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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: bentway who wrote (240888)3/14/2010 10:09:27 PM
From: ChanceIsRead Replies (1) of 306849
 
>>>Third, Social Security is morally the polar opposite of a Ponzi scheme ...... By design, that means a certain amount of wealth transfer, with richer workers subsidizing poorer ones. That might rankle, but it's not fraud.<<<

The government set a new standard recently. The backing of Fannie/Freddie was always an "implicit" guarantee. In fact it was no guarantee at all. Just recently, the government made it explicit. I wonder if that isn't subject to legal challenge. Apparently Congress completely abdicate its responsibility and allowed one man in the administration - Timmy G. - to commit the country to about $400 billion of expenditures. Regardless. The government defined "implicit guarantee" with this rather explicit act.

By any comparison, what the government says about Social Security is an explicit guarantee - cast in bronze. Of course the amount may vary - especially if you want to start playing inflation games. So if they say it is so, and it ain't so, then we have fraud - big time.
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