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by flyover_mark from Linnwood, KS

Last Post 58 days, 9 hours Ago


Social security, "One Big Lie"
Dec 13, 2008 | 11:51 AM
Category: Political
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Socialites Face Ruin as Ex-Nasdaq Chairman Says Scheme Was 'One Big Lie'

Saturday, December 13, 2008

"The FBI’s criminal complaint states that when two federal agents arrived at Madoff’s apartment, he told them: “There is no innocent explanation.” The agents say that he told them “he paid investors with money that wasn’t there," that he was “broke” and that he expected to go to jail.

 

The FBI complaint states that Madoff told his sons that he believed the losses from his scheme could exceed $50 billion. If that is the case, his fraud would be far greater than past Ponzi schemes and easily the greatest swindle blamed on a single individual."

 

 

The real "greatest swindle" is ongoing. So, who's picture are we going to put on the front page when Social Security implodes? One Ponzi scheme is like any other.

 

http://www.foxnews.com/story/0,2933,466564,00.html
10 Comments |  Add a Comment

Member Comments Total Comments: 10
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vision read my blog
Dec 14, 2008 | 2:41 AM

See and they say it was all due to people not being able to pay their mortgages. I think that was the excuse that these BIG money brokers, investors, and lenders used to cover up their SCAM. What ever happen to the AIG people that lied about the books? I haven't heard any indictments, punishments, or otherwise since the beginning of this economic downfall.
mpvan read my blog
Dec 15, 2008 | 12:02 PM

The robbing of SS has been written and warned about by several people.

No one is hurting now so it isn't today's news.

The bigger lesson should be a false hope on the ability of the Fed. Govt to help its citizens.
spellcheckman read my blog
Dec 15, 2008 | 2:35 PM

53 trillion in unfunded Federal liabilities. They should all come due but not all at once.

SS is a small part of it.

The national debt, Federal budget deficit, and interest paid on the debt---for which we don't really get anything is a large part of it. Medicare is a huge chunk of the pie.
jpbikerfreak read my blog view my photos
Dec 15, 2008 | 2:45 PM

When YOU run a ponzi scheme it's illegal. When the government runs one, it's good for us all.

When YOU forcibly confiscate money from your neighbor, it's theft. When the government does it, it's patriotic

When YOU print paper money it's counterfeiting. When the government does it, it's legal tender.

When YOU have unfunded liabilities, they're considered DEBT. When the government has them, it's not.

When YOU don't have any more money, you stop buying stuff. When the government doesn't have any more money, it's just prints more and keeps buying.
DogJ read my blog
Dec 16, 2008 | 6:32 AM

Can we just give all politicians a "Participation Trophy", pat them gently on the head and send them home?

"See and they say it was all due to people not being able to pay their mortgages." - vision

If the sub-prime mess was only a $50 billion dollar problem, you may not even know about it!!!
kchotrod read my blog
Dec 16, 2008 | 8:42 PM

SS is a Ponzi sceme to begin with. As is the income tax.
flyover_mark read my blog
Dec 16, 2008 | 9:38 PM

Oh no, hotrod, income tax isn't a ponzi, it's redistribution.
vision read my blog
Dec 17, 2008 | 1:21 AM

Jp, well said.

DogJ, I believe if we go back on blogs we will find that you were one of them that made that statement. Twisting is your speciality, right?
But I love it when I get to jerk you off your arrogant pedestal.

Are you headed for Florida in January?
NervousWill read my blog view my photos
Dec 22, 2008 | 9:07 PM

I have watched the news and am not sure what Maddof's ponzi scheme has to do with Social Security. The greedy suckers I saw getting caught included Mort Zuckerman, US News and World Reports, a few Jewish Charities, and other greedy individuals who are typically the victims of ponzi schemes, (above average returns on your investment, but failing to tell you that your returns are paid directly from the most recent investor). Recently had a small time ponzi scheme in this area, only 22 million.
Greed will eventually be the downfall of this country, we are on our way. Maddof was promising and paying 15% interest, DUH?
But what if you lose 30 million, if it was ill gotten in the first place, what is the big deal, easy come, easy go.
spellcheckman read my blog
Dec 28, 2008 | 8:51 PM

You know, SS IS a Ponzi scheme, with the only exception, you're required to participate.

Take the money and spend it on something else, leaving the original program broke.

Only difference is that they can print more money to make up the difference. Madoff can't!
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flyover_mark

A relic of a bygone day. flyovermark@aol.com

Member Since: 9/13/2008


 

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