Posted on 09/08/2011 6:23:38 AM PDT by Graewoulf
At 7:33 AM CDT Rick Santelli asked guest host Thomas L. Friedman, New York Times foreign Affairs Columnist, and author of his new book " That Used to be Us, " the following question: " Is Social Security a Ponzi Scheme ? " Tom replied, " Your question is idiotic ! " Rick then replied: " Your answer is idiotic! "
GAME ON !
Look up the definition of “Ponzi Scheme” and tell me how it is NOT one.
Beck is defending Perry’s response re: social security last night...ponzi scheme...deal with it.
Got to hand it to Rick Perry for being bold enough to bring it up!
The Feds can print more money, that is the only difference.
I love Santelli!
A Ponzi Scheme is voluntary. If you are smart or cautious, you can avoid them completely. SS is enforced by the law, thus no amount of caution can allow you to avoid getting scammed.
SS is worse.
It is not a Ponzi scheme in the same way that the AFL-CIO is not an organized crime syndicate.
—it is worse than a “Ponzi” scheme because it is collected at the point of the government gun—Ponzi schemes are voluntary scams, invested in by fools-—
Of course it is. The problem for the “progressives” is that THEY killed the scheme by aborting 50 million contributors.
As with all ponzi schemes it collapses when you lose new suckers to invest.
Classic Ponzi scheme.
A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors. The Ponzi scheme usually entices new investors by offering returns other investments cannot guarantee, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors to keep the scheme going.
That might as well have been an entry for "Social Security System," except for the short term part. But returns, at least for older Americans, have been far in excess of what they put into the system.
I’d like to hear more about the Chilean retirement system that Cain mentioned last night...
forget the Criminal elements, SS depends on an ever expanding group of new members to pay out to the old members. Problem is demographically there is not an ever expanding base comming down the age line. Add in 25% teenage unemployment amoung the reduced population base, and you have a “collapsed” pyramid scheme.
Hey Tommy... What’s the current account balance in the Social Security “lockbox”, you ignorant, socialist-loving a$$ clown.
Social security is a government run PONZI scheme with a printing press! Carlo Ponzi didn’t have one of those and as faras I know he didn’t FORCE his victims in either!
It’s every bit a Ponzi Scheme, but most politicians don’t want to be associated with a negative discussion of Social Security for fear of the lie machine the Democrats keep so well lubricated, maintained, and functioning.
1) No one is going to wave a wand and make Social Security disappear overnight, reducing all of our seniors to abject poverty.
2) People who are close to retirement are not going to be abandoned.
3) Young people will be transitioned to something that is sustainable.
Yes, Social Security is a ponzi scheme. It had to fail sometime: that's what ponzi schemes do. We can recognize that it was a terrible program, while still aknowledging that we have a commitment to some people. No one is going to just throw them all under the bus.
Of course SS is a Ponzi scheme and this shows the boldness of Perry to call a spade a spade. The problem is the country is likely to reject the truth but someone had to say it.
Kudos to Santelli.
Again!
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