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So then if the banks take our savings and lend them to others,

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malaise Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-08-11 08:09 AM
Original message
So then if the banks take our savings and lend them to others,
is that a Ponzi scheme?

Would someone ask that capital-punishment loving scumbag of a ReTHUG Perry.
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-08-11 08:46 AM
Response to Original message
1. It would be if the depositors were promised outsized returns higher than the revenue generated.
The thing about a ponzi scheme is that it is unsustainable because the promise made to investors Isn't a reflection of the return generated by those funds.
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hobbit709 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-08-11 08:48 AM
Response to Original message
2. Facts and repukes are incompatible with each other.
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Javaman Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-08-11 08:48 AM
Response to Original message
3. cement head perry is a greedy opportunist, he would reply in an off topic manner
and walk away.

never ever expect 1) a straight answer from him 2) him to actually answer a question with an answer

he will always use bullshit rhetoric that will leave the questionnaire confuses and pissed off.

he will walk away laughing at having dodged another question yet still making him look good.

in a phrase: he's a smarmy fuck.
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alc Donating Member (649 posts) Send PM | Profile | Ignore Thu Sep-08-11 09:03 AM
Response to Original message
4. banks have stated rate of return and FDIC guarantee (to a limit)
SS is not a Ponzi scheme, but it's also hard to defend its current implementation. SS payments are basically up to the government. The supreme court said there is no guarantee to them (http://aging.senate.gov/crs/ss2.pdf )

the 1960 Supreme Court decision in Flemming v. Nestor, wherein the
Court held that an individual does not have an accrued property right in his or her Social
Security benefits.



SS payments are dependent on the government collecting enough money in the future - from new SS "investors", or from general taxes. It's not a Ponzi scheme but there are plenty of tricks involved that would probably be illegal if a private company tried to implement it.
1) Collect 12% of your salary (50% from you)
2) Don't guarantee any return and don't mention the risks.
3) Put the money in non-marketable bonds (SS trust fund doesn't own normal US bonds)
4) Leave it up to the board (Congress) to determine if/when the bonds can be redeemed.
5) Let the board consider current/future collections in determining current payments




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kctim Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-08-11 09:04 AM
Response to Original message
5. The answer is no
because you have a choice on where to put your savings.

Come on, we need to make it hard for the Republicans, not easy.
The best bet is to keep telling the older generation that Perry wants to take away their social security the day he is sworn in.
May not be true, but is VERY effective.
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