Tuesday, October 07, 2008

Social Insecurity

I've probably missed it, but during the past few months of financial market turmoil I haven't once heard Obama slam McCain for his support of Social Security private accounts. How about something like this during the debate tonight: "If George Bush and John McCain had gotten their way, not only would your Social Security money have been in the stock market during the past few months, it would have been invested in former blue chip companies like Fannie Mae, AIG, and Lehman Brothers. If John McCain ever gets his hands on Social Security, the biggest bailout of all won't be far behind."

A bit more visceral than the Keating Five, I think...


Anonymous Anonymous said...

He did go after McCain on this one, after which fact-checking sites went after him for being 'misleading'. The premise was that since anyone born before 1950 would not have been able to use the 'private accounts', thus avoiding the current downturn.

Of course, that technicality doesn't change the spirit of the argument.


10/07/2008 1:11 AM  
Blogger Jimmy the Saint said...

He's gone after McCain on health care. I've seen the ads. Hopefully the Social Security thing is being heavily talked about down in Florida.

10/07/2008 1:11 AM  
Anonymous KAIMU said...


Whats the fuss about? I saw the 60Minutes interview with the former GAO head, US Comptroller General, David Walker who said that Social Security and Medicare are already near insolvency. Which twp political parties and their administrations dipped their hands into the Social Security Trust Fund over the past few decades? B-O-T-H!!

In desperate time both parties will attempt to boost tax revenues by raising capital gains and estate taxes. There is no "planning" for retirement any more ... its more like HOPING FOR RETIREMENT with the FULL "FAITH AND CREDIT" of the US government dragging you down! WHAT A BOAT ANCHOR THAT IS!!!

If the US government were forced to trade on the NYSE it would be kicked down to the pinksheets prior to IPO once the USSA fundamentals were revealed ... Think of America as if it were a company trading on the NYSE would you buy its stock? Essentially that is what a US Dollar is ... America's stock certificate! If we would but the US government by 80% we'd have a stock worth investing in ...

Come November I prefer a CHIMP with a "solutions dart board" to be in the Oval Office rather than either of the two choices we now have. What CHANGE? Give me a "monetician" over a "politician" any day! Austrians are welcome!


10/07/2008 1:54 AM  
Anonymous Anonymous said...

When the conservatives see the bill from Medicare/Medicade/Social Security they will flip-flop on Euthanasia faster than John Kerry did on the Iraq war.

You betcha'

10/07/2008 9:17 AM  
Anonymous outlaw josey wales said...

Social Security and Medicare are not one program. They are two programs. When people say they are "insolvent", it's the Medicare part that's the problem. SS is more or less ok, or might require small tweaks to fix.

Give what's happened on Wall St., how can you make a compelling argument for cutting Medicare when you've just given $700B to Wall St. ?

10/07/2008 9:32 AM  
Anonymous goldhorder said...

ummm...because your government was stupid enough to give 700B to Wall Street. hahahaha. By the time we get done bailing out the banks our economy will be in such dire straits the government won't be able to bailout medicare.

10/07/2008 11:24 AM  
Anonymous judyo said...

"The Shock Doctrine"
Read it and weep.

10/07/2008 11:43 AM  
Blogger Mr. Hedley Bowes said...

Seems like the wealth transfer is going just fine. Why'd they want to bother with Social Security now?

Seriously, economists have modeled the effect that Social Security and other income supplement programs have had over the years since 1933. These flows have a significant effect on dampening the recessionary dips and preventing them from becoming another depression. Now more than ever this is relevant. If the oligarchs aren't content with cleaning out the accounts, and go after the bump stops, we've crossed reached another low.

10/07/2008 12:55 PM  
Anonymous Anonymous said...

How about the Medicare Drug Program, Bush's fuzzy math, and the HHS made propaganda passed off as news.

Nightline did a segment last night on how the Feds didn't connect the dots and Bernanke appeared to do nothing after sitting in meetings with individual and groups telling them what they were seeing. Several women got fired at Lehmans because they dare told the truth about the fraud on mortgages coming from a subsidiary on the west coast. Enron and indictments were mentioned. I don't see how Bernanke, Paulson, and Cox can still have jobs. The evidence seems to support they chose to ignore the situation even though fraudulent activity was present.

Checkout: The Blotter from Brian Ross's, "FBI, SEC, Federal Reserve 'Failed to Connect the Dots' to Wall Street". And, Lehman Brothers Boss Defends $484 Million in Salary, Bonus

On the local news, a Republican running for Senate said the solution should be to make the capital gains tax permanent, reduce corporate taxes, and change the mark to market accounting. My jaw dropped. Yeh, if Wall Street doesn't fudge enough on the financial statements. When did balance sheet and income statements become so political?

It is ironic that Mr. Fuld and CEO's can make more than multi-millions in one year (doesn't include golden parachute, and guaranteed benefits). The majority of Americans work their entire life to save up a fraction of that for some semblance of a retirement. They invest it in Wall Street financial institution, pay high fees for mostly market returns. Risk is always an after point, in the tiniest of fonts, and time is seldom mentioned. We are suppose to trust these organizations because we have laws, regulatory institutions, and watch dogs. When basically they are running amok. Do we really need WS? They corrupt our political system. They seem to cost us an awful lot not only in money and time, but freedom and Democracy.

10/07/2008 2:04 PM  
Anonymous KAIMU said...


I equate David Walker's(GAO head, US Comptroller General)sudden resignation earlier this year the same as Jeffrey Skilling's(ex-CEO Enron)sudden resignation. Within a few months after Skillings resignation ENRON was toast!

When Skilling quit Enron I loaded up on put options!

Gold is the best put option on crumbling EMPIRE! Except this time the crumble is global. Those who touted "globalization" as the rebirth of Jesus Christ are now seeing that sword cuts both ways. Its their time to carry the cross!

Once this DEBT FEST has run its course a lot of countries are going to reconsider the "debt" part of globalization and the GRAND MASTER OF DEBT ... the USA!

Like an AA meeting where the slogan is "Take what you want and leave the rest!"

My favorite AA saying, that so aptly applies to all the gurus of Wall Street and Washington ...


10/07/2008 2:13 PM  
Anonymous Anonymous said...

Retirement accounts have lost $2 trillion

My neighbor got laid off at the beginning of the year. First time ever for the company and him. He's 60. His company was hit by the housing crash. No golden parachute for him. And his retirement acct got hit big time. They say, you shouldn't have money in the market that you can't afford to lose (certainly that includes those without a traditional pension), or your time frame is less than 10 years, given the demographics, there is a lot more selling to be had.

If seniors' income was equal to the avg 2007 workers compensation of $36,140, over 55 million seniors could survive. On the other hand, with a WS Lehman type salary of $70M, 28,571 CEO could live in the lap of luxury. Somehow I think the 55 million seniors would have more impact on our local economy. How do you tell a person, crippled with arthritis from their work, that it was fraud on WS that took their American Dream away - a small and secure retirement.

10/07/2008 6:07 PM  
Anonymous Anonymous said...

There's a very simply formula going to be put in play soon.

If you were lucky enough to get out of this with money, you die!!

No government to protect you.

They will be coming from the North, South, East, and West to get you.

They will be taking you down wherever you hide.

The end is very near.

10/07/2008 6:22 PM  
Anonymous goldhorder said...

hahaha...looks like they already got Fuld.


10/08/2008 1:20 AM  
Anonymous DanC said...

Obama could have said he would immediately place all incoming Social Security receipts into Gold and Silver, which are not someone else's liability.

He could also have said precious metals will probably increase in value substantially during this market implosion.

10/08/2008 2:38 AM  
Anonymous al gore said...

Lock box

10/08/2008 6:45 PM  

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