently slipping into the red in 2016. This year alone, Social Security will pay out $45 billion more in retirement, disability and survivors' benefits than it...
  • Lindsay Graham is Wrong Again!

    01/26/2011 3:45:01 PM PST · by bronkburnett · 41 replies
    Atlah Media Network ^ | 1/24/2011 | michael master
    Lindsay Graham appeared on TV the other day and suggested that Social Security benefits need to be cut to keep it solvent.... Government spent the money from Social Security on stuff other than the retirements of those who contributed. Now the Social Security savings are gone... The federal government used a little noticed line in the legislation to use the Social Security Trust Fund for things other than payments to the contributor. The government raided the fund. LBJ and the Democrat Congress of the 1960s were the first to raid it... That act of theft from Social Security funds has...
  • The Savior, the Master Teacher (Real LDS/Mormon)

    01/19/2011 4:41:41 PM PST · by Paragon Defender · 20 replies
    The Savior, the Master Teacher    By Elder Jay E. JensenOf the Presidency of the SeventyJay E. Jensen, "The Savior, the Master Teacher", Ensign, Jan. 2011, 42–47   We are to feast upon the words of Christ—the scriptures—and, as He did, use them to teach and strengthen others.  Under the direction of His Father, Jesus Christ created worlds without number. He was the great Jehovah, the God of the Old Testament. He was born of a mortal mother, Mary, and of God the Eternal Father. He was the greatest being to live on earth. He said He came “to do the will of him...
  • Promises and Riots (Thomas Sowell)

    12/28/2010 11:10:47 AM PST · by jazusamo · 42 replies · 7+ views
    Creators Syndicate ^ | December 28, 2010 | Thomas Sowell
        Economists are the real "party of No." They keep saying that there is no such thing as a free lunch— and politicians keep on getting elected by promising free lunches.Such promises may seem to be kept, for a while. There are ways the government can juggle money around to make everything look OK, but it is only a matter of time before that money runs out and the ultimate reality hits, that there is no free lunch.We are currently seeing what happens, in fierce riots raging in various countries in Europe, when the money runs out and...
  • Madoff bonanza(Picower widow forfeits $7B from Ponzi scheme)

    12/18/2010 7:04:38 AM PST · by TigerLikesRooster · 38 replies
    NY Post ^ | 12/18/10 | KAJA WHITEHOUSE
    Madoff bonanza Picower widow forfeits $7B from Ponzi scheme By KAJA WHITEHOUSE Last Updated: 8:10 AM, December 18, 2010 Posted: 11:39 PM, December 17, 2010 The widow of late philanthropist Jeffry Picower, who made billions in phony profits investing with Ponzi king Bernie Madoff, agreed to return a staggering $7.2 billion to federal prosecutors in the largest recovery to date for victims of the massive fraud. The huge windfall brings the total amount recovered since Madoff confessed to his crimes just two years ago to $9.8 billion -- nearly half the estimated $20 billion investors lost in the scheme.
  • SAC Discloses Government Subpoena (Major hedge fund - uh oh)

    11/23/2010 4:14:56 PM PST · by Frantzie · 5 replies
    Zero Hedge ^ | 11-23-2010 | Tyler Durden
    SAC Capital Advisors LP told investors in a letter that it got a government subpoena, according to a person who received the update from the hedge fund firm. SAC said in the letter, dated Nov. 23, that the government served identical “extraordinarily broad” subpoenas on a number of investment managers of different sizes and descriptions, including SAC. The subpoena does not focus on particular individual securities, sectors or strategies, SAC added. The firm said the subpoenas don’t “shed much light on whom or what the government may be investigating.” One focus appears to be on the use of consultants and...
  • Perry: 'Social Security is Ponzi scheme'

    11/21/2010 10:15:18 AM PST · by george76 · 30 replies · 1+ views
    The Hill ^ | 11/21/10 | Gautham Nagesh -
    Republican Governors Association chairman Rick Perry (R-Texas) called Social Security a Ponzi scheme on Sunday and said young workers know they will never receive any of the money they currently pay into the fund. "What I'm saying is that between Social Security, Medicaid and Medicaid there's $106 trillion of unfunded liabilities and not one dime saved to pay for them," Perry said on Fox News Sunday. "My children who are in their 20s know that Social Security is a Ponzi scheme." When challenged by host Chris Wallace, who pointed out that when Social Security started there were seven or eight...
  • 11 Long-Term Trends That Are Absolutely Destroying The U.S. Economy

    10/06/2010 11:20:14 AM PDT · by WebFocus · 24 replies
    The U.S. economy is being slowly but surely destroyed and many Americans have no idea that it is happening. That is at least partially due to the fact that most financial news is entirely focused on the short-term. Whenever a key economic statistic goes up the financial markets surge and analysts rejoice. Whenever a key economic statistic goes down the financial markets decline and analysts speak of the potential for a "double-dip" recession. You could literally get whiplash as you watch the financial ping pong ball bounce back and forth between good news and bad news. But focusing on short-term...
  • Social Security – Ponzi Scheme or Not? Voters Not Sure

    09/22/2010 8:19:57 AM PDT · by reaganaut1 · 23 replies · 2+ views
    Rasmussen Reports ^ | September 22, 2010
    The Merriam-Webster Dictionary describes a Ponzi scheme as “an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks.” Wisconsin Republican Senate candidate Ron Johnson made waves with his recent description of the Social Security system as a Ponzi scheme, but new Rasmussen Reports polling finds that just 27% of Likely U.S. Voters agree with him. A nationwide telephone survey shows that 36% disagree and don’t believe Social Security is a Ponzi scheme. However, a plurality of 37% aren’t sure. It is likely that many...
  • China's Shark Loan Ponzi Finance- Fitch Reports .....

    07/22/2010 5:41:28 AM PDT · by TigerLikesRooster · 2 replies · 1+ views
    Thursday, July 15, 2010 China's Shark Loan Ponzi Finance- Fitch Reports That the Size the "Trust Fund" Credit Growth is 28% of the Total Market Credit Growth A new report came out of Fitch Yesterday, stating that Informal Securitization is increasingly distorting credit Data, and has been under representing the actual amount of new loans in the first half of 2010: "Adjusted for informal securitization activity, Fitch estimates that the net amount of new CNY loans extended in H110 was closer to CNY5.9trn, or 28% above the official figure of CNY4.6trn... From Special Report- The Secret Engine Behind China’s Housing...
  • Kenneth Starr (different one) arrested on alleged $30 million ponzi scheme

    05/27/2010 2:31:10 PM PDT · by mgstarr · 16 replies · 294+ views
    Digital Journal ^ | 5/27/10 | Andrew Moran
    Kenneth Starr, a New York financial investment advisor to Hollywood stars such as Uma Thurman and Martin Scorsese, was arrested on charges of running a $30 million ponzi scheme. State and federal prosecutors announced on Thursday that Kenneth Starr, financial advisor to many Hollywood stars, has been arrested for allegedly running a $30 million ponzi scheme, according to the NBC News. The United States Securities and Exchange Commission (SEC) is also expected to announce civil charges against Starr. Details of the charges were not immediately released but are expected to be announced at a press conference at 1 p.m. by...
  • Young People Deserting Obama

    05/04/2010 12:19:04 PM PDT · by george76 · 107 replies · 2,978+ views
    HUMAN EVENTS ^ | 05/04/2010 | Ron Meyer
    I'm always entertained when older folks try to reach out to people my age. It's hardly ever a pretty sight and most of the time these attempts end up being hilarious. I found myself chuckling at Barack Obama's most recent effort to beg young voters to come out to the polls this November. No one is buying it anymore, especially young people. Even the most liberal of my generation are frustrated with the President... The radical environmentalists on college campuses across the country were furious when Obama opened up the coasts for limited drilling. Young Americans are realizing they did...
  • IG report: SEC knew of Stanford scheme since 1997

    04/23/2010 7:02:39 PM PDT · by george76 · 20 replies · 670+ views
    Ap ^ | Apr 16, 2010 | Marcy Gordon
    The Securities and Exchange Commission knew since 1997 that R. Allen Stanford likely was operating a Ponzi scheme but waited 12 years to bring fraud charges against the billionaire, the agency inspector general said Friday. An SEC enforcement official who helped quash investigations of Stanford's business later legally represented him... The findings were the latest in a string of black eyes for the SEC, following a series of reports issued by Kotz's office last year that chronicled in detail how the agency bungled five investigations of financier Bernard Madoff's business between June 1992 and December 2008.
  • Why More Immigrants Are an Answer to the Coming Boomer Entitlement Mess

    04/12/2010 1:10:18 PM PDT · by Lorianne · 105 replies · 1,743+ views
    LA Progressive ^ | 12 April 2010 | Robert Reich
    we boomers have a lot to be worried about because most of us plan to retire in a few years and Social Security and Medicare are on the way to going bust. I should know because I used to be a trustee of the Social Security and Medicare trust funds. Those of you who are younger than we early boomers have even more to be worried about because if those funds go bust they won’t be there when you’re ready to retire. It’s already starting to happen. This year Social Security will pay out more in benefits than it receives...
  • Daughter turns mom in for Ponzi scheme

    04/02/2010 12:20:31 PM PDT · by Justaham · 13 replies · 725+ views
    MSNBC ^ | 4-2-10
    Would you have the courage to turn your own mother in to authorities in order to stop a Ponzi scheme? That wasn’t a rhetorical question for Kim Flanigan, who faced just such a dilemma when it became apparent that her widowed mother was involved as both a participant and a recruiter for a classic get-rich-quick scheme that had already ensnared 100 or more people. When Flanigan heard her mother trying to convince a widow with nine children to invest her life savings in the scheme, she knew she had no choice.
  • The Safety Net Shreds

    03/29/2010 4:15:30 PM PDT · by Kaslin · 32 replies · 1,250+ views ^ | March 29, 2010 | INVESTORS BUSINESS DAILY Staff
    Entitlements: Social Security's chief actuary reports that the social safety net will run a deficit for 2010, nine years earlier than predicted. Put down that big gavel, Madam Speaker, we're about to hit the iceberg. No sooner had House Speaker Nancy Pelosi, carrying the gavel used when Medicare was enacted, taken a victory lap around the Capitol Building after passage of the health care bill than did the chief actuary of the Social Security Administration report that his part of the social safety net had a big hole in it and would run a deficit for all of 2010. Stephen...
  • Inland Swindler Awaiting Sentencing Commits Suicide (Calfornia Mortgage Fraud/Ponzi Scheme)

    02/25/2010 6:33:58 PM PST · by DogByte6RER · 13 replies · 671+ views
    The Press-Enterprise ^ | Tuesday, February 23, 2010 | RICHARD BROOKS and LESLIE BERKMAN
    Inland swindler awaiting sentencing commits suicide By RICHARD BROOKS and LESLIE BERKMAN The Press-Enterprise An admitted swindler has hanged himself in Palm Desert where he was awaiting sentencing to as much as 32 years in federal prison for filing false tax returns and for his role in a mortgage and security scheme that prosecutors say cost investors $142 million. Christopher J. Oetting was found dead at 7:50 p.m. Feb. 16 at his home along the 40000 block of Sagewood Drive. He was free on $225,000 bond. Oetting pleaded guilty Dec. 21 in federal court in Los Angeles to money-laundering, conspiracy...
  • Place Blame Where It Belongs(Social Security is the King Ponzi scheme)

    01/20/2010 7:41:38 PM PST · by sickoflibs · 12 replies · 360+ views
    Mises Institute ^ | January 20, 2010 | Stephen Mauzy
    I am less sympathetic than most, and less coy as well. I place the blame squarely where it belongs: on Bernie Madoff's clients, on Tom Petters's clients, on Allen Stanford's clients, and on every other dope who was duped into believing he was getting something for nothing. As for the notorious triumvirate, don't kid yourself. Its victims were willing participants: Madoff's clients coveted the illusionary 10% guaranteed annual return, Petters's clients dreamed of earning impossible double-digit returns funding retail inventory, and Stanford's clients fawned over 8%-interest-rate, Antigua-insured Certificates of Deposit. It's nothing new, really: versions of Charles Ponzi's eponymous fraud...
  • Ponzi Scheme: The Federal Reserve Bought Approx. 80% Of U.S. Treasury Securities Issued In 2009

    01/11/2010 8:58:40 PM PST · by dollarbull · 54 replies · 1,869+ views
    No, the headline is not a misprint. According to CNBC, the Federal Reserve bought approximately 80 percent of the U.S. Treasury securities issued in 2009. In other words, the Federal Reserve has been gobbling up the massive tsunami of U.S. government debt that has been created over the past year. This is absolutely unprecedented, and it is yet another clear indication that the U.S. financial system is on the verge of a major economic collapse.
  • Third-Rail Shocker (Social Security Going Bankrupt Sooner)

    01/08/2010 5:17:09 PM PST · by raptor22 · 36 replies · 1,422+ views ^ | January 8, 2009 | Investor's business Daily staff
    Entitlements: While a massive health care entitlement is fashioned in secret, another one, Social Security, is running deficits decades earlier than expected. We've been kicking the can down the road. We're out of road. As Bernie Madoff found out, any Ponzi scheme depends on a continuous inflow of new cash and new customers or the ever-expanding pyramid will totter and collapse. Social Security, dependent as it was on new workers paying the expanding benefits of retirees, is about to, much sooner than expected. As Ed Morrissey over at reminds us, Peter Orszag, now director of the Office of Management...
  • Socialism's Greatest Lie: Government Can Give You Everything For Free (Greatest Scam On Earth Alert)

    01/03/2010 10:21:53 PM PST · by goldstategop · 7 replies · 936+ views
    Sultan Knish | 01/04/2010 | Sultan Knish
    Socialism's greatest lie is that it promises the people something for nothing, services and programs of all kind that will either be "free" or more affordable than the free market variety. But just like the ads promising you a free iPod or a chance to make millions from home while you yawn, socialism is not something for nothing, instead more often it's nothing for something. The idea that the government will take care of you is appealing, entire nanny states have been built on that proposition. But the government can't take care of you, it can't even pay its own...
  • Ponzi collapses nearly quadrupled in '09

    12/28/2009 2:56:25 PM PST · by reaganaut1 · 7 replies · 396+ views
    Associated Press ^ | December 28, 2009 | Curt Anderson
    MIAMI – It was a rough year for Ponzi schemes. In 2009, the recession unraveled nearly four times as many of the investment scams as fell apart in 2008, with "Ponzi" becoming a buzzword again thanks to the collapse of Bernard Madoff's $50 billion plot. Tens of thousands of investors, some of them losing their life's savings, watched more than $16.5 billion disappear like smoke in 2009, according to an Associated Press analysis of scams in all 50 states. While the dollar figure was lower than in 2008, that's only because Madoff — who pleaded guilty earlier this year and...
  • Carbon permits fall sharply after Copenhagen accord

    12/21/2009 9:57:06 AM PST · by Ernest_at_the_Beach · 32 replies · 1,097+ views
    MarketWatch ^ | Dec. 21, 2009, 7:50 a.m. EST | Simon Kennedy, MarketWatch
    Prices drop as European Union sticks to 2020 emissions targetLONDON (MarketWatch) -- The price of European carbon emission permits dropped nearly 9% Monday after climate talks in Copenhagen resulted in an accord that fell short of initial expectations.Emission allowances for December 2010 delivery fell to 12.77 euros a ton Monday, from Friday's settlement price of 13.58 euros. The contract earlier dropped as much as 8.7% to 12.40 euros a ton. Emission allowances haven't traded that low in more than six months. The decline came after the United Nation's Copenhagen summit acknowledged a U.S.-led accord to combat climate change and prevent...
  • Feds pursuing more lawyers, campaign violation links in Rothstein Ponzi case (Rudy McRomney alert)

    12/20/2009 6:34:49 AM PST · by rabscuttle385 · 5 replies · 652+ views
    The Miami Herald ^ | 2009-12-20
    Federal investigators are scrutinizing the records of Scott Rothstein's former employees -- who gave about $2.2 million to political candidates -- for potential campaign finance and other violations. BY JAY WEAVER, AMY SHERMAN, & MARC CAPUTO Lawyer Steven Lippman and his homemaker wife, Marcy, hadn't donated much to politicians before 2006 -- just $500 to former U.S. Sen. Bob Graham, the Florida Democrat. But their generosity exploded after Lippman joined Scott Rothstein's law firm in Fort Lauderdale. Over the next four years, the Plantation couple contributed about $247,000 to Gov. Charlie Crist's campaign for the U.S. Senate, the McCain-Palin presidential...
  • Medicare, Social Security drying up faster than expected

    12/16/2009 6:38:19 PM PST · by george76 · 17 replies · 776+ views
    Denver Business Journal ^ | May 13, 2009 | Kathy Robertson
    Trust funds that support Medicare and Social Security have eroded due to the recession and will run out of money earlier than expected, government officials say. Medicare, the government health care program for seniors, is projected to run out of money in 2017, two years earlier than previously predicted, according to the 2009 annual report by program trustees. Social Security, the government assistance program for seniors and the disabled, is projected to become insolvent by 2037, four years earlier than trustees predicted a year ago.
  • Caption Al Gore at UN Climate Change Conference

    12/16/2009 10:00:12 AM PST · by Lucky9teen · 41 replies · 1,499+ views
    Former U.S. vice president Al Gore addresses the UN Climate Change Conference 2009 in Copenhagen December 15, 2009. Former U.S. Vice President Al Gore, right, follows with Norwegian Foreign Minister Jonas Gahr Store a discussions with ministers from Nordic countries on Greenland's ice sheet at the UN Climate summit in Copenhagen, Denmark, Monday, Dec. 14, 2009. With a week for the climate summit to end, the split between the developing and developed world became sharper as ministers of the world's nations started to arrive for a crucial second week of climate talks.
  • U.S. Social Security Will Go Bankrupt In 2010

    12/08/2009 10:18:57 AM PST · by blam · 51 replies · 3,229+ views
    The Market Oracle ^ | 12-8-2009 | Gary North
    U.S. Social Security Will Go Bankrupt In 2010 Economics / US Debt Dec 08, 2009 - 03:16 AM By: Gary North For the third time in my life, the Social Security System will go belly-up. The first time was in 1977 – well, almost. To head off the bust, Jimmy Carter got Congress to pass a major FICA tax increase – sorry, "contribution" increase – in order to save Social Security. The rate would be hiked in phases from 2% to 6.15% (times two: employee and employer). He promised: "Now this legislation will guarantee that from 1980 to the year...
  • UK climate scientist to temporarily step down

    12/01/2009 11:37:49 AM PST · by StACase · 117 replies · 3,456+ views
    The Atlanta Journal-Constitution ^ | December 1, 2009 | Associated Press
    <p>LONDON — Britain's University of East Anglia says the director of its prestigious Climatic Research Unit is stepping down pending an investigation into allegations that he overstated the case for man-made climate change.</p> <p>The university says Phil Jones will relinquish his position until the completion of an independent review into allegations that he worked to alter the way in which global temperature data was presented.</p>
  • Global warming, corruption, and unethical scientists

    11/24/2009 11:17:03 AM PST · by Danae · 45 replies · 2,368+ views ^ | 11-24-2009 | Dianna Cotter
    In case you have not yet heard, the scientists behind the IPCC (Intergovernmental Panel on Climate Change) have been exposed through their own email conversations. At this time, it is not known who or how the emails were obtained, though much speculation has been done. From the servers at the University of East Anglica in the UK being illegally broken into and hacked, to a whistle blower protected by UK laws as well as US laws, to an insider job, a person with legitimate access to the emails have all been discussed. More will be revealed certainly. What is known...
  • Inhofe Says He Will Call for Investigation on "Climategate" (UN IPCC included!!)

    11/23/2009 10:22:42 AM PST · by milwguy · 122 replies · 6,180+ views ^ | 11/23/2009 |
    Senator Inhofe: Well, on this thing, it is pretty serious. And since, you know, Barabara Boxer is the Chairman and I’m the Ranking Member on Environment and Public Works, if nothing happens in the next seven days when we go back into session a week from today that would change this situation, I will call for an investigation. ‘Cause this thing is serious, you think about the literally millions of dollars that have been thrown away on some of this stuff that they came out with. Melanie Morgan: So what will you be calling for an investigation of? Senator Inhofe:...
  • FL-Sen. 2010: Crist fundraiser accused of fraud (racketeering, Ponzi schemes, Canada, Morocco)

    11/21/2009 7:52:54 PM PST · by rabscuttle385 · 54 replies · 2,488+ views
    FORT LAUDERDALE, Fla., Nov. 20 (UPI) -- An attorney who was a major fundraiser for Florida Gov. Charlie Crist allegedly conducted an investment scam that cost investors millions, a lawsuit alleges. A group of investors said in a suit filed against Scott Rothstein that the co-partner of the Rothstein, Rosenfeldt and Adler law firm took part in a scheme that cost the plaintiffs more than $100 million, The Miami Herald reported Friday.
  • MAN-BEAR-PIG Is Dead!… Emails Prove Global Warming Junk Science Conspiracy (Updated)

    11/20/2009 2:11:19 PM PST · by American Dream 246 · 175 replies · 9,803+ views
    Gateway Pundit ^ | 11/20/09 | Jim Hoft
    GLOBAL WARMING JUNK SCIENCE PROVEN A CONSPIRACY—- ManBearPig Is Finally Dead! I’m serial! Recently “discovered” classified emails and files prove that the junk scientists behind the global warming movement knowingly perpetrated a fraud on the global community. The files were posted on the internet– HERE. The Telegraph reported: If you own any shares in alternative energy companies I should start dumping them NOW. The conspiracy behind the Anthropogenic Global Warming myth (aka AGW; aka ManBearPig) has been suddenly, brutally and quite deliciously exposed after a hacker broke into the computers at the University of East Anglia’s Climate Research Unit (aka...
  • Lindon Man Accused of Trying To Kill Witnesses To Alleged Scam

    11/19/2009 2:17:37 PM PST · by Colofornian · 1 replies · 388+ views ^ | Nov. 19, 2009 | Brad James
    (SALT LAKE CITY)—A Utah investor facing charges for running a Ponzi scheme now is accused of trying to arrange the murder of those scheduled to testify at his trail. The 47-year-old Jeffrey Mowen of Lindon was indicted Wednesday for solicitation to commit a crime of violence, tampering with a witness and retaliating against a witness. Federal prosecutors say Mowen tried to get a fellow Davis County Jail inmate to kill four people in hopes of keeping them from testifying against him. Mowen is accused of running a scam that cost investors $10 million. Mowen could spend 20 years in prison...
  • Al Gore Photoshops Hurricanes Into New Book's Cover

    11/19/2009 12:47:26 PM PST · by Justaham · 31 replies · 1,967+ views ^ | 11-19-09 | Noel Sheppard
    The cover of Nobel Laureate Al Gore's new book "Our Choice: A Plan to Solve the Climate Crisis" was intentionally doctored to exaggerate the appearance of hurricanes in the northern hemisphere as well as reduce the amount of ice present in the Arctic. Maybe even more ominously, Florida was so diminished it's almost totally gone. As reported by Florida State University hurricane expert Ryan Maue at the website Watts Up With That, the truth was apparently inconvenient for the Global Warmingist-in-Chief (h/t NBer Blonde): The cover opens and closes half and half - so you only see one in...
  • Rothstein's Wheels and Some Clues on Charlie Crist

    11/04/2009 10:07:41 PM PST · by Frantzie · 2 replies · 649+ views
    New Times Broward-Palm Beach ^ | Nov. 3 2009 | Bob Norman
    There are some amazing stories brewing on the Scott Rothstein front, but while I'm reporting those, let's look at his cars.