Cheeseburger_in_paradise Posted December 24, 2008 Share Posted December 24, 2008 From Wikipedia A Ponzi scheme is a fraudulent investment operation that pays returns to investors out of the money paid by subsequent investors rather than from profit. The term "Ponzi scheme" is used primarily in the United States, while other English-speaking countries do not distinguish colloquially between this scheme and other pyramid schemes.[1] Well....would that make social security a Ponzi scheme? Link to comment Share on other sites More sharing options...
Acantha Posted December 24, 2008 Share Posted December 24, 2008 Along with our banking system, yes. Link to comment Share on other sites More sharing options...
KD in CA Posted December 24, 2008 Share Posted December 24, 2008 Well....would that make social security a Ponzi scheme? Yup. If you are under 50 and counting on social security to fund your retirement, you may be in for a big surprise. Link to comment Share on other sites More sharing options...
Tux of Borg Posted December 24, 2008 Share Posted December 24, 2008 Yup. If you are under 50 and counting on social security to fund your retirement, you may be in for a big surprise. Don't worry, they'll increase taxes so that those who didn't properly plan for retirement will be covered. Link to comment Share on other sites More sharing options...
SD Jarhead Posted December 25, 2008 Share Posted December 25, 2008 Yup. If you are under 50 and counting on social security to fund your retirement, you may be in for a big surprise. Might want to change that to WILL be in for a big suprise. It isn't going to be there. I'm growing more and more concerned as many Americans are dipping into their 401k's to live off of while trying to get through the recession. My neighbors across the street have recently begun living off of theirs since both of them lost their jobs. I'm quite sure they're not the only ones doing this. The truth is our whole financial system is a giant Ponzi scheme that the Gov't is trying to prop up. Link to comment Share on other sites More sharing options...
Ramius Posted December 26, 2008 Share Posted December 26, 2008 Yup. If you are under 50 and counting on social security to fund your retirement, you may be in for a big surprise. There are people under 50 actually counting on social security? Link to comment Share on other sites More sharing options...
KD in CA Posted December 26, 2008 Share Posted December 26, 2008 There are people under 50 actually counting on social security? Scary, isn't it? When the markets crashed a few months ago we had a thread about the size of people's retirement savings. Some of the posts about how people saved or what people considered 'wealthy' were startling. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted December 26, 2008 Share Posted December 26, 2008 There are people under 50 actually counting on social security? [start the idiot's rant] Now granted I am just an idiot. The last 60 or so years we have relative economic stability... Sure we have had our ups and downs... Pains here and there... But, nothing like the cyclical pains that our country would go through while growing up and later into the late 19th and early 20th century. My point? The "seesaw" is still pretty well balanced because of the social and economic ideas that have been put in place during the 1930's and beyond... We are starting to see it swing lively because of the move towards the conservative ideals that got us in to the first mess (Great Depression) after the first "consumer" boom (1920's) in this country. Now I am not just bashing conservatism... There is a need for it. But one has to admit we are vastly more conservative than we have ever been since 1929. Even Nixon would be considered to be "liberal" by today's standards. What I am saying is that we can't continue down this road. We have to push the ideas that were forged in the New Deal... And yes, one of the things created was Social Security. The only thing that is going to save the system is the system. Do we really want to turn the clock back all the way to 1929? Do we really want to go back to wild swings in the economy, that IMO is even more excerbated in consumer economies? Or do we want slow and steady flow with the occasional ebb? Mark my words, those who forget the past (or don't reflect back on it) are doomed to repeat it. We will see which way we go. So be it. [/end the idiot's rant] Link to comment Share on other sites More sharing options...
RLflutie7 Posted December 26, 2008 Share Posted December 26, 2008 Might want to change that to WILL be in for a big suprise. It isn't going to be there. I'm growing more and more concerned as many Americans are dipping into their 401k's to live off of while trying to get through the recession. My neighbors across the street have recently begun living off of theirs since both of them lost their jobs. I'm quite sure they're not the only ones doing this. The truth is our whole financial system is a giant Ponzi scheme that the Gov't is trying to prop up. SD Jarhead: What's gotten into you? You're making too much sense. I started thinking that way when the stock market started exploading in the 90s. Too me it was a scam because credit card debt was increasing by crazy amounts. It was only a matter of time before it blew up in our face. Link to comment Share on other sites More sharing options...
Chef Jim Posted January 2, 2009 Share Posted January 2, 2009 Scary, isn't it? When the markets crashed a few months ago we had a thread about the size of people's retirement savings. Some of the posts about how people saved or what people considered 'wealthy' were startling. If I remember someone my age (over 40) with $250k in retirement was considered rich. I consider them behind the 8 ball. Link to comment Share on other sites More sharing options...
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