Where the money is....

When Willie Sutton bank robber was asked why he robbed banks he said "Because that is where the money is". How things have changed.

The banker's Bank the Federal Reserve is now robbing savers with near zero interest rates. Why? Because that is where the money is. It is a hidden tax. No law was passed. Still you are having the your money stolen through near zero interest rates to restore bank's balance sheets. If you had $300,000 in an IRA (or 401k) earning 5% in 2007 ($18,000 a year with nearly no risk) you are lucky if you earn half that today. That is a $9,000 or more of hidden taxes.


I hope to expose these types of actions and others by the FED and government. Boomers need to be vigilant - because their savings is where the money is. I will also delve into other areas of finances of interest to Boomers.

Tuesday, September 13, 2011

Is Social Security a Ponzi scheme?

Perry seems to have started quite a discussion.  Whether it is a Ponzi or not the way the government has run it (treated it as a source of general revenue funding) is a fraud.  There is no Social Security reserve fund, it a bunch of Government IOUs.  Today the income from FICA payroll deductions is less than what is being paid out each month.  To make matters worst in typical DC think they have cut the FICA payroll tax which makes the problem worse.

If a private company treated pension funds the way the government has Social Security some body would go to jail.  There are requirements on private companies regulating the security of pension funds and funding levels. 

more information on the subject:

http://www.financialsense.com/contributors/bruce-krasting/2011/09/13/is-social-security-a-ponzi-scheme-i-think-so
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