The Greatest Fraud of All Time?

[skyhook77sfg]

Ronald Reagan and Alan Greenspan pulled off one of the greatest frauds ever perpetrated against the American people in the history of this great nation, and the underlying scam is still alive and well, more than a quarter century later. It represents the very foundation upon which the economic malpractice that led the nation to the great economic collapse of 2008 was built. Ronald Reagan was a cunning politician, but he didn’t know much about economics. Alan Greenspan was an economist, who had no reluctance to work with a politician on a plan that would further the cause of the right-wing goals that both he and President Reagan shared….

Exactly what Reagan did, with the help of Alan Greenspan. Consider the following sequence of events:

1) President Reagan appointed Greenspan as chairman of the 1982 National Commission on Social Security Reform (aka The Greenspan Commission)

2) The Greenspan Commission recommended a major payroll tax hike to generate Social Security surpluses for the next 30 years, in order to build up a large reserve in the trust fund that could be drawn down during the years after Social Security began running deficits.

3) The 1983 Social Security amendments enacted hefty increases in the payroll tax in order to generate large future surpluses.

4) As soon as the first surpluses began to role in, in 1985, the money was put into the general revenue fund and spent on other government programs. None of the surplus was saved or invested in anything. The surplus Social Security revenue, that was paid by working Americans, was used to replace the lost revenue from Reagan’s big 1983 income tax cuts that went primarily to the rich.

5) In 1987, President Reagan nominated Greenspan as the successor to Paul Volker as chairman of the Federal Reserve Board. Greenspan continued as Fed Chairman until January 31, 2006. (One can only speculate on whether the coveted Fed Chairmanship represented, at least in part, a payback for Greenspan’s role in initiating the Social Security surplus revenue.)


THE IOU'S IN THE SS "LOCKBOX" ARE UNMARKETABLE IOUS WITH ZERO CASH VALUE

AND NOW WITH AN ECONOMY AND JOBS IN DECLINE SINCE THE CHENEY/BUSH CRASH OF 'O8

AND PAYROLL DEDUCTIONS LESS THAN SS PAYMENTS ......

BIG TROUBLE COMIN



check it out

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[Demon of Undoing]

This is the same thing Nixon did in coming off the gold standard; they make a deal with the devil so that the country can have it both ways. Want a massive inefficient war in SE Asia while rolling out a huge new entitlement scheme(s), and all with no additional tax burden? Want to beat the Soviets in an arms buildup while keeping the freebies going? Burn into the trust fund.

Oddly enough, the chorus of Americans that objected to this was surprisingly small. After Nixon did it, anybody that complained was called a gold bug or a survivalist or worse. After Reagan did it, well, complaints are for commies.

We had a lot of seed corn, but that eating is just about done.

[skyhook77sfg]

when granpa dont get his check...

and poppa aint got no mo beer money

and jr come back from the stan to no jobs nowhere

maybe just maybe there will be some attitude adjustment

when they figure out who ate the seed corn and emptied the kids piggy bank....

them folks that done slipped some loaded dice into the game

could find out its gonna be a bit more than hard to take

without some real big jars of vaseline handy




and some of those good ol boy sons of guns ive been watchin

at redjacket down in louise yan bayou country buildin a 1000 yard ak sniper rifle

and exploding arrows sure will be high on the hog

of a whole new way of livin in the us of a....

[Mr. Perfect]

DNC talking points down to the letter. Well done.

[Tinker]

[skyhook77sfg]

for the record when the local democratic honcho dropped by our place a while back his visit was real short...

didnt much like getting told he could take his lies back out our gate and hightail it back to town

have never been in touch with the dnc or their partners in crime at rnc if thats what its called

would not know talking points if they bit me in the ass which they probably often do



political thievery dont sit well with me

especially stealing from old folks

and theyve all done it


but i reserve special contempt

for their hiring an actor

to get away with it.


if it were up to me

they would be tarred and feathered

and then left to slowly twist in the wind....


so knock off that party bullshit with me

[rednblacklumberjack]

Skyhook/Demon of Undoing 2012?

[Tinker]

[skyhook77sfg]

am touched

some would say in more ways than one

but DEMON'S your man

im a bit long in the tooth

and wouldnt want to wind up snoozing

through meetings like Reagan

[Demon of Undoing]

Things are going to have to get awful bad for me to make sense to the majority. I will be more than happy to lead the Neo- flagellant community, however.

[Simple Minded]

[Mr. Perfect]

[Mr. Perfect]

[skyhook77sfg]

Your supporting actor on the GE payroll should be remembered by his playmate primates name...Bonzo wasnt it?

He hiked the social security payroll tax and instead of putting the huge cash surplus into an income producing asset

he took it out of the Trust Fund and gave it to his rich financiers with huge tax cuts

and still managed to triple the national debt.....

TRIPLE

and got away with the biggest heist in US history

with some help from a guy who thought

the virtues of selfishness was a profound book

and took it with him to the biggest bank in the world

thats actually a privately owned central planning corporation....

good old Bubbles Greenspin

quit a pair

Bonzo and Bubbles

[cincinnatus]

Too bad we didn't have Democratic majorities in the House during his term(s), where spending bills originate, as that would have frozen that plan in it's tracks...oh, wait

Also, how "secure" could a lock box be if payroll tax revenue is converted to....government bonds? How is that not double-accounting on an Enron x1,000,000 scale?

[skyhook77sfg]

read you 5 by 5 CINCI

theyre all in this together up to their gold cuff links

but everybody's in line behind the point man

who gives the go ahead or halt signal...

thats why he gets coverage in history books....

yes this whole damn thing is just one big machine

that milks us cows for the tax farmers and parasite speculators

they are eating america from the inside out

and since the current congress blames one man

they shall have their turn in my barrel


and the notes held by the so called trust fund

in the so called lock box are NOT TBILLS or NOTES....

they are chits .... IOU's

ZERO MARKET VALUE

gives grand theft a new dimension

[AzariLoveIran]

.

For America , it is crucial to support key American industries that bring the bacon home

those industries, need capital (investors) to spend on R & D and capital expenditure and and and (and hire people)

that is why, stock price of THOSE companies has to go much higher

Japanese government, back few year, when deflation would not let go, declared government will buy stocks, and did


If employment does not pick up dramatically (unlikely), FED might decide to purchase SELECTED American companies stocks

same as fed does purchasing treasury bills

if so, selected sector stocks will go up dramatically

plan would be, to invest Social security funds in American stocks .. without a prosperous Corporate America, there will be no social security inflow to support the baby boomers .. Corporate America needs to retool, needs capital

am sure it will happen

because it would be a wise decision


Disclosure : am long Corporate America .. dollar cheap, stocks cheap .. ideal combo


.

[Mr. Perfect]

See Tinker, even Cincy knew some of the refutations. Took the wind right out of skywolfowitz's sails.

[skyhook77sfg]

no more hahahaha everything going according to brilliant republican plan massive assaults huh?

just hiding in the weeds and letting loose the occasional long distance insult .....

la pluie de vos injures n'atteint pas le parapluie de mon indifférence....