Cafferty Mocks McCain: Is privatizing Social Security really a good idea?
By SilentPatriot Wednesday Sep 17, 2008 2:30pm
Jack Cafferty is the only person I've seen on TV so far to make this incredibly important point: If George Bush and John McCain had their way with privatizing Social Security, millions of seniors would be totally screwed right now.
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"Luckily we have the safety net of Social Security to fall back on…for now.
You may remember just four years ago President Bush made a big push to partially privatize Social Security… You know so we could individually invest our future with the great minds on Wall Street. It failed back then, but that concept could still become a reality. See John McCain also supports supplementing Social Security with private investment accounts. His opponent Barack Obama does not."
HuffPo's John Neffinger writes:
This is something Americans understand: social security is secure, and the stock market is anything but. There are few more personal or dramatic ways to illustrate McCain's terrible judgment than to imagine the nightmare scenario so many Americans would face if McCain and Bush had gotten their way on this -- or if McCain were to get his way as President.
When Wall Street's woes are the top story, this should be our top talking point.
Dead on. Not only is Social Security a winning issue with seniors, it illustrates perfectly how John McCain is walking in lock-step with George Bush. Every sentence spoken this week about Lehman and AIG should be capped off with the line "your SS would be as worthless as they are right now if John McCain had his way."
(h/t Heather)
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How true!
It wasn't from Cafferty that I heard it last night. I believe it was mentioned on MSNBC as well. Not sure who I heard those same comments from. Or possibly from Randi Rhodes on Nova M.
By the way, I haven't seen it posted here, so....
On a recent stump speech, Sarah Palin referred to a Palin-McCain administration.
It's a short clip...and absolutely hilarious.
http://scootmandubious.blogspot.com/2008/09/palin-touts-palin-mccain-adm...
I was driving home last night hearing about this meltdown on npr and thought to myself about Gee Dubya's social security scheme. I then thanked the heavens his 'plan' never came to fruition. I'm glad I'm not the only one thinking this.
And many condolences still heartfelt to Jack Cafferty on the loss of his wife.
"""Jack Cafferty is the only person I’ve seen on TV so far to make this incredibly important point"""
Rachel Maddow has made the same point on her MSNBC show.
Ah, the "Ownership Society." I could have been counting my shiny Social Security pennies about now.
I have a short simple message for any asswipe in congress who talks about privitizing Social Security: Touch my SS, I open a can of whoopass on your two cell brain!!!
And if Social Security had been privatized by the Bush White House and the GOP....the crash of the fund would now be blamed, by the trolls, on....waaait for it...waaaait for it.....BILL CLINTON!!
The Economy? In what respect, Charlie?
Glad to see Cafferty back on the air.
He is spot on about the SS issue, bad enough that the 401Ks are going, going, soon to be gone, but that they also wanted to fuck up SS would have led to outright riots in the strrets and the stringing up of the entire admin.
How is social security secure? The same way Fannie and Freddie are now secure?
There is no money in any social security account. When you need the money, the Fed will just have to print it.
Comet? Pinto? No, maverick. http://www.youtube.com/watch?v=AVyE5mWPpkc
YES HE IS !
Ive been howling about this for weeks and , even among my politically sympathetic friends, nobody else seems to think that this issue IS THE ELECTION IN A FRAKKIN HANDBASKET !
Our party pulled out all the stops and beat back the GOP's war on Social Security. OUR PARTY kept it from being privatized . OUR PARTY kept it from being poured into the BUSH/MCCAIN shell game.
Bush went on a tour of the country trying to sell this "monorail". Have we ever seen himm put that much effort into anything ?
THIS ISSUE WINS US FLORIDA !
THIS ISSUE WINS US FLORIDA !
THIS ISSUE WINS US FLORIDA !
THIS ISSUE WINS US FLORIDA !
THIS ISSUE WINS US FLORIDA !
This is still the "third rail" of U.S. politics, and the reptililan Repugs touch it at their peril.
This would be a great Obama advertisement, by the way.
YES! I was also waiting for the point to be driven home. What kind of crapshoot does McSame and his cronies want to subject our retirements to? One thing's for sure, if seniors got driven under by investing their SS funds unwisely, nobody would offer to bail them out except Soylent Green Inc.
Cafferty is right on. I wonder why that furface ( Wolfie ) is still around.
here's a short video revealing mccain all over the map
regarding social security...i would suspect he knows
social security since he receives a $1,930.00 monthly
payment
http://www.veracifier.com/episode/TPM_20080709
Max H @ 12:
We'll see....I live in Florida...quite a few proud racists here, especially in central and north florida.
I do hope you're right though...
"My opponent is all talk and taxes" - today's McCain talking point.
If we have another wave of idiocy in this country and begin electing Republicans again, you can count on it: it's only a matter of time before they privatize Social Security.
I don't know what the solution to saving Social Security is, but I'll bet my ass it's not giving tax breaks to corporations and the super-rich. And it sure as hell isn't starting unnecessary wars all over the globe. And it ain't letting the same nimrods who are running wall street into the ground take over the one institution in this country we can count on, Social Security.
This election is so important. So, so important.
The only reason Bush wanted to privatize Social Security is that it would have put hundreds of millions of federal dollars into the pockets of HIS CRONEY FREINDS AND ASSOCIATE BUSINESSMEN.
Neither he nor McSame give a damn about people who might depend upon Social Security for their retirement.
I agree that this issue would make an excellent 527 ad used to beat up on McCain's pre-campaign positions.
The conservatives under PM Brian Mulroney tried to do that with the Canada Pension Plan in Canada. We had the senior citizens in Canada in an absolute uproar over the conservatives plan.
I hope your seniors stand up and tell the republicans to get bent
Joe, the Social Security fund doesn't need to be saved.
Bottom line...remove the cap on taxable income for Social Security taxes...or even simply raise it by $100,000 and the problem is gone.
Yeah, but don't forget that aging white Jews are almost as racist as other aging whites. Florida could still go both ways.
It's a great time to pose this question, when the dire consequences of uncontrolled capitalism are apparent.
I saw GOPsters the past few days trying to re-animate their "Drill, drill, drill for oil" mantra on TV... nobody was paying any attention. The drilling issue is one of their prime election subjects ("Faggy democratic treehuggers won't let us drill for oil. They are keeping America depenedent on foreign terrorists for oil! Rich elite Democrats hate middle class Americans!!").
It was so funny to see them trying to play the energy card - the issue they thought would be their secret weapon in the 08 election - while talking head pundits just stared agog at them. The pundits were like : "Mmm...yeah.... 'kay. Drilling. Riiiiiiight. Hello? Banks failing? Hello?"
..."His opponent Barack Obama does not.”
well, sorta. Obama sez "everything's on the table." If he's explicitly ruled out privatization schemes, I've not seen the record of it...
If there is one, i'd be enlightened...
constituent @ 16:
How is that possible that he makes $$ as a senator and get social security? You're not allowed to make a living wage and accept ss benefits. I've known too many women who've had to cut their hours drastically or quit altogether because their benefits were in danger. And these were elderly women making $12.50 an hour not 400k a year. I cry foul!!
JoeSixPack @ 19:
If millionaires like McSame can collect Social Security then they should pay Social Security taxes on the total of their wealth no matter how that wealth is generated, wages, stocks and bonds, securities, ALL OF IT.
Well, just for the record, when bush was trying to push private accounts I was screeching about the possibility of something happening like we see now.
Good for Jack for speaking up. Let's have someone ask Palin about this. I'm sure she is up to date and has a solution.
Anyone reading this already agrees about Social Security. Now can we convince the rest of the country so that they STAY convinced. Republicans, meanwhile, will do everything they can to undermine and weaken Social Security until they can get us to the point where they can convince the American people that only Draconian measures (privatization) will save it. This is what they do with every program that might possibly benefit average Americans - starve it till it dies.
Dear Jack, How sorry I am for the loss of your wife. How glad I am that you are continuing to comfort the afflicted and afflict the comfortable. Would that more broadcasters were journalists of the first degree, as you are. Thank you for your good sense and may you never falter in your commitment to the truth.
McCain has been courting the Jewish retiree vote in Florida for a while now with Israel. His campaign is spreading the whole "Obama is a secret Muslim" thing down there in the nursing homes and condo complexes.
displaced @ 23:
That is a racist remark. And ageist. And just plain stupid. How can a state go both ways?
Hillary, Bill, Joe....Barack....get on down to South Florida. Hit those retirement homes and remind Seniors about 2005 and which party was dying to hand over Social Security to Wall Street. John McCain included....and remind them of McCAin's remarks now about all that "unbridled", "onregulated" GREED of Wall Street. Scared those Seniors big time.....that's all it takes to get them
to decide which way they're going to vote...
Our retirement plans are screwed anyway, regardless of how conservative our plans have been. I'm 67, and have lost over a hundred grand in value this week alone. I'd have to rob all the banks in town to get that back, if any are still i business. Is a gun deductible?
liberalNmoderation @ 17:
I've been in Florida for 8 months tending to my father, who is recovering from surgery. Lot of racists....and a lot of older Jews who still believe that Obama is a Muslim and that he hates Israel. It will not be easy to win FL.
You want outrage? Wait until the American public realizes that it isn't just our family wage jobs that have been exported. Our role as consumers is also being exported...you know, the role for which we have all be trained by the corporate world for decades. With huge countries like China, India, the EU, etc. rapidly growing their middle classes to replace us as consumers, we may soon find ourselves not just without jobs, but any real economic role at all.
The profound neglect of the American people is taking place because we will soon not be needed at all. Our last role as voters may survive so wealthy candidates can manipulate us with flags, Bibles, guns, and hot social issues every two or four years...but then it will be back to our desperate lives until they need us again.
Social security is "safe" if you consider anything denominated in dollars a safe investment with the twin threats of inflation and currency devaluation kicking our financial ass every minute of every day.
How safe is a fixed income valued in dollars tied to an artificial rate of inflation/cpi? The government wouldn’t lie about the CPI rate would it? Hmmmm, what do these folks have to say: www.shadowstats.com/
Say what you will about the Paul-ites, I’d say his/their fears about the market and the Fed are looking pretty prescient right now.
Jack Cafferty is a HERO with SOUL.
How could America stand nearly a decade of the "Uniter" and "Decider" -- only to turn around and vote for the "De-regulator"???
McCain and Palin are even worse for our country than Gustav and Ike. My family's living that truth!
Amalink @ 27:
I think you might want to do some checking on that. You can make all you want and still receive S.S. checks. The reason some people quit work or reduce their hours is because over a certain amount, your S.S. benefits are taxed!
The NWO has set us all up to starve to death, 800 Fema camps all over America and now our own military is planning for mass revolt here in US.
liberalNmoderation @ 17:
It should help down here in south Florida where it seems just about everyone is a retiree.
Hm! No trolls on this thread that I can see. I guess even those morons know when to sit down, shut up and go troll an Oreilly thread or steal a lollipop from a small child. This SS billy goat is too buff for their deluded asses too try and face down, eh?
"Death Star Says: The NWO has set us all up to starve to death, 800 Fema camps all over America and now our own military is planning for mass revolt here in US."
For those who have read my posts for the past 8 years, you'll recall that I have often said that the determining factor on how we eventually evolve as a country, may come down to whether our armed forces will support government officials or honor their oath to the Constitution.
Don @ 34:
This would be a great mission for Bill. Older people love him and would listen to him. Hopefully soon he will finish up or whatever on his Global Initiative and get on the campaign trail. Time is running out.
Brian @ 10:
Die before 64.
With our economic situation and lack of health care, a clearly attainable goal for most...
Lisa @ 36:
I hear you but its doable. Florida is close right now and we havent even begun to push this issue and while Obama hasnt mentioned it the Obamas have a Rabbi in the family on Michelle's side. I really respect how he hasnt tried to parlay that relationship into anything politically but it sure could help if he was called on to speak out on Baracks behalf.
Let's Privatize McCains salary. Did you hear J. Mcinsane say that taxes are NOT patriotic? WTF does he think pays for our huge military? Is he saying the military isn't patriotic? Who and what does he think pays his salary? Does Mcinsane hate America? We won world war two BECAUSE of taxes and war bonds. Does he think the greatest generation is unpatriotic?
Taxes WW2 US Propaganda film http://www.youtube.com/watch?v=gJ69X1qt4sQ
Let's face it, if Mccain gets in, he WILL privatize Social Security, and get rid of all the other so-called 'Entitlement Programs'. You know, those evil programs like Disability, Chip, WIC. Lord knows, these people are God-Fearing Christians.
Honey, call the nurse, Grandpa is getting on the bus to Vegas again!!!
Max H @ 47:
Last poll I saw had Obama and McCain tied in Florida, so it's anyone's game.
Jo @ 40:
I think you might want to do some checking on that. You can make all you want and still receive S.S. checks. The reason some people quit work or reduce their hours is because over a certain amount, your S.S. benefits are taxed!
Really cause the two women I knew were losing benefits and because they could only make so much money and ss benes counted as part of their income they were losing $$ and were forced to give up one or the other. Or maybe just WA state hates elderly women that work.
Lisa @ 36:
Indeed...well...I think there's more of an opportunity for him in Florida and other battleground states than ever, partly due to McCains part in the economic meltdown, and Palins fading star.
Still it's gonna be a tough one for sure.
Bonkers @ 43:
They haven't gotten their talking points from the mothership yet.
Plus trolls are nocturnal vermin, it is too early and them trolls are still sleeping under the bridge still...
I am disappointed on the concern trolls though. I was expecting to see more of "see Obama should not use this because it would be like beating on an old person, he should stick to the issues... blah blah blah..."
Maybe, just maybe... the American populace is starting to wake up and smell the coffee? Apparently the GOP assured us that there was no money for universal health care, but there seems to be plenty of dough for bailing out fat cats in Wall Street.
It took what, 50 years of the GOP doing everything in their power to destroy the New Deal. And they achieved their goal, we seem to be back to the wealth distribution prevalent in 1929. Heck, we even have a looming economic collapse with an ineffective GOP reminding us how the "economy is fundamentally sound."
The more things change, the more they stay the same. Too bad that the GOP will live to do the same thing to our grandchildren once we are done cleaning the mess they have left with their trickle down bullshit.
I am disappointed in the average American, what a collection of gullible morons.
pissed off patricia @ 51:
Yes...but I am still leary of polls.
BUT...that being said. This tie, from my understanding, is because Hillary has been in Florida stumping for Obama. Please correct me if I'm wrong.
Obama's down with the bail-outs, too.
Incase you hadn't noticed.
And the wall street investment houses have been among his most generous benefactors.
just what do you expect him to do?
He can't get a repeal of the Gramm, et al Act through the Senate with only 56 seats, even if he could strong-arm Pelosi and Hoyer--two notorious corporate sluts--to back it. And even if he wanted to. Which i doubt, somehow, considering the powerful lot of money the beneficiaries of that legislative lagniappe have contributed to his campaign (way over $20 MILLION)...
Unfortunately many of the old white folks will be voting for McStupid while saying that Social Security is there God given right.
Bush, 1977: Social Security will be gone in ten years if we don't privatize it now!
Bush, 2000: Social Security is in danger. Danger Will Robinson, DANGER!!!!
Bush, 2004: Social Security and the Sky are falling! Squawk!!! Run for the hills! Privatize now!!!!!!
McSame, 2008: Social Security must be privatized! Let Lehman Marcus invest for you! Put all your money into WaMu! Where are my Depends?
JoeSixPack @ 19:
Joe, I am afraid that, if this 'election' were really so important, they wouldn't be letting us have it. If our vote actually changed anything, it would be illegal.
liberalNmoderation @ 55:
I don't know how much Hillary influenced the polls. As far as I know she has only been down here a couple of times and didn't get a lot of news time either time. I think more Republicans are realizing that McCain really would be four more of the last eight and they just can't face that. I have yet to meet a republican who has anything nice to say about bush. Now up in the panhandle, that might be a whole lot different. As Joe Scarborough says, they don't call that part of the state "The Redneck Riviera" for nothing.
Dick @ 57:
Not "God-given." But theirs by right/entitlement. It's in the law. You contribute your whole working life (near 50 years in my case), and when you retire you're entitled to recoup some of the insurance premiums you paid in. If Social Security isn't there for younger workers today, don't blame those of us who built it. Blame those who want to steal it...
pete @ 58:
God I'm just scared having a tiny little checking account with Wamu (I only keep it open so I can hide my nasty McDonalds french fry habit). Though I heard that Wells Fargo is looking into buying them. Still I wouldn't be applying for any new accounts there.
Amalink @ 52:
I think you might want to do some checking on that. You can make all you want and still receive S.S. checks. The reason some people quit work or reduce their hours is because over a certain amount, your S.S. benefits are taxed!
Really cause the two women I knew were losing benefits and because they could only make so much money and ss benes counted as part of their income they were losing $$ and were forced to give up one or the other. Or maybe just WA state hates elderly women that work.
It all depends on the age bracket. My husband is 73 and can work all he wants ( he doesn't want ) and still get his full S.S. benefit. McCain must fall into that same bracket. The laws were changed after my husband started drawing S.S. and that is what is affecting the women you speak of. How old are they? And when did they start drawing S.S.?
The way I see it, the whole thing comes down to risk vs reward/punishment. As a business manager, you took risks to benefit the company, weighing the downside of those risks against your own rewards (salary, bonuses and keeping your job). As an investor, you balanced the return you anticipated receiving on an investment against the possibility of a loss.
Now, when you are a manager (high level) when you assess risk, the only reward scenarios are ALWAYS positive, they simply very between being lavishly compensated or ludicrously compensated. Hence, any amount of risk is tolerable.
As an investor, the information you receive cannot be relied on to make an informed decision, so you are completely incapable of assessing risk. You try to inform yourself, and hope for the best. But you have no idea of the risk you are assuming.
In short, the rewards fall to a select few who face no prospect of bearing the risk.
I hear in my head echos of Al Gore saying if george bush followed through on the tax cuts he was proposing, it would destroy the social security funds. Remember Gore's "lock-box"? Everyone yucked it up when he was talking about it, but now we see the importance of what he was talking about.
Jo @ 63:
Ah see they are younger maybe in their low 60s - I don't work there anymore so my interest is next to none except that I still feel sorry for them. - And they had just started drawing. So maybe it was different for them.
POP 65 - I was thinking the exact same thing. From when I could even comprehend SS the conclusion was that it would be a solvent system if we didn't borrow from it because there are always more people paying into it than drawing from it.
pissed off patricia @ 60:
And here I was, thinkin the term "Redneck Riviera" was strictly a Myrtle Beach, SC thing.
They used to have a sign in the jail that said "Welcome Gaston County" which, ironically, is the county I grew up in. Seems Gaston county residents tend to go apeshit there for some reason.
And yes, I did see it...I was pickin up a friend who got out on bail I SWEAR! lol
Amalink @ 66:
Every "administration/regime" since Nixon has "borrowed" (STOLEN--because Governments NEVER repay their debts to their own people) from the Social Security trust fund.
woody, tokin librul @ 56:
remind me of the party that believes in small/no
government. i encourage you to listen to mccain
regarding AIG bailout.....SEC members 3 (R) and 2(D)
now the government is getting bigger under BUSH
administration.....wait a week or so BIG three auto
makers will ask for loans....wow doesn't sound like
Darwinian Capitalist to me. listen the former ceo of
AIG and largest shareholder he calls it 'nationalized'.
capitalists were given their 'free market' deregulation
and they ver leveraged and cumalated too much risk
bottom line.....too greedy...now the public takes the burden.
I'd still rather take a small chunk of my SS and invest it. At my age investing it in the market would be a great idea.
the pittance of interest that my contribution to SS is credited means it would definitely be worth pulling a small part of my contribution every year and investing it.
You do remember that the whole privatization thing was optional right?
This is a point that Obama loudly and often has to adopt as his own.
liberalNmoderation @ 67:
I imagine our country has enough rednecks to populate several Redneck Rivieras. ;)
John McCain's solution to this. To suddenly not support privatization of SS. Change you can believe in.
Mr. Anon @ 70:
The problem with that is that because what you pay in goes directly out you'd be just as well off borrowing from your grandchildren to fund your day trading.
"four years ago President Bush made a big push to partially privatize Social Security"
I remember that.
thank god it didn't happen.
We'd have 1/10th of the senior population on the streets if it did.
Yes, Rachel Maddow covered this important point on her show as well - along with many others. I was a little concerned when I heard about Rachel's new show that it might be a re-hashing of what was covered on Countdown, but I shouldn't have been worried. Her new show stands on it's own with her fresh perspectives, topics and guests. What a pleasure to have two hours of "must-see tv" with Rachel and Keith!
On a side note, my heart goes out to Jack Cafferty for his recent loss. I would really miss the cranky old guy if he wasn't on the air.
The fact that John McCain doesn't understand why we shouldn't give our Social Security money for Wall Street to play with is reason enough not to vote for him. It aggravates the Repubs to no end that Social Security benefits everyone. They'd much rather siphon those funds to their buddies at the top of the economic heap.
bush mccain and the rest of the asshat bunch can kiss my fucking ass!
These people deserve some terrible punishment for the trouble they have caused, not here but other countries alsooh Iraq comes to mind. Not only have they lost money but maybe a million sould have been killed.
I know longer speak with any respect for any republican. Anyone that would vote for these greedy murdering criminals is as bad as they are !
No, it wasn't a good idea in 04, it wasn't a good idea at any point in the past if it had been brought up and it won't be a good idea at any point in the future...
I don't know how to fix the predicted insolvency issue or even if its true anymore I've heard so much bullshit on it both ways.. What I do know is one; the market ain't the answer and two; we wouldn't even have to have a discussion about it if it hadn't been getting pilferred to prop up some other political money needs in the past.... This fiscal sleight of hand money manipulation by politicians is pretty much to blame for this shit.. Not some population demographic dip....
It is and has always been part of the so-called social safety net we've all paid into via any job anyone ever held. It is NOT some asset to give to stock market players to play the market with...JD
Never was, never should be........ JD
Chris Matthews said the same thing in the 10 o'clock hour, right after Bush's speech, although not as eloquently as the Great Cafferty so eloquently put it.
Do you realize there was no surplus under Clinton? That surplus was the various trust funds including Social Security. What the Bush tax cuts did was give his "the have and have mores, my base" wealthy donors your excess SS taxes.
If you think this is bad, look up McCain's fix for Healthcare. If your health care is provided by your employer, you employer will add that cost to your salary. At my place of employment the average per employee is $9000 per year. Then if you are single you will get to subtract $2500 from you taxes (credit) or $5000 for a family.
The first year or two you may save a little, but they don't say anything if the money is also subject to SS, medicare, state, and local taxes and if this additional money places you into a higher tax bracket.
So instead of giving people who have to pay for their own health care a break on taxes he is going to screw everyone.
Ref. Mike the Canuck @ 21
"The conservatives under PM Brian Mulroney tried to do that with the Canada Pension Plan in Canada. We had the senior citizens in Canada in an absolute uproar over the conservatives plan.
I hope your seniors stand up and tell the republicans to get bent."
Amen to that. I'm Canadian too, and I remember that fuss. That's one of the reasons Mulroney got the nickname "Lying' Brian". There's a famous story about a newsclip of a grey-haired senior lady shaking her fist under Brian's nose and flat-out calling him a liar.
I can't believe that so many (conservative) people can argue with a straight face that the private sector is more competent and trustworthy than the state, after those messes with insider trading, Enron, AIG, etc. I agree with the folks who talk about how so many American seniors would be screwed if Bush had privitized SS like he wanted to.
Yeah, those Wall Street operatives are such financial geniouses.
And doesn't it piss you off that Washington has billions for corporate bail-outs and wars, but insists that America can't afford universal healthcare?
I lost most of my profit sharings after the crash in 1988. After 10 years of hard work with a certain company all that was left $6,000. Should have been many dozens of times larger. I was going to use it to go to law school with that money. But it taught me a tremendous lesson: NEVER GAMBLE WITH MONEY YOU CANNOT AFFORD TO LOSE.
offog@ 82 said:
"I can’t believe that so many (conservative) people can argue with a straight face that the private sector is more competent and trustworthy than the state"
I say:
I'm a liberal and I can say (with a strait face) that, The United States Govt doesn't know, and can't do shit! (our govt is obviously highly incompetent and untrustworthy)
The US treasury is in far greater debt than any wall st bank.
America is ten trillion in debt (at least) and the bill gets bigger every time the Fed bails out another bank, or appropriates more money for war.
I don't trust either one, ...nor should you!...
Congress has a lower approval rating than the Bush admin!
That's the damn point about Social Security--it is a safety net. We're all going to need it pretty soon, the way Bush et al are ruining the economy! It's NOT a way for Wall Street to be funded. Privatization is totally scary and crazy.
Maybe somebody can answer this for me.
I heard on the radio, on the way home today. That they're going to use SS funds to bailout AIG.
Anybody have any info on this? Usually Peter B is pretty close to the mark when he makes a comment like this.
The country is broke right now. Actually, it's deep in debt. So where is this money coming from?
86 billion.
I want you all know this is the biggest train robery since the great depression and will be known as a greater depression, what is going on is the Ceo and others in Public office have leveraged all thier stocks and bonds and other investments out and have bought hard assets like prisons, hospitals and other land projects. Believe me they own them, they bought thier land with a fiat money system and now when the dollar implodes they will simply demand a payment from those who can afford otherwise you are screwed, they have monopolie on everything so there will not be any getting around the NWO unless we stop them before they crash the dollar.
Ron Paul serves on the House Foreign Affairs Committee (having been on the Western Hemisphere and the Asia and Pacific subcommittees); the Joint Economic Committee; and the Committee on Financial Services (as Ranking Member of the Domestic and International Monetary Policy, Trade and Technology subcommittee, and Vice-Chair of the Oversight and Investigations subcommittee).
HE doesn't think that Social Security is quite as secure as Mr. Cafferty thinks it is.
The reason why he thinks the way that he does is because he's seen the numbers and knows the MATH about the situation. In the 1930's, when Social Security began, the retirement age was about seven years ABOVE the average life expectancy. The only way it really works is if there aren't that many people left over to collect!
Right now, because of the disparity in the retirement age versus the life expectancy, current receipts continue to exceed expenditures, and will until 2017, when it goes BROKE, and then part of the Trust Fund is used to prop it up again...
And of course, the performance of the Trust depends on the U.S. government performing economically better than it has the past twenty years or so... because after all, the Trust is only backed up with US government securities. If those securities become worthless, bye bye "third leg of the stool".
...
There is an inherent problem with "safety nets"... It creates moral hazards. And Keynesian Neo-Liberal Macro-economics, as sexy as the theory IS, doesn't adequately account for the ONE thing that is present in ALL economic systems...
Greed.
One might be tempted to use the argument that safety nets provide help for those people who get taken down along WITH the greedy, when their lust for money overcomes their propriety.
However, the actual unintended effect of the government providing safety nets has been to REWARD the greedy, by removing risk and consequence. And it should come as no surprise that Wall Street acted accordingly.
Remember, Fannie Mae and Freddie Mac were GOVERNMENT INSTITUTIONS... that were used as instruments to create this enormous boom. And it was the Federal Reserve, undoubtedly under pressure from opportunistic politicians, that kept interest rates low, forcing the banks to keep giving out loans past the point of good sense.
The irony about a fractional reserve system ISN'T that they only keep about one-ninth of your deposits in the reserve, but that a fractional reserve system really doesn't work if you keep MORE than your government-regulated reserve ratio in the vault. The system really depends on keeping the money MOVING. So these other financial institutions COULDN'T sit on the money that the Fed was giving out at rock-bottom rates. They HAD TO use it.
In fact, the Fed KNOW this and that's WHY they play with the discount rate, to try and speed up, or slow down the economy.
How've they been doing so far?
Can we take another hundred years?
If the interest rates had been moving because of MARKET FORCES, instead of them being artificially changed through the Fed, there's NO WAY that the likes of AIG and Lehman Brothers takes on the kind of bad debt that they had to take on, in the attempt to maintain market share and to stay competitive.
NO WAY those corporations get "so big that they can't be allowed to fall".
"Moral Hazard"... "Fractional Reserve Banking"... Look them up.
Since my husband and I never had enough money to invest in the stock market I need someone to explain exactly what the commission would be on perhaps giving a portion of SS each year to the Stock Market. Say the government put one hundred million in each year in the Bush/McCain scam, what would private companies get in the way of commission? Would it be quite a windfall for their relatives and cronies? Seems like those people made enough in Silverado and during the Keating Five.
Finally, you guys are starting to see the picture clearly. This meltdown was no accident. Banks could have survived if these where just Motgages that where failing but there not. this a a very large Margin Call. Banks borrowed up to 10 times the value of an over stated Mortgage that was sold as a security. So essentialy the where living high on the hog on Borrowed money with no collateral. They knew this since 02 when all of this started. they saw that if the economy slowed just the slightest bit they where screwewd. fast forward to 04 when Bush under pressure from wall street to qietly help them before it came to this wall ah lets privatize SS so the over states vallue of the Mortgage backed securites have some liquidity. can the Class say "K" street project
Quite frankly it should be a hit with all generations. It is one pillar of a sound retirement package, and a necessity for those most in need. We are all aging, and we should care about out parents, and grandparents today.
I will say, that "lock box", that Al Gore got hassled about, sure is looking like a great idea about now.
The "experts" that take their fiduciary responsibilities seriously, will tell you if you can't afford to lose it, your money should not be in the stock market. Folks that have a traditional pension have a guaranteed cash flow. They also have social security another guaranteed cash flow (hopefully). Then they have any extra savings, which they can afford to take some extra risk. Ah, risk. Remember when Financial Institutions use to care about risk and invested accordingly.
The focus is on subprime mortgages. That's just one component of many. Checkout Nouriel Roubini.
If any of you think that the fundamentals of our economy are unsound, then WHAT FUNDAMENTALS ARE YOU TALKING ABOUT?
The last time I checked, the FUNDAMENTALS of our system were as follows:
We have a fiat currency, that has no intrinsic value, other than what the government can CON US into believing it has.
We allow banks to loan out NINE TIMES the amount of actual money that they have sitting in their reserve. And we provide safety nets that give them cover, when their GREED exceeds their propriety.
Our currency has lost 90% of it's buying power in the past hundred years, despite the fact that the Federal Reserve was created ostensibly to PREVENT THAT FROM HAPPENING!
Do you REALLY believe that the economy is "unsound", or are you simply SAYING THAT, because John McCain said the OPPOSITE thing?!?!
Printing more monopoly money WON'T help. That's what's gotten us into this situation to begin with.
Every thing old is new again, paying taxes not patriotic, Wall Street verus Main Street, working people gettting the left overs of a top down economic system, read William Jenning Bryan’s "Cross of Gold" speech
Social Security is toast no matter what happens. http://www.cbo.gov/doc.cfm?index=5530&type=0
Give me my money and I will take care of myself please. I got out of the market about 6 months ago because things weren't looking good. If your retirement is at stake you need to pay close attention.
Otherwise you will need to rely on the tender mercies of the politicians of either party.
Are you fools crazy: just how many people on Social Security really understand the stock market? How trustworthy do you think financial advisers are given the fiasco we're all witnessing on Wall Street? And you want to privatize Social Security into the hands of the unscrupulous: give me a break? If such a thing were to happen what do you do with the bankrupt Seniors who depend primarily on Social Security survive when Federal and State governments are cutting back on social services? This would be the ultimate slap in the face to all those seniors who've contributed to Social Security to survive in their retirement days: can politicians really be that calloused, greedy, and cut throat? Surely there are substantial members of the GOP dependent on Social Security like everyone else: are they willing to support such skullduggery from the very government that's supposed to protect Americans? My God: what have we become?
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