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" IS SOCIAL SECURITY A PONZI SCHEME ? "
MCNBC Tv | September 8, 2011 | Rick Santelli

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 !


TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Front Page News; Government
KEYWORDS: debt; friedman; grandchildren; ponzi; ponzischeme; responsibility; santelli; stewardship
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Is this question a litmus test for those who wish to cut entitlements? ( Clue: The question was repeated ten minutes later on the same program and Senator Orin Hatch replied: " I would never call it a Ponzi Scheme.") What say you?
1 posted on 09/08/2011 6:23:45 AM PDT by Graewoulf
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To: Graewoulf

Look up the definition of “Ponzi Scheme” and tell me how it is NOT one.


2 posted on 09/08/2011 6:24:49 AM PDT by Grunthor
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To: Graewoulf

Beck is defending Perry’s response re: social security last night...ponzi scheme...deal with it.


3 posted on 09/08/2011 6:26:59 AM PDT by who knows what evil? (G-d saved more animals than people on the ark...www.siameserescue.org.)
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To: Graewoulf

Got to hand it to Rick Perry for being bold enough to bring it up!


4 posted on 09/08/2011 6:27:01 AM PDT by Saundra Duffy (For victory & freedom!!!)
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To: Grunthor
“Look up the definition of “Ponzi Scheme” and tell me how it is NOT one.”

The Feds can print more money, that is the only difference.
I love Santelli!

5 posted on 09/08/2011 6:27:20 AM PDT by outofsalt ("If History teaches us anything it's that history rarely teaches us anything")
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To: Grunthor

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.


6 posted on 09/08/2011 6:27:31 AM PDT by jjsheridan5
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To: Grunthor

It is not a Ponzi scheme in the same way that the AFL-CIO is not an organized crime syndicate.


7 posted on 09/08/2011 6:27:40 AM PDT by wideawake
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To: Graewoulf

—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-—


8 posted on 09/08/2011 6:27:44 AM PDT by rellimpank (--don't believe anything the media or government says about firearms or explosives--)
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To: Graewoulf

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.


9 posted on 09/08/2011 6:29:01 AM PDT by Marty62 (Marty60)
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To: Grunthor
Exactly. From Wikipedia:

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.

10 posted on 09/08/2011 6:29:28 AM PDT by giotto
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To: Saundra Duffy

I’d like to hear more about the Chilean retirement system that Cain mentioned last night...


11 posted on 09/08/2011 6:29:28 AM PDT by who knows what evil? (G-d saved more animals than people on the ark...www.siameserescue.org.)
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To: Graewoulf

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.


12 posted on 09/08/2011 6:29:28 AM PDT by swamprebel ( proud SOB!)
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To: Graewoulf

Hey Tommy... What’s the current account balance in the Social Security “lockbox”, you ignorant, socialist-loving a$$ clown.


13 posted on 09/08/2011 6:29:50 AM PDT by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
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To: Graewoulf

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!


14 posted on 09/08/2011 6:31:27 AM PDT by Bigun ("The most fearsome words in the English language are I'm from the government and I'm here to help!")
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To: Graewoulf

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.


15 posted on 09/08/2011 6:31:27 AM PDT by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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To: Graewoulf
It has been a PONZI SCHEME since day one. SS was designed for the majority to die before receiving any benefits. As life expectancy rose the politicians kept raising the age one could put in for benefits.
They want to raise the age again.
16 posted on 09/08/2011 6:31:28 AM PDT by DeaconRed (To the idiots that didn't believe us about ZERO: Hope you enjoy your less than a dollar in change.)
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To: Graewoulf
Republicans need to hit a few definite points when discussing this topic:

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.

17 posted on 09/08/2011 6:32:11 AM PDT by ClearCase_guy (The USSR spent itself into bankruptcy and collapsed -- and aren't we on the same path now?)
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To: Graewoulf
It is, more or less, a Ponzi Scheme," but Perry could have made his point a lot better last night by showing the audience why it was so, rather than just telling the audience it was so. Show, don't tell.
18 posted on 09/08/2011 6:33:04 AM PDT by Hemingway's Ghost (Spirit of '75)
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To: Graewoulf

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.


19 posted on 09/08/2011 6:33:58 AM PDT by Conservativegreatgrandma ( You cannot elevate Palin by tearing down Perry)
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To: Graewoulf

Kudos to Santelli.

Again!


20 posted on 09/08/2011 6:34:13 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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