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Defending Social Security on CNBC

August 5, 2010

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  • Robt August 23, 2010 12:01 am

    It is pathetic to read some of these posts.
    You know Mark, Not one of these comments make any attempt at the core issue of debate of the topic of Social Security Insurance.

    That is right, Social Security “Insurance”. It acts as a retirement supplement and as a disability insurance incase you break your neck or back while working on a bridge or some onther type of labored work.
    Yes, it even insures those office elites that find themselves unable to work because they hurt themselves terribly bad while out golfing or lifting up the phone to answer it of even lifting three pieces of paper. Injured so, that they cannot work and are unemployable because of such inhury/disability.

    It is Social Security Insurance, NOT- a 401K retirement investment plan.
    Absolutely not, the Gov’t nor anyone sshould tap that money for Gov’t spending even if it is on private sector proiteering.

    People laughed at Al Gore during his campaign when touting the “Lock Bos” on SSI.. They made fun of him and his idea.

    But they whined whentalk of Gov’t tapping into its funds “rumors” are floated.

    The way I figure, after the Wall Street colapse and TARP gail outs. It became more than obvious that Wall Street required regulations to keep our banking system stable. That sort of falls under National Security in my book. So came the Wall Stret reforms. IFrom all of my accounts of this reform bill of Wall Street Banks. Americans were only able to aquire and pass maybe a third of the regulations needed to sustain a competent banking system from replaying its destruction greedy risk taking at tax payers expenses.

    Maybe a third of what should have been imposed in regulations on them.

    We still have no one appointed to the position created to over see consumer protections ofrom Wall stret. Last I heard most like Elizabeth Warren to fill this position but no one yet has been apointed and the Banks of Wall Street have grumbled that Warren maybe to good at her job for them to get along and that President Obama should find someone else that is more compatable with Wall Street.

    So you see, Wall Street really wants you social security money. They can risk it on some really shadey deals that might not pan out, but if they do, you will see pennies coming your way to the dollars they earn from risking your money. And Gov’t no doubt will bail them out if need be again/ But Gov’t cannot afford to bail out people whos (once social security) now retirement money lost in wall street rigged risks. No you just lose your money. The banks can be bail out again though. And the fees Wall Street has wet dreams over charging you for your social security money handling. Watch out. They have been brain stormingnew fee terms and methods that will make your wallet spin empty.
    Privatizing Social Security Insurance is a terrible idea because there are no assured regulations to protect your money and there are more crooks and they are better at stealing than Gov’t Officials are.