$4.7 Trillion Pyramid-Why Soc. Security won't be enough to save Wall St.

[Liberty Belle]

The $4.7 Trillion Pyramid
Why Social Security won’t be enough to save Wall Street

Harper’s Magazine -- Posted on Wednesday, May 11, 2005. Originally from April 2005. By Michael Hudson.

They wanted something for nothing. I gave them nothing for something.
—J. R. “Yellow Kid” Weil

Social Security, formerly the “third rail” of American politics, has now been trod upon, in rather dramatic fashion, by George W. Bush. Given that the maneuver is both stupid and unnecessary, one must ask why. After all, the program’s alleged deficiencies, if there are any, will not manifest themselves until at least 2018. This is not quite the same as worrying about the sun’s eventual collapse into a black hole, but for most politicians a problem that lies thirteen years in the future is nearly the same thing. Clearly all is not what it seems…

http://harpers.org/The4.7TrillionPyramid.html

[xray s]

1. The truth be told!!!!

Mr Hudson's hammer meets BushCo's nail.

[Merlot]

2. "Clearly all is not what it seems…"

That would make a nice motto for the bush misadministration.

<snip>

The one sure mark of a con, though, is the promise of free money. In fact, the only way the stock market is going to grow is if we the people put a lot more of our money into it. What Bush seeks to manufacture is a boom—or, more accurately, a bubble—bankrolled by the last safe pile of cash in America today. His plan is a Ponzi scheme, and in that scheme it is Social Security that is being played for the last sucker.

edit: added snip

[Starfury]

3. Excellent article!

"...By Cheney’s estimation, however, today’s stock market is a much better bet. “Over time,” he concluded, “the securities markets are the best, safest way to build substantial personal savings.”

That is the argument, anyway. The stock market is the main chance in America, and Bush wants to let all of us in on the action.

The one sure mark of a con, though, is the promise of free money. In fact, the only way the stock market is going to grow is if we the people put a lot more of our money into it. What Bush seeks to manufacture is a boom—or, more accurately, a bubble—bankrolled by the last safe pile of cash in America today. His plan is a Ponzi scheme, and in that scheme it is Social Security that is being played for the last sucker."

Thanks for posting, and recommended!

[dave502d]

4. Good post Liberty Belle,thank you. n/t