Druckenmiller Sees Storm Worse Than '08 as Seniors Bankrupt Kids

[Purveyor]

Stan Druckenmiller, one of the best-performing hedge fund managers of the past three decades, has a warning for the youth of America: Don’t let your grandparents steal your money.

Druckenmiller, 59, said the mushrooming costs of Social Security, Medicare and Medicaid, with unfunded liabilities as high as $211 trillion, will bankrupt the nation’s youth and pose a much greater danger than the country’s $16 trillion of debt currently being debated in Congress.

“While everybody is focusing on the here and now, there’s a much, much bigger storm that’s about to hit,” Druckenmiller said in an hour-long interview with Stephanie Ruhle on Bloomberg Television’s Market Makers. “I am not against seniors. What I am against is current seniors stealing from future seniors.”

Druckenmiller said unsustainable spending will eventually result in a crisis worse than the financial meltdown of 2008, when $29 trillion was erased from global equity markets. What’s particularly troubling, he said, is that government expenditures related to programs for the elderly rocketed in the past two decades, even before the first baby boomers, those born in 1946, started turning 65.

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http://www.bloomberg.com/news/2013-03-01/druckenmiller-sees-storm-worse-than-08-as-seniors-bankrupt-kids.html

[Berlum]

1. How Republican. Kicking Gramps & Granny under the bus

Why do Republicans hate their parents and grandparents? Were they also afflicted with degenerate Republican 'values'? That would explain things...

Free Biblical Clue for godforsaken chickenhawk Republicans - Commandment #5:

[still_one]

2. I saw that jerk on bloomberg. He said that he would be in that "senior" age soon himself, as though

if they cut "entitlements" it would be a sacrifice for him. What a joke!

He is looking to have the politicians cut the social security and medicare so his hedge funds can profit.

Funny he said nothing about military spending or financial give aways

screw him and the horse he road on

We really need to get liberals into power

Why would I trust what a manipulator says?

[denverbill]

3. Yes, let's listen to hedge fund assholes who make their living stealing money and dodging taxes.

Let's tax hedge fund managers at 50% and end the limit on SS withholding and there won't be unfunded liabilities.

[OldDem2012]

4. "Don't let your grandparents steal your money"??? What a jerk. nt.

[upaloopa]

5. Divide and conquer. The 1% is always trying that tactic.

The 99% have to work together and take guys like that away from the controls of wealth.

[bemildred]

6. Mr Druckenmiller is the "little man behind the machine".

As in, "pay no attention to that little man behind the machine" from The Wizard of Oz.

From which I infer that Mr Druckenmiller is worried that the Rubes might be wising up to his confidence game.

[The Magistrate]

7. When This Turd Pays His Taxes At wage Rates, Sir, He Can Be Heard

Till then, he is just one more grifting crook parasitizing our economy and society.

[kestrel91316]

8. I've been paying into SS and Medicare since 1973.

When the time comes for me to collect benefits after decades of paying premiums, I don't want anybody telling me I'm stealing from ANYONE.

[Dawson Leery]

9. Vulture capitalists, i.e hedge fund managers and private equity thugs

have too many ill gotten gains. There needs to be a 60%+ tax bracket for these bastards.

As for social security, there is no crisis.