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Rick Santelli Tells Arch Globalization Advocate Friedman He Is An Idiot
Following today's New York Times invasion of CNBC, where two of its most irrelevant columnists are now part of CNBC's most irrelevant hourly block so at least it is symmetric, Rick Santelli and "The Earth is flat...but I sure am round" author Tom Friedman had a choice exchange of words which culminated with Rick Santelli finally telling the world's most overhyped patron saint of globalization the bitter truth. In the meantime, not even the very non-flat Friemdan had an answer to Santelli's very simple question: is Social Security a ponzi scheme... And while we are there, we wonder just what noun would be used to describe Friemdan if asked if the entire Keynesian model is an even bigger ponzi.
SANTELLI: I’d just like to know – you know, I was watching that debate last night, although it really wasn’t a debate,” Santelli said. “It was like a weird press conference. But I would like to know – does Mr. Friedman think Social Security is a Ponzi scheme?
FRIEDMAN: No, I don’t think it’s a Ponzi scheme.
SANTELLI: Earlier in the show you said that we’re putting the burden on our kids that’s unsustainable. What’s the definition of a Ponzi scheme?
FRIEDMAN: It’s a program that made promises that it cannot keep in full and it needs to be fixed and reformed.
SANTELLI: Isn’t that exactly what a Ponzi pyramid is?
FRIEDMAN: I don’t think it is a Ponzi scheme as a criminal endeavor.
SANTELLI: No, no – forget the criminal side. You need more people to perpetuate a myth because if the people stop the myth is known to all. That’s my definition of a Ponzi scheme. Let’s call at it chain letter, a pyramid scheme. Isn’t that by definition what Social Security is? Take the legalities and fraud out.
STEVE LIESMAN: Why is it a Ponzi scheme, Rick?
FRIEDMAN: It is pay as we go. Ronald Reagan fixed it. Why can’t we fix it?
SANTELLI: What does Ronald Reagan have to do with my question?
FRIEDMAN: What does your question have to do with reality?
MICHELLE CARUSO CABRERA: We brought it up.
SANTELLI: You can’t decide that more people is the only thing made Social Security work. We have a real issue because many people in government seem to like to read your work.
FRIEDMAN: What makes Social Security work is fixing Social Security in terms of the population demands.
SANTELLI: I didn’t ask if we should fix it or not. I asked if it’s a pyramid scheme.
FRIEDMAN: Your question is idiotic. That’s what you asked.
SANTELLI: You’re idiotic. I’m done. I feel good.
FRIEDMAN: So do I.
h/t DailyCaller
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Tsar,
your post reminds me of one of the best Simpsons quotes...where Homie is sitting watching tv and some hick is singing "Blowin in the wind"....
How many road must a man walk down.....
Homer: 5!!
How many time must a man turn his head....
Homer: 6!
Lisa: Dad, that is a rhetorical question....do you even know what rhetorical means?
Homer: Do I know what rhetorical means?? lol.....
classic!
Precisely. The markets, money, society is what the kleptocrats and banking oligarch say it is---plain and simple. We can all sit around and talk about how corrupt everything is, but the fact of the matter is how many of you have actually look at how many people "get it". Do a simple exercise and you will find how fruitless fighting the corruption and crime is. Specifically, look at the actual "numbers" of people that read sites like ZH. Look at the actual numbers of people that read "truth" sites. I am not talking about conspiracy, just truth. The numbers don't register. Look at how many people read articles on ZH---5,000-10,000. Who really thinks that makes a difference?
At the end of the day, people who read ZH and "get it" are in a minority. IOW, you can be right, but according to the brain dead sheeple, you are wrong. Right and wrong is defined by what the kleptocrats and their useful idiots in the media say it is. The fact is the U.S. financial system is the biggest ponzi scheme ever known to mankind, but the sheeple either don't know or don't care, and NOTHING will change that because the banking oligarch will just go on pumping their gains and dumping their losses on the tax payer, all with the approval of our corrupt government.
At the end of the day, if it makes you feel better to think that the ponzi scheme will collapse, great--IT WON'T. The banks will continue gaining more power, the 1% that profit from looting the other 99% will continue electing who they believe will perpetuate the ponzi, and the truth simply doesn't matter.
WSP: cynical to the point but you missed the whole universe. Black swans chaos theory- markets are unstable now - it will implode..then you will see the end that you think impossible.
An infinite Ponzi. Kewl!
This sounds right but I didn't hear it on FauxNews so it didn't really happen.
Nice - just hope Santelli does not get canned one day for all the rough retoric.
Right on....it would NOT surprise me whatsoever......but then it would be obvious....
"WE CANT HANDLE THE TRUTH!"
He will just go join Professor Keiser at RT
He could move to Fox Business - I think they would take him.
Don't worry, the corrupt oligarchs that control the media know that at the end of the day, most viewers already know what he is saying and don't care as long as they get "their share". By putting on people like Santelli, CNBS and their corporate controllers believe that they give voice to the "little man" but in the end, voices mean nothing---the PONZI SHALL GO ON, plain and simple!
RICK SANTELLI FOR PRESIDENT!
Might have to take the train downtown to shake his hand....ONLY MUTHER FUCKER WHO GETS IT AND IS NOT AFRAID OF SAYING IT...
That other morbidly obese liar is just haning onto the status quo for dear life....what a marooon!
When they get rid of Rick, so goes the last bit of good CNBC has left....total sham.
Friedman is a media whore and paid shill for the Oligarchs.He is in the same class as Roubini and Krugman.
ManBernKrug
No it's ManBearPig... sorry just had to do it.
ManBernKrug - Half Man - Half Psychotic Bearded Keneysian!
Exactly, just because you have an understanding of middle eastern society it doesn't make you an economist. Your not getting a medal lIke your buddy
Agreed but Roubinin is sharp. Just mislead.
Krugman is the brightest by far in my book since he detailed his alien fantasy. Aliens to save the world bitchez!!
Fuck yeah, I feel good too now Rick and thanks for sticking it to the pompus jackass. Love watching those who think they shouldn't be questioned take it on the chin.
I love me Rick Santelli. The only person on CNBS that actually speaks the truth.
why is it that in all my years of NYC bar-hoping, I've never been fortunate enough to encounter one of the CNBC retards after I've had a few s scotches?
I feel deprived.
Yeah....single malt or two? lol....
Slick Rick is here in Chicago....thus REALITY based.....
he is the only one saving CNBC and the status quo.....
that obese fuck is a paid shill. pathetic beyond belief.
b/c they live in Jewzey and can't afford Manhattan bars.
New jewsy? i thought it was all I-talians like snooker, that obese ugly bitch...shit...if someone decides to have sex with her, they will need to roll her in flour and look for the wet spot...otherwise....you might get just a sweaty roll somewhere....lol
Is SS a ponzi scheme? No, bacause the question is idiotic.
A perfect example of the pseudo educated dim-witted east coast elite. I don't get much better:)
Yes, very typical 'academic' elitist response.
not just east coast elite, anytime you call someone's entire belief system into question, and they realise you're correct, they have no response and thus have to lash out with a nonsensical response.
Santelli exposed that it is indeed a ponzi scheme, but to try and distract the argument, he will talk about how its not criminal or how it can be fixed, without dicussing the issue at hand...whether SS can survive without new 'investors'
Watch Friedman's body language.
He knows the truth.
He doesn't want to talk about it, because it demonstrates his lying BS.
That we even still have to debate this nonsense is ridiculous.
SOCIAL SECURITY IS *WORSE* THAN A PONZI SCHEME, BECAUSE YOU CAN'T OPT OUT!!!
You're forced to participate in a huge fucking money loser, otherwise you get a jackboot stuck up your fucking ass.
And that's the only reason why it's survived this long. Any private Ponzi offering these promises would have blown up long ago.
Outa da park MoB.
No it's highly legal and ethical. They'll collect social security from you if you are a 14 year old with a paper route. Even though it's illegal to do so from minors. But it's ok they have a "permission" clause. As long as a stupid 18 year old continues to pay it then all of the 14 and 16 year old collecting becomes legal and permissible by some magic transitive fucking children is ok clause. Because rules are just there to make you think there are rules.
Yours is the best comment posted.
Now, if Freidman had said THAT he would have been the hero of the day.
"No, it's not a Ponzi scheme because in a true Ponzi you can opt out of paying into the scheme."
Thank god for Rick Santelli!
HAHAHA. Santelli rocks.
Ron Paul/Rick Santelli 2012!
Ask him if the FED is a criminal endeavor!
BTW nevermind all that...equities just rose up out of the grave again to do the green zombie march all day! WOW look at em GO based on certain economic collapse!
The FED is not illegal or criminal. It's just a private takeover of America by the bankers, causing all of us to be endebted servants. I've researched this topic to the extreme. The FED changed America's monetary system from public to private. As such, all the constitutional rules stopped applying to us as we accept Federal Reserver Notes as payment. If you investigate the constitution, the IRS would be illegal (for earned income due to employment, as working to live is an basic right) if we took payment in American Government dollars. However, because we accept Federal Reserve Notes as payment, instead of American Constitional money (which no longer even exists), we take part in a private transaction, subject to different rules than the constitution. This is why not paying the IRS gets you in trouble. If you accept US currency, you accept the banker rules.
This is the big joke in politics. Everyone makes an oath to uphold the US Constitution. But, since they changed the system, none of us are considered "We the people" anymore. We are all subject to private property rules where constitutional protection no longer applies.
i'm gonna go with a complex adjective phrase:
indignant, nonplussed apoplexy.
that should do it!
done and done.
de nada,
the radical subjunctive
Santelli is the MAN on Telly!!!!
Why the hell was that Michele broad even attempting to chime in, shouldnt she be applying to CNN right now?
Or maybe the sideline reporter for ESPN THE OCHO.
Not CNN, she's apparently (rumor has it) going to be a stand in for Arnold in his upcoming movie "The Last Stand"
http://screenrant.com/arnold-schwarzenegger-last-stand-sandy-123051/
Man I have to start keeping a list of these moments.
Is Social Security a Ponzi scheme?
~ Santelli to Friedman
Is Gold money?
~ Ron Paul to Bernanke
Still can't wrap my head around Santelli. He talks the talk but yet he is a media whore that works for CNBC. If he is a good guy, better watch out or he'll be getting the Mark Haines treatment.
maybe he'll go 'Dylan Ratigan'...
at least Ratigan got his head out his ass and decided to see the truth that's out there.
www.thomaslfriedman.com
Fried man at MIT in 2005
http://mitworld.mit.edu/video/266
and an NYT column from 1998 where he seems to share many sentiments consistent with the spirit of ZH
http://www.nytimes.com/1998/01/17/opinion/foreign-affairs-haircut-time.h...
God, this is getting good !
Indeed Hulk, and to top it off, the HUI is beaking out as well...
I love the smell of HUI breakouts in the morning!
We're ready Rick. We're clinging to our guns and religion and a tattered copy of the constitution. Keep calling out these fucks every chance you get because I want in the historical record the replies of these liars, thieves and authoritarians assholes so when they are all brought in front of the teeming mass to answer for their sins there is no question where they stood.
Do NOT panic! All is well! All is well!
rick reminds me that there are some great americans still
Get it Rick!!! Love when Baldy Leisman chimes in (in a lil girl voice) "why is it a ponzi Rick" then they cut to that skank with 2 much eye make up (should be rules against dat) she got nothing to say...Rick feels good, I feel good.
thomas should be fried man
And Ricks defination of a Ponzi Scheme was perfect....you need more people to keep it going...the Boomers have busted it...and the thinking was the illegals would take up the slack...but unfortunatly they brought with them their version of economics and its all cash.....under the table..over the table..and use what you can for free....health care..educations..food stamps...any governemtn program for free...so we know have two social security programs...lol
And it annoys me to no end when apologists for the SS Ponzi attempt to deflect comparison by highlighting "illegality." I'm not old enough to know the particulars but I'd wager that what Ponzi did WASN'T illegal at the time he did it, otherwise, they wouldn't have had to name it after the guy who invented it.
"the Boomers have busted it"
The boomers have barely started collecting. WTF are you talking about?
My fondest dream is a reality show wherein Friedman and Krugman go to prison and get roomed with Bubba and Guido.
LOL!!!
Santelli just made my day!
Just to be clear, SS is not a Ponzi scheme, it's a job-purchase program.
The central feature of all Ponzi schemes is the expectation of risk-free gains on the part of 'investors': this expectation is fraudulently induced. Ponzi schemes do not sell jobs but rather the lack of any need for them.
The expectation for SS is for continuing losses or the zero-sum transfer of funds from one group to another for a social purpose. Elderly workers are paid to 'retire' (quit their jobs) by younger workers so that these younger can take the elders' jobs.
This is entire the purpose of Social Security, whether it succeeds depends upon the quality of the jobs that the younger workers 'buy'. If there is any fraud, it lies with the so-called employers.
It IS a Ponzi scheme. The central feature of a Ponzi scheme ISN'T "the expectation of risk-free gains," the central feature IS paying early participants with monies paid by later participants.
Bullshit, total semantics. You are missing a few details there steve, like the issue of population growth and what happens as automation covers the work done by human participants and what happens when your real pool of available resources are dimenishing (input cost rise) and the purchasing power of all your customers is getting crushed (hence less available capital and customers to support those "jobs").
I guess it is all good IF the younger worker are willing to accept lower REAL wages in fiat dollars and BOTH the elderly and younger workers are will to accept a lower real standard of living. Good luck with that.
It get real intersting when simple things like fresh water become a real hinderance to growth. How are those levels doing out west again in Lake Mead and Glen Canyon again? Yeah, I thought so.
Notice Santelli didn't ask if the stock market was a ponzi scheme? Eat the rich.
The fractional reserve money system is a Ponzi too, in the sense it requires increasing supply (inflation) and growth to keep running. We are currently witnessing what happens when it collapses.
Santelli's the only adult in the room. Asking the hard questions that the kids can't handle.
Of course it's a Ponzi, but it's okay if the government does it. Just like the government bookkeeping, which if any of us tried would be a one way ticket to club fed.
So the answer is; "Yes it is a ponzi scheme but there is a sucker born every minute". These authoritarian keynesian assfucks get real defense when pressed with facts and they always resort to arrogance when they know they are talking shit. Classic Rick.
Is the NY Times a Ponzi Scheme?
No, it's a circle jerk.
Just pointing out the facts, but Santelli does not call Friedman an idiot - he says that Friedman's answer is idiotic.
"You're idiotic."
The real father of the entire Tea Party movement in the US is Rick Santelli. The man is not afraid to tell how it is...
Social Security wouldn't be a ponzi if it always broke even every year. Payout would be ALSOME for several years, and then alternate with several dismal years; it would depend on demographics (ratio between workers vs retirees) and the increase/decrease of Under-the-Table jobs.
Add to that a constitutional ammendment for balanced annual Federal budgets!
How has Santelli lasted so long on this crapfest of a channel?
Free Santelli!!!
I read Friedmans book from "Beirut to Jerusalem" yrs ago, probably should have stayed an author because his viiews are pure bs.
If you get a chance to read do so, it was years ahead on events n the ME.
Santelli is a fucking Court Jester - Zero Hedge is losing serious credibility is this Dorks eyes at least.
If you want to get rid of social security first you need to get rid of debt based money - ain't going to happen anytime soon baby.
If this money was not paid into the system credit deposits would go south for a long long winter.
I think I want my money back
Friedman is right, the internet made the earth flat. This in turn has made all worldwide labor pools interchangeable and created vast surpluses of low cost $5/day labor. Those countries w/o vast social programs and expensive health care programs (china) will do better than the developed top heavy countries (USA/EU/UK). There is no answer except to dismantle the social programs and compete on $5/day labor. Yes the earth is flat at $5/day wages, piecerate work, w/o health care, retirement, labor/environment laws. The future is bleak. Back to sweat shops and slaves. Progressives win.
Keep moving down the line on your train of thought... does it hold up as population increases and available energy sources (both for machines and animals/humans) decline? And should our shit-ass currency hold any real value, at $5 per day you think anyone would "slave" away at a job?
Did you ever read Thoreau? Progressives don't win - nature wins. I for one don't think a Swiss Family Robinson scenario would be a real decline in standard of living. I'm not a slave, and I'm of the ability to prove so.
There is no answer except to dismantle the social programs and compete on $5/day labor.
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
No. It is not possible.
As a result of Smithian economics, this goes much deeper than that.
Selling the idea that people will be able to afford living in the US on a $5 wage for 12 hours labour per day, in the place where wealth has been the most concentrated during the Smithian era, rests on nothing.
In Smithian economics, when people do not make enough to live on the economic zone they are living on, they have to move out.
US citizens unable to secure an activity valuable enough to afford forking the ever increasing cost of living in the place where the wealth is more and more concentrated, will have to leave the US.
Save they revised their covenant and accept to live a life of servitude.
There will be no other ways.
You forgot your /sarc tag for
"Save they revised their covenant and accept to live a life of servitude.
There will be no other ways."
Many will not leave - by foot or feet first.
Santelli was right on both counts, social security is a Ponzi scheme and Friedman is an idiot.
FRIEDMAN: What makes Social Security work is fixing Social Security in terms of the population demands.
He may catch his tail if he turns faster. One thing for sure, he does not have the least fleas.
Friedman (who I don't care for at all) is suggesting that we manage SS. What do you advise? Putting it on auto-pilot?
Steve Liesman looks like a fat disgusting toothless pig.
With regards to Tom Friedman, science still say the earth is round.
If a Ponzi occurs because after you take the first person's money and spend it and then proceed to just pay a fake dividend to appease them from asking for their initial investment back then what is SS? In that case, the government takes the original investment, pays someone else a dividend to appease retirees and lawyers but could never pay back everyone that put in if there was a "run" on SS. However, by definition all us sheeple are REQUIRED to participate in something that likely won't benefit us to the same degree thus making SS at best a money losing investment and at worst a sham. While it may not be a Ponzi, legally someone should have a case that American's shouldn't be forced to contribute to something that harms them...
"However, by definition all us sheeple are REQUIRED to participate in something that likely won't benefit us to the same degree thus making SS at best a money losing investment and at worst a sham."
A losing investment? LOL. They wanted to "privatize" SS in 2005. How would that have worked out?
Santelli should start his own show. Haven't had cable for years now but I would pay full price for him alone!!
Santelli is dangerous for those people, Why do I see a big severance package in the near future!
I totally 100% respect people like Santelli who not only have intelligence but the balls to tell it like it is!!!
Love Santelli.
However a question that needs to be asked is this, why would tD/0H incorrectly quote the transcript/conversation?
"SANTELLI: You’re idiotic." is not what Rick said.... Granted that may have been the underlying meaning, but it's not what was said.
The fact is, such "mistakes" put 0H et. al. on par with GS, the MSM and the rest of the Bankster cabal....
I think tD & 0H can and should do better, clearly they are capable of doing so.
AMDG
You used to pick your scabs and eat them when you were a kid didn't you, hell, maybe you still do.
Right Potsie.
PONZI PLANET
Social Security is a Ponzi scheme only if the US is a Ponzi scheme.
Santelli could ask the question - is social security on an actuarially sound basis? The answer would be no. The next question - what would it take to put it on an actuarially sound basis? That is the discussion we need to have.
By exaggerating the problem, with Ponzi beign the equivalent of invoking the Hitler parallel, Santelli has shown himself to be a self-agrandizing idiot.
But we already knew that.
I know this is a "dude sin", but I just love Rick Santelli!
Tuco Benedicto Pacifico Juan Maria Ramirez
There are two kinds of spurs, my friend. Those that come in by the door, and those that come in by the window.
"Santelli could ask the question - is social security on an actuarially sound basis? The answer would be no."
Except under adverse scenarios, the answer is in fact, YES.
The adverse scenarios occur if the economy doesn't recover for a long time. If that happens there will be lots of other problems that gutting SS won't solve. SS is not the cause of the adverse economics, BTW.
Focus on the underlying problems, people, or pay the price.
edit
The transcript and title of this post is inaccurate(Santelli did not say Friedman was an idiot or idiotic, he said "your answer is idiotic"(after Friedman said "your question is idiotic").
And, clearly, it was intentionally misrepresented here by TD.
Makes me a little nervous to see that. (We have to start fact checking here, too?)
Semantics; doesn't chagne the facts.
Actually, they can, and often are used to do just that.... most often by politicians & banksters.
And blogs with an agenda...
Zebra, there are three truths about 0H.
1st, there's some tremendous, actionable, information available on 0H
2nd, sadly, it's filled with amoral-progressive-anarchist posters with intelligence more on par with the children of the Road Warrior flicks than TD/Fight Club.
3rd, 0H will lie EXACTLY like the Banksters they hate ... when it fits the agenda. The above misquote is not the site's first, nor the last.
AMDG
Rick himself said the following as justification for his characterization of Social Security as a Ponzi scheme - a characterization with which I disagree: "You need more people to perpetuate a myth because if the people stop the myth is known to all." The fact of the matter is that the people CAN'T stop paying into Rick's supposed Ponzi scheme- Social Security taxes are taken out of workers' paychecks. So in that respect Social Security does not fit Rick's definition of a Ponzi scheme. But the real issue is what is happening to the money that has been paid in. I have to laugh when I recall this excerpt from an article quoting GWB in 2005 and then recall his solution: “A lot of people in America think there is a trust — that we take your money in payroll taxes and then we hold it for you and then when you retire, we give it back to you,” Bush said in a speech at the University of West Virginia at Parkersburg. “But that’s not the way it works,” Bush said. “There is no trust ‘fund’ — just IOUs that I saw firsthand,” Bush said.
Bush's solution - private retirement accounts. Yeah right, that would've worked.
The problem is that no one is dealing with the reality of the situation. Santelli spouts off hyperbole, and everyone else is denial. The fact of the matter is that funds paid into Social Security need to be dedicated to Social Security (Al Gore's "lock box" anyone?), and Social Security needs to be re-engineered to be self-sustaining. In my opinion there is a genuine need for Social Security. Not everyone is rich, people get old or become disabled and cannot work and I believe that as a society we have a moral obligation to help those in genuine need of help. But that's just me I guess.
We do not need Social Security. Society will take care of the truly disadvantaged without the help of Big Brother!
The fact of the matter is that funds paid into Social Security need to be dedicated to Social Security (Al Gore's "lock box" anyone?), and Social Security needs to be re-engineered to be self-sustaining.
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Impossible to achieve in the US world order.
The US world order is characterized among other things by a consumption game. One has to consume resources in fear another would do. One of the tenets of the US world order.
Non consumption is impossible in the US world order. When non consuming, one only lets resources for the others to consume.
The US has launched a race to deplete the world resources the fastest possible. The guy who has consumed the most when nothing is left is the winner.
That is why SS has taken this path. Nobody can warrant that there will be resources to consume when a worker retires. All one can do is to try to play the game in order a pensioner consumes more and more resources.
Conservation is out of the game. People who refuse to consume everything they can between their 20 and 65 with the expectation they will find back what they refused to consume priorly are going to be eaten alive.
Santelli shold get the Medal of Fredom....the one Barry gave to Buffoon Buffet.
Well, not exactly a ponzi scheme. It's a tax with all the attributes of a ponzi scheme. The only reason it's been declared constitutional is the courts ruled (in 1937) that its nothing but a tax with a goverment promise. In other words just another BS program despite all the BS about insurance, investment, ect. IT'S JUST A TAX. If you want to really understand it think three card monti, all the promised benefits are just the cards moving around.
one more thing about freidman:
this was about a year ago (i'll try to find the editorial) but freidman proposed the number of 8 dollar a gallon gas to save america -- as a policy objective to pursue, mind you.
just so you guys know what kind of 'men' have our 'leaders' ears.
you will know the man of genius/
for he will be surrounded by a confederacy of dunces. (cicero...i think)
so, where is the man of genius? -- i sure do see a clusterfuck of dunces.
searchingly,
ignatius p reilly
There are many people in America that are not able to work. They are economic outcasts and collect Social Security. If you think like Santelli you will kill a lot of poeple. I say millions.
SS needs lots of fixes, but I would like to see the Tea Partiers and Santelliites with their millions visit a trailor park where a family collects SS to take care of their disabled kid.
Don't worship Santelli or Friedman.
Sad as it is, I know TWO families that have "disabled" kids and the family lives off the kids' SS disability money. They could work, and have, but would rather not, or just do the cash thing for short term gains. The disabilities seem to be of the 'learning' variety, meaning another form of welfare for the lazy. Are there people who really need a hand out? Yes. Should it come from my retirement account on a Federal level? NO NO NO. Local money, local control. We know who our lazy people are. The Fed either doesn't know or doesn't care.
In a Ponzi scheme you can will your position to your heirs ! Hee hee ! Social Suck is like a mandatory Ponzi scheme at Konzentration Kamp.....backed by the full faith and credit of the Wehrmacht ! Monedas 2011 Opting Out of the System !
Rick would be a fine addition to any desk. May his next contract be beyond his wildest dreams. Rick "Ratiganed" Friedman. Only America loses.
Reagan Fixed it!
NOOOOOOOOOOOOOOOOOOOO!!
Lets scrap it! FUCK GRANDMA!! No one liked that old Bitch any way!!
and!! why we are at it!!
lets give some more Tax Cuts to the Job Creators with the Money saved!! aint life Grande'.
ALL YOU IDIOTS!! who are drooling for Austerity!!
http://nation.foxnews.com/rick-snyder/2011/09/07/michigan-governor-enacts-strict-welfare-limit
By KATHY BARKS HOFFMAN - Associated Press
LANSING, Mich. (AP) — Gov. Rick Snyder on Tuesday signed into law a stricter, four-year lifetime limit on cash welfare benefits, prompting advocates for the poor to warn that tens of thousands of residents will find themselves without cash assistance on Oct. 1.
I Hope all of you mid west wanna be Austerity freaks live in Michigan and it is your wife and kids that you have put at risk instead of someone elses!
Lets get on with the Starving of the most Heavily Armed Nation in the World! so that some wanna be NOT wealthy fuck can be sold the idea that a tax break is coming their way sooner than later! LOL!!
And ALL! of you turning a blind eye to how your fellow Americans are treated! ALL! of you that find that Starving American Children due to the stupidity of their parent(s).. The Light is coming for you cock roaches and God Willing I will have the fucken strength to see each and every one of you fucking scumbags personally.
Right will win and You! sitting on the sidelines who did NOTHING!! are JUST! AS GUILITY AS THOSE PULLING THE TRIGGER!!
Goddamn, sometimes, just sometimes, I really love Santelli.
you are a dim wit fucking tea bagger! go get the sweaty, hariy balls off your chin you moron.
Friedman perpetuates the sad reality that you don't have to be correct in what you're saying, all you have to do is frame your responses in such a way as to win the argument at hand.
Winning the argument does not necessarily mean telling the truth.
For 70 years SS was in surplus and the Treasury spent it leaving T-Notes in return. For ten years SS was in balance as payments made by the working, equal to benefits paid out. For the past two years SS has been in deficit with payments not equaling benefits. How is the deficit funded? With borrowing! P-O-N-Z-I!
I know people who dropped out of High School that understand this.
How about the $2.5 Trillion in Social Security Surplus Monies LOANED OUT??
http://moneywatch.bnet.com/retirement-planning/video/good-news-on-social-security/478373/
The Trust Fund? This is joke, right? Government debt to be paid back by whom?
Oh yeah, it's OK because we owe it to ourselves.
Ok, if we assume social security is a ponzi scheme, and broke, then it is in effect just a huge tax on the lower class workers. Since inomes over about 100K are not taxed, those making less are regressively taxed to oblivion. Let's check out the tax rates on rich vs poor considering he poor have an additional 15% tax rate that' never spoken of. But of course, the rich provide all these jobs we're swimming in, so you can't tax them like the poor folks.
STEVE LIESMAN: Why is it a Ponzi scheme, Rick? Derrrrrrrrrrrrrrrrrrrrrrrrrr....
our elders and leaders dont know how they pay themselves... no accounting, laws to pay lawyers, governments as corporate parrots
.
bernanke just prints the money that makes them all secure and powerful
.
theres nothing to explain to the kids
Classic Santelli... not even Steve "bright side" Leishman tried to defend Milton...
IF run PROPERLY, Social Security is a MANDATORY SAVINGS (government "withholding") for RETIREMENT AND worker disability INSURANCE accounts, that are funded by nearly 15%, FIFTEEN PERCENT of a worker's GROSS pay (if he is self-employed; in an employee, then the employer matches half of each employee's "contribution").
*** What ZH, Friedman, & Santelli FAIL to discuss, is that __15%__ of EVERY day's wages, of EVERY paycheck, is a HELL OF A LOT MORE money than most "PRIVATE" retirement accounts, is it not? ***
GOOD on ZH for pointing out that BOTH Friedman AND Santelli are NY, Wall St, Ivy League TITANIC FRAUD WHITEWASHING IDIOTS,
...but BAD on ZH for implying that the Greenspan, Rubin, Summers, Paulson, Geithner, Bernanke, GS, JPM, (and all the other FRAUDULENT banks on Wall St.) LOOTING of the Social Security (and every other govt.) funds has ANYTHING to do with "Keynsian" economics!
THEFT is THEFT is THEFT, and has NOTHING to do with 'stimulating the economy", no matter how much "mainstream media" propaganda PR bulls*** they pump out !
Clearly Friedman is reaallly uncomfortable with the question... I think he just threw up in his mouth.
Atta' boy Rick!
Santelli said, "Your ANSWER is idiotic". He did not say "You're idiotic. Big difference. At least there's one person on that cracked CNBC that isn't a patsy.
This is a civilised way to say. just like we say "bankers" and not, "thugs"
"SANTELLI: No, no – forget the criminal side." spoken like a true financial genius and tea partier. So rick, was the pre 2007 mortgage market that you voted for and reaped the benefits from a ponzi scheme? No? If so , you going to pay back all the intererst rate deductions on your house? How bout that secodn home? Did you refi? oh my. Guess you owe a lot in government subsidies, Rick. The good news is that we can probably get a balanced budget and pay for SS if you and others like you just give back the money you stole from hard working Americans
Blah, blah, blah! ANSWER THE QUESTION!!!!!!!!!!!!!!!!!!!!!!!!
Social security can be a ponzi scheme but when Friedman says "What makes Social Security work is fixing Social Security in terms of the population demands" he was using an argument the other guy didnt answer at
Not only is Social Security a ponzi scheme, it it outright fraud. It is nothing more then stealing future gerenrations money for worthless IOU'S, or as the goverment calls them, "special issue " bonds. Not worth the ink that is printed on them because they are backed by a bankrupt government that currently has to monetize its own debt and borrow the rest from China just to pay its bills. Stored in a file cabinet in West Virginia is the truth, a cabinet so full of iou's that now they just fill the room with them like zimbabwe dollars dumped daily from a wheelbarrow. Here is a short and sweet summary of the current money laundering done with your social security money...
http://georgia-medicareplans.com/social-security-trust-fund
Rick Santelli obviously knows the truth and is not afraid to confront his colleages on the matter. The baby boomers have only recently started coming to the table for their piece of the pie. It won't be long before the payout supersedes the incoming contributions and the ponzi will fall apart and the treasury dept will be asked to open the briefcase and show us the money......
http://www.youtube.com/watch?v=7GSXbgfKFWg
now i lay me down to sleep
i pray Santelli's job he keeps
if he gets fired before i wake
i pray that Friedman chokes on a steak, that stupid, arrogant, clueless moron!
Anyone who doesn't think of SS as a Ponzi is either 1) a liar, 2) a fool, or 3) deluded/deceived (by 1 or 2 above)! I suspect most Americans are in the third category -- deceived and/or deluded!
And that's why calamity is certainty!
4) a Jew
You gotta love these New York Times "geniuses" who write book after book to make people feel good.
I wonder who the real idiots are, people like Rick Santelli, who has more experience of the business and finance world in his pinky than Friedman has in his whole body as he gallavants around the world in his "feel good" sharing experiences about the wonders of "globalization".
The only thing wonderful about globalization is how the elitist snobs and ruthless shysters and shylocks are making themselves rich while the working class is driven to desperation just to try and make a living.
The only thing wonderful about globalization is how the elitist snobs and ruthless shysters and shylocks are making themselves rich while the working class is driven to desperation just to try and make a living.
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
Ah but globalization is not fourty years old. The US itself is a product of globalization.
But those are US citizens, they only begin to harp on topics when the negative consequences show to them. Before that, all is fair and square.
Hey, the US elite is not different from their base. By this poster's own comments, the US elite is making a killing thanks to globalization.
When globalization shows adverse to them, maybe they will do something about it. Nothing different from their base.
In the US world order, there is no discontinuity between the elite and its base. US citizens who are base to their elite should remember that, this would save them vaccuous bitching.
Gun Loans for the Poor. http://forum.opencarry.org/forums/showthread.php?51124-Gun-loans-for-the-poor&s=f209ff43cc74ca0c17069583628cf733
Oh the rich fuckers don't like this idea!
Timmy and Ben sitting in a room: when will the scientists get that virus ready?? you know the one that only kills those making less than $5 million a year and over the age of 65??
yep then our SS problems will be solved and jobs will open up by the millions
Obuma steps in the room and nods saying any day now.
I love the way SS comes up nearly every day on ZH. Over and over. No discussion of the countless ways that the government actually wastes money. No discussion of who the "savings" will accrue to (it won't be you). SS is not the USA's root problem and eliminating SS will not stop the USA from running down.
Define "ponzi". Are there any differences between Charles Ponzi's scheme and SS? Here are two: The scheme is not hidden. It is open to public examination The scheme is well-managed, run by actuaries. It is not some helter-skelter scam.
Just keep repeating "ponzi" over and over and see if you can get the sheep to chant it. This is politics at its cheapest and stupidest. Understand, SS is not going anywhere. But the issue will remain, year after year, stinking up political discourse in the USA. Obscuring real issues. Just like abortion, gay marriage and all the rest of the kabuki. Knock yourselves out, sheep.
Hey BR lay off the poor TP crowd... whats next, let that "there is no Santa" thing out of the bag... have a heart will ya!
The Tea Party has been co-opted. It happened very quickly and very easily. And the same could happen to ZH. Look at the number of first time posters here. Morons.
It's all falling apart...
These academic economist types with their mathematical alchemy have required so many 'fudge factors' that they have now taken the equation over...
Now that's progress!!!
They don't know what they're doing and pretending is all that remains regardless of what they say on CNBC.
Friedman's answer was typical of the uneducated or of the mainstream educated instead.
He doesn't believe that SS is a ponzi scheme because a ponzi scheme is illegal and SS is not.
Mr Friedman believes that heroin is bad, not because it will destroy your brain, but because someone in Washington thinks it shouldn't be freely sold and consumed.
Do you have to miss a test to work for the NYT or do you simply have to repeat the official propaganda?
Friedman knows SS is a ponzi scheme. This is one trick in the Jewish basket of " how to rob a super power".
Ha, love it! Although, Rick told Friedman that *his answer* was idiotic. He did not tell Friedman that *he* was idiotic. Of course, both Friedman and his answer are both equally idiotic.
GO RICK!
Why discuss SS now? Prior to now SS contributed extra cash (building up the 'trust fund') for the politicians to play with and they LOVED it. But now that it is removing cash from the system, politicians absolutely HATE it.
So they are sending their minions out to spread FUD about the system. They want to continue milking it, so the rules will have to be changed.
Remember, that after SS comes 401Ks, IRAs and pensions. If 'divide and conquer' works in gutting SS, the process will continue.
And when everyone's retirement is gutted, the USA's economy will still be in the dumper.
But the good news is that SS is not going anywhere, so relax.
"Rick has to go" will be the orders from the slave masters. Bye bye Rick, your line of questioning will NOT be tolerated.
From WSJ and Smart Money:
10 Things They Won't Tell You About Social Security
http://www.smartmoney.com/retirement/planning/10-things-social-security-wont-tell-you-1314999788631/
Social Security has two problems... demographics and theft by congress. Both can be vastly improved without gutting it to funnel yet more cash to the Tea Party corporate masters.
But of course Wall Street would miss another feeding, and the right wing whack jobs wouldn't get to lash out at the "freeloaders' that are ruining America... Rick (Santelli and Perry), Sarah, Michelle, the Koch Bros (etc) said so, then it must be true.
btw... Santelli said the question was idiotic (not Friedman is an idiot), but I suppose it fits the TP narrative to make him out to be a "straight talkin"' tough guy"... paper tigers all... lol!
SANTELLI: No, no – forget the criminal side.
Friedman, Liesman, et al are complete idiots. Even those who believe that SS is not ponzi must acknowledge that the program "worked" historically because the number of active workers vastly exceeded the number of retirees. I would be interested to hear Friedman's explanation on how the program can be "fixed" with an employment / population ratio stuck in the 58% range, down from a peak of 64.7%?