Posts Tagged ‘cnbc

07
May
10

great recap of today’s market crash

from businessinsider.com

08
Jul
09

$20 oil by this fall?????

oil is crashing due to the goldman/hedge fund bets leaving the market again.

here’s larry k talking about potential $20/barrel oil, which would roughly equal sub $2/gallon gas vs. our $3+/gallon today…which would be nice.

i sold off all my USO (oil ETF) before last month’s oil rally ended…but plan to re-enter the big casino this fall/winter when we have our annual collapse/debt crisis.

great article on the paper oil-bubble:

http://www.forbes.com/2009/06/16/oil-commodities-energy-business-energy-oil-prices.html

from the blog: http://accidentalhuntbrothers.com/

07
May
09

eliot spitzer on cnbc

Vodpod videos no longer available.

05
Mar
09

jon stewart clowns cnbc predictions over past year

Vodpod videos no longer available.

more about “CNBC Gives Financial Advice | The Dai…“, posted with vodpod

 

27
Feb
09

cnbc accidentally goes live to ron paul grilling bernanke

watch the cnbc hack’s reactions at the end of the clip…..whoops.

19
Feb
09

CNBC’s Rick Santelli channels frustration over housing bailout

the cnbcs, wsj’s of the world don’t like the new bailout…

28
Jan
09

ron paul talks more bailout/stimulus with msnbc/cnbc

05
Jan
09

cnbc market cheerleaders vs. jim rogers

part 1

part 2

30
Dec
08

peter schiff on cnbc

another great discussion on what caused great depression and how to get out of current disaster.

supporting article:

http://online.wsj.com/article/SB123033898448336541.html

28
Dec
08

madof scandal generating new material surrounding social security as ‘ponzi scheme’

The Real “Mother Of All Ponzi Schemes”: Social Security
Posted By: Cliff Mason | Senior Writer, Mad Money
CNBC.com
| 15 Dec 2008 | 04:44 PM ET

In the all the coverage of alleged con-man Bernie Madoff’s $50 billion Ponzi scheme, I keep hearing that this could be the biggest swindle of its kind in history. That’s just plain wrong.

The largest Ponzi scheme in history is run by the U.S. government and it’s called Social Security. Now I’m not one of those people who wants to privatize social security or thinks it’s definitely going to go bust.

But I can’t deny the similarities between how social security operates and what Bernie Madoff was allegedly doing with his investors, or should we call them marks?

With the Social Security system workers pay 12.4% of their salaries into the system to cover payments to retirees, who themselves paid into the system when they were working. Except the original recipients of social security in the depression never had to pay

payroll taxes because the system didn’t exist when they were working.

Now look at the definition of a Ponzi scheme courtesy of wikipedia: “A Ponzi scheme is a fraudulent investment operation that involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business.”

Hmm, returns to investors come from the money paid in by subsequent investors. That does sound a lot like social security. It’s true there’s no promise of abnormally high returns, and social security isn’t an investment scheme at all, it’s a form of social insurance, but the similarities are pretty jarring.

But the big question is whether social security is essentially fraudulent for younger workers paying into the system right now. Will the demographics of America 40 years from now allow people my age to collect the same kind of benefits that retirees are collecting today? If not, then reforming social security so it’s not a big giveaway from the young to the old should be the second biggest political priority of anyone under the age of 30, right after dealing with this recession.

Madoff Victims: Big Banks, Hedge Funds, CelebritiesMadoff Scandal: List of Victims So FarZuckerman’s Charitable Trust Loses $30 Million

We feel bad for the people who came late in investing with Bernie Madoff and got burned when his Ponzi scheme fell apart. Now, I don’t begrudge anyone their social security benefits, but I also don’t want my generation to be feeling sorry for itself when our time to collect comes around and the money isn’t there.

I think most of the worries about the insolvency of social security are overblown, but if we have to reduce benefits or raise the age at which workers can collect at some point in the future, then that hurts my generation. So if you’re young and you think what Bernie Madoff did was wrong, you might want to mobilize and prevent the U.S. government from doing the exact same thing to you. I don’t think this is a left-wing vs. right-wing issue. This is about the young vs. the old; the potential victims and the current beneficiaries.




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