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Thread: Exclusive pic of Feds interrogating Bernard Madoff

  1. #41
    [QUOTE=cr726;2954500]And if you were or are getting to retire you would of been f'd right now.[/QUOTE]

    No, I wouldn't.

    If you choose not to actually look into the various plans for privitization and transition, thats your balliwick.

  2. #42
    You would take your SS money and put it into a savings account at your bank, that would of been the only way you didn't lose at least 30 percent of your investment.

    [QUOTE=Warfish;2954659]No, I wouldn't.

    If you choose not to actually look into the various plans for privitization and transition, thats your balliwick.[/QUOTE]
    Last edited by cr726; 01-04-2009 at 10:33 PM.

  3. #43
    [quote=pauliec;2950448]Which is why I propose a mandatory minimum amount of posts before gaining access to the Political Forum. Too many noobs can take too many things seriously without being familiar with certain personalities.

    I'm serious, mandatory minimum. This forum has turned into a black hole.[/quote]

    Black hole? You could just as easily call it a white hole. Why didn't you?

    [url]http://www.youtube.com/watch?v=h-akk3gog34&feature=related[/url]

  4. #44
    [QUOTE=Warfish;2952654]The one left holding the bag when quick-fixes no longer fix the problem in even the short term.

    I'm curious, given your questions......are you saying you think Social Security will work perfectly forever, and that folks my age (mid 30's) or younger will see an equal return on their investment from the program?

    Do you think the program is fine, and won't fail ever?[/QUOTE]

    Do not forget the hidden inflation tax. This is the key here.
    Social security is like fixed income.
    What is the worse case scenario for a fixed-income recipient? [B][COLOR="Red"]INFLATION.[/COLOR][/B] Some think social security is adjusted for inflation, but it is really adjusted to CPI, which only captures about half of the inflation that occurs in the real economy.

    Now inflation will come roaring back in a couple of years because of these never-ending bailouts. Inflation helps the govt tremendously because it makes their obligations cheaper. Currency devaluation got us out of the Great Depression I and it will be required to get us out of this Great Depression II.

    So we may nominally get paid back what we put in, but in real terms we will be absolutely screwed as the purchasing power of those dollars is diminished. The inflation tax is vicious but few notice it's damaging effects.
    Last edited by JetsCrazey; 01-05-2009 at 11:48 AM.

  5. #45
    [QUOTE=JetsCrazey;2950331]Yeah, there IS a difference:
    Madoff's investors were at least voluntary investors who made a personal choice to invest in his too-good-to-be-true model.

    Social Security participants are FORCED to be in the ponzi scheme by government coercion. They are taking your money with the barrel of a gun. Not to mention the dollar amount of the scheme is much higher.[/QUOTE]

    there is also a difference of disclosure. Participants in Social Security know how the process works.

    you all rant and rave about SS but remember Bush tried to privatize the thing not too long ago... how fun would have that been if the economic crisis wiped out social security entirely... it's like Bush wanted to screw up even more but congress didn't let him...

  6. #46
    [QUOTE=bitonti;2955377]there is also a difference of disclosure. Participants in Social Security know how the process works.

    you all rant and rave about SS but remember Bush tried to privatize the thing not too long ago... how fun would have that been if the economic crisis wiped out social security entirely... it's like Bush wanted to screw up even more but congress didn't let him...[/QUOTE]

    privitization means nothing if there is still coercion. What needs to be done is young people should be able to opt out of the program. That's the 1st step in solving this problem. Let people at least have the choice of being responsible for themselves.

  7. #47
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    [QUOTE=Warfish;2952654]The one left holding the bag when quick-fixes no longer fix the problem in even the short term.

    I'm curious, given your questions......are you saying you think Social Security will work perfectly forever, and that folks my age (mid 30's) or younger will see an equal return on their investment from the program?

    Do you think the program is fine, and won't fail ever?[/QUOTE]


    The only way the congress would eliminate Social Security would be if the federal government goes bankrupt.

    Social security will need to be tweaked again. Probably by pushing up the retirement age and possibly by cutting benefits paid out. There is also the possibility of raising the maximum taxable income. But yes barring the bankruptcy of the US government I expect you will collect your social security. As for whether or not you will get an equal return on your investment that will depend on your longevity.

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