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Cramer: Social Security a Bigger Ponzi Scheme than Madoff's
Business & Media Institute ^
| 2008-12-18
| Jeff Poor
Posted on 12/31/2008 8:02:51 AM PST by rabscuttle385
Love him or hate him, this time Jim Cramer makes a good point.
While some in the media have expressed fury over allegations that Bernard Madoff ran a Ponzi scheme that may have cost investors up to $50 billion, CNBC’s “Mad Money” host Jim Cramer made another point.
“To everybody in the press, who’s calling Bernie Madoff’s alleged $50 billion scam the ‘largest Ponzi scheme ever,’ I say give me a break,” Cramer said on his Dec. 17 show.
According to Cramer, the largest Ponzi scheme in history is run by the federal government – Social Security.
“We know the truth about Ponzi schemes,” Cramer said. “We all know the name of the biggest Ponzi scheme in history and it’s not even illegal. In fact, it is run by the U.S. government. And the name of it – well they call it Social Security.”
(Excerpt) Read more at businessandmedia.org ...
TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: cramer; financialcrisis; fraud; govwatch; jimcramer; madoff; panicof2008; ponzischeme; pyramidscheme; socialism; socialsecurity
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Even a blind squirrel finds a nut once in a while.
To: PAR35; TigerLikesRooster; bamahead; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; ...
*Ping!*
2
posted on
12/31/2008 8:03:15 AM PST
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
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The Money, Banking, and Financial Markets Ping List. "Money, not morality, is the principle commerce of civilized nations."
—Thomas Jefferson FR Keywords: moneylist, bankinglist, financelist Please tag all relevant threads with the aforementioned keywords. This can be a very high-volume ping list at times. Ping list jointly pinged by rabscuttle385 and TigerLikesRooster. To join the ping list:
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3
posted on
12/31/2008 8:03:30 AM PST
by
rabscuttle385
("If this be treason, then make the most of it!" —Patrick Henry)
To: rabscuttle385
Cramer’s jumping the shark.
4
posted on
12/31/2008 8:04:14 AM PST
by
GOPJ
(GM's market value is a third of Bed, Bath and Beyond. Why is GM "too big to fail"? Steyn)
To: rabscuttle385
I can’t believe it.
I’m actually forced to AGREE with this nutcase.
This is the first time he’s ever been right, to my knowledge.
To: Choose Ye This Day
It’s not hard to be correct when you are stating the obvious.
6
posted on
12/31/2008 8:07:26 AM PST
by
Red in Blue PA
(Guns don't kill people; abortion clinics do.)
To: rabscuttle385
7
posted on
12/31/2008 8:07:44 AM PST
by
sickoflibs
(GWB : "Give me a 700B blank check to save the UAW until Obama takes office")
To: rabscuttle385
8
posted on
12/31/2008 8:09:03 AM PST
by
Ouderkirk
(Democrats: the party of Slavery, Segregation, Sodomy and Sedition)
To: rabscuttle385
Rush already said this weeks ago
9
posted on
12/31/2008 8:09:26 AM PST
by
omega4179
(Ramos and Compean)
To: rabscuttle385
True, but we can’t have private citizens muscling in on the Governments territory.
10
posted on
12/31/2008 8:11:26 AM PST
by
edge10
(Obama lied, babies died!)
To: GOPJ
Cramer’s jumping the shark. Well, maybe, but I don't think telling the truth about Social Security is the proof of that event. I'd more like ascribe it to his very late call on getting out of the market.
11
posted on
12/31/2008 8:13:03 AM PST
by
slowhandluke
(It's hard work to be cynical enough in this age)
To: Red in Blue PA
It's been my tagline almost since the Madoff case broke:
"Bernie Madoff Learned His Ponzi-Investment Strategy from our Social Security System!!"
12
posted on
12/31/2008 8:14:29 AM PST
by
Enchante
(Bernie Madoff Learned His Ponzi-Investment Strategy from our Social Security System!!)
To: rabscuttle385
I gave up watching that jackass the moment he waved around his framed picture of Che Guevara.
13
posted on
12/31/2008 8:17:47 AM PST
by
Bi-ped Carbon Unit
(Beer is living proof that God loves us and wants us to be happy.)
To: omega4179
Rush already said this weeks ago Heck, I said it years ago and my father said it decades ago...but it's still true! :-)
14
posted on
12/31/2008 8:18:40 AM PST
by
Gondring
(Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
To: omega4179
People have been saying it for decades.
15
posted on
12/31/2008 8:20:40 AM PST
by
Psycho_Bunny
(ALSO SPRACH ZEROTHUSTRA)
To: rabscuttle385
Though he’s right this time, Cramer has zero credibility left.
16
posted on
12/31/2008 8:22:23 AM PST
by
maggief
To: Psycho_Bunny
People have been saying it for decades.I think Cramer relies heavily on restating what already been said.
To: rabscuttle385
duh...
Just how DID cramer make all his money?
18
posted on
12/31/2008 8:23:35 AM PST
by
longtermmemmory
(VOTE! http://www.senate.gov and http://www.house.gov)
To: omega4179
The news value of this story isn’t that somebody is saying SS is a ponzi scheme.
The amazing thing is that Cramer actually got something right.
To: Red in Blue PA
There are many VERY obvious things that Cramer gets wrong.
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