Thomas Friedman Gets Chewed Out on CNBC Over Social Security

[uturniaphobic]

Id' say the ponzi scheme lies in the value of the dollar. if in 1970 we all handed the SS $1, they would have to hand us $100 today just to pay us back even. there is the scheme and it has little to do with the amount of participants.

[Chrisisnotyourmom]

By Mr. Santelli's definition of a Ponzi scheme, insurance would be a Ponzi scheme.

[dakineboy13]

@Chrisisnotyourmom - Wrong. Those that utilize insurance are those that pay into the pool at the time of utilization. Those that collect Social security do not pay into the pool while collecting. They paid in earlier in life and those funds were used to pay for their parent's generation. Did the original beneficiaries of social security pay into the system? Who paid for their benefits?

[ADD112]

?? 99% er...didn't all this happen before OWS? what are you talking about? watch the video--rick santelli is rude/obnoxious (like him or not--just be objective about it)... ss is a wealth transfer program -- it isn't a 'ponzi scheme' -- oh rick, why haven't treasury yields blown up? what happen to commodity prices in 2H'11 (sans oil for secular and geopolitical reasons to a degree)... exactly.

[wulfmanUNCP]

@ADD112 You are correct only in the sense that instead of investors, the government forces money from taxpayers to support it - so in essence they are not investors, but captive contributors. But it certainly resembles a Ponzi scheme, even if it doesn't match it perfectly.

[strangeyoungman]

Two assholes.

[ranger1843]

"A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation."

Think about it...SS is a Ponzi Scheme. It's actually worse because the federal government has the power of coercion. So, in essence, the investment is forced.

[gastonsand]

who is this CNBC IDIOT!!!???

[zabaillon]

this thomas friedmann is peace a shit fuking trash

[ADD112]

a baby scheme?

[cheechtj]

It's more like a baby scheme...oh I have to pay in2 a system because I'm not accountable to save on my own!! Let me continue to pay in2 a system that is setup to fail...it's more like America better grow up and learn RESPONSIBILITY!!

[ADD112]

fan of rick or not friedman won this "battle"... rick is rude as hell to "guests" and even for those despised by many re Meredith whitney he was uncouth. but friedman wasnt a pushover and this wasnt stick to munis. rick rolled the dice and met a match at least on tactic and brashness. he def got caught looking the chump. oh and it isnt a ponzi scheme. grow up.

[The442nd]

@ADD112, you're a 99% er I take it

[damibo345]

@ADD112 Keep drinking that koolaid. You're going to get steamrolled in life over the next decade.

[ADD112]

@damibo345 yet another non-sense statement...steamrolled in life over the next decade? hilarious...

[krypton6971]

priceless . . . here here Santelli