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| Greenspan Says SS Is Not The Big Problem.. | |
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| Tweet Topic Started: Feb 16 2005, 11:50 AM (676 Views) | |
| BuddyIAm | Feb 17 2005, 11:15 AM Post #31 |
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Greenspan, SS is NOT IN A CRISES.. SS has problems.. But it is NOT IN A CRISES... |
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"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity." "Facts are stupid things." - Ronald Regan "Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin | |
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| BuddyIAm | Feb 17 2005, 11:26 AM Post #32 |
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Greenspan says: Fed. SS bonds are marketable Fed.. SS bonds are marketable On demand... And are backed by the FULL FAITH AND CREDIT OF THE U.S. |
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"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity." "Facts are stupid things." - Ronald Regan "Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin | |
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| Banandangees | Feb 17 2005, 12:10 PM Post #33 |
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Getting back to the SS issue... During the Senate Committee meeting with Greenspan yesterday the topic of: Relationship of National Federal Deficit (NFD) to Net National Savings (NNS) came up: Senator Sarbanes, in attempt to bring attention to the NFD, asked Greenspan these questions: Sarbanes: "Mr. Greenspan, you mentioned that Net National Savings (NNS) is an important objective, correct?" (Mr Greenspan mentioned NNS importance in relation to SS and retirement funding). Greespan: "Yes!" Sarbanes: "Does a decrease in NFD (deficit) translate into an increase in NNS (savings)?" Greenspan: "Yes!" Sarbanes: "Would you say then that a decrease in NFD, or even a running surplus constitutes a contribution to an increase in NNS?" Greenspan: "Yes!" Sarbanes: "I take it form that, that anything that increases the NFD runs counter to increasing NNS?" .... indicating that the deficit went from a $5.6 trillion surplus to a $3.7 trillion deficit in four years (a difference of $9.3 trillion) thus smoking the SS issue with the National Federal Deficit (NFD) issue. "Would you say then that anything that increases the NFD is a wrong path to go down?" Greenspan: "Keeping in mind that the basic issue at hand is Net National Savings (NNS)" (and how it is relevant to SS and retirement funding) "ordinarily, any increase in spending or reduction in taxes which are funded by marketable securities, clearly increase the NFD (deficit) and lowers NNS (national savings); BUT, for the moment, we are talking about "private accounts" (forced savings) and this is one of those rare cases where you can increase the deficit but not decrease NNS if you have the "forced savings accounts." Sarbanes: "You don't support borrowing which would increase the deficit (NFD)? Something like $5-10 trillion?" ... leading to borrowing for the funding of a new "private account" system. Greenspan: "Not large amounts......anything under a $trillion would be okay." ... again indicating his favor of private accounts but to proceed slowly and gradually because of market acceptance. edit spelling "reare" to "rare" |
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| cmoehle | Feb 17 2005, 06:50 PM Post #34 |
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Chris - San Antonio TX
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Again, another point of view sees Greenspan's comment in different perspective: 'Ownership' Key Soc. Sec. Goal -Greenspan
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Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order. --Barry Goldwater | |
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| BuddyIAm | Feb 17 2005, 07:30 PM Post #35 |
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Chris Did you watch today's testimony? Why do you read that junk. You know Greenspan’S double speak.. For example Yesterday Greenspan said: Quote from Greenspan.. If today's workers are to divert some of their tax money to accounts that they own, which are not shared, there will be a dollar-for-dollar reduction in the amount of money available to pay current retirees. The shortfall, of course, will make the current system less solvent, not more solvent. To make it up, taxes will have to be increased or benefits will have to be cut. Private accounts may be a good idea--and they are eagerly awaited by financial firms from Citigroup (nyse: to Merrill Lynch (nyse: and JPMorgan Chase (nyse: but they have nothing to do with solving what some claim are dire financial problems of the existing Social Security system. BUT TODAY HE SAYS: BUDDY SAYS: NOTE Greenspan says above, ‘what some claim are dire financial problems of the existing Social Security system.’ In today's testimony. When asked if SS was in dire straits. He said.. Hey wait a minute. Go back to the transcripts. I didn’t say SS was in Dire straits. I said some people say it is in dire straits... He specifically said SS IS NOT IN A CRISES.. THAT IS A FACT STRAIGHT OUT OF GREENSPANS MOUTH'S. BOTH SIDES.. WHEN ASKED ABOUT HIS SUPPORT OF BUSH’S TAX CUTS: He specifically said.. Today when asked if in 2001 he supported Bush’s tax cuts...He said he had only supported them with the caveat that they adhered to Paygo. And when Congress withdrew Paygo in 2002 . He withdrew his support. When asked if he supported further tax cuts today. He said only under Paygo rules.. When further asked about financing the forced Savings plan. He said under Paygo rules, increased taxes or reduced benefits. When he was asked if he thought this congress would reintroduce Paygo.. HE GRINNED AND SAID NOTHING.. EVERY ENDORSEMENT HE MADE TODAY. HAD THE CAVEAT OF PAYGO RULE ADHERENCE..... Some one else do the spell check. I gotta go get the kids..
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"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity." "Facts are stupid things." - Ronald Regan "Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin | |
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| jrf | Feb 17 2005, 08:23 PM Post #36 |
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There's been a lot of spitting back and forth over descriptive words used about SS's situation. All one has to do is become aware of what the situation is, then any argument over descriptive words become a moot subject. At this point with me, Crisis, Dire problem, Dire Straights, Impending Doom, Future Glitch, Death Throes, whatever, are a waste of ink and air. Leaders arguing over adjectives used to describe the problem is childish counterproductiveness. The words have been said and one can't unring that bell. To continue banging the bell is as irresponsible as refusing to face up to the real situation. |
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| BuddyIAm | Feb 17 2005, 08:45 PM Post #37 |
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In Greenspan’s words SS was in a much worse situation in 1983. In fact in 1983 it was indeed in a crises.. He said raising the rate fixed SS and it will stay fixed into 2050. Specifically Greenspan said.. SS is not in a crises. But that the deficit and the Medicare funding will take America into to a unimaginable crises.. (Okay this is were the economy is fine quotes are coming from) Greenspans said the economy is okay today. BUT By 2008. If something's not done with Medicare and the deficit.. We will be in a mess.... Greenspan got beat up by Republicans, Demo’s and the Independent today. (Thank GOD there are some conservative Republicans left. )They forced him to clearly state. Privatization will NOT INCREASE SAVINGS. It will only be a transfer of funds from one set of books to the other.. Privatization could result in a HUGE REDUCTION SAVINGS... (HE WAS SPECIFICALLY ASKED. NO UPSIDE FOR SAVINGS, ONLY EVEN OR A DOWNSIDE? GREENSPAN SAID, YES..) Privatization will not help solve the SS problems. Instead it will make the problems worse. A rate adjustment will fully fund SS. And SS would continue to perform in the fantastic manner it has in the past.. SS’s Fed Bonds ARE MARKETABLE. on demand. SS holds 1.7 trillion dollars in Fed bonds that are guaranteed by the full faith and Credit of the USA. And those bonds must be redeemed. And that when these bonds are marketed on the open market. INTEREST RATES WILL GO UP... |
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"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity." "Facts are stupid things." - Ronald Regan "Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin | |
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| cmoehle | Feb 17 2005, 09:14 PM Post #38 |
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Chris - San Antonio TX
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Joel "At this point with me, Crisis, Dire problem, Dire Straights, Impending Doom, Future Glitch, Death Throes, whatever, are a waste of ink and air. Leaders arguing over adjectives..." Get out the thesaurus and stir in antonyms for each adjective and you've got a strange bubbling frothing brew called Bunkum and Balderdash. |
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Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order. --Barry Goldwater | |
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| jrf | Feb 17 2005, 09:34 PM Post #39 |
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Is Bunkum and Balderbash brew served better warm or cold? To enjoy to the fullest would a tall skinny Pilsner glass be better so one can observe all the commotion in the glass or would a wide goblet type glass be better so one's nose could deliver the full aroma to the senses. Stuff out of the D.C. brewery tends to have a skunky flavor with a bitter aftertaste. |
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| cmoehle | Feb 17 2005, 09:42 PM Post #40 |
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Chris - San Antonio TX
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Wonder, could it be used as a fuel like methane, or mixed to form biodiesel? (Aside, I just learned yesterday, the diesel engine was created by Rudolf Diesel in the 1890s.) |
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Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order. --Barry Goldwater | |
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| BuddyIAm | Feb 17 2005, 09:49 PM Post #41 |
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J says: Is Bunkum and Balderbash brew served better warm or cold? Buddy says: Don’t ask me. Ask Bush. Crises is his adjective.. Not mine or Greenspans.. |
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"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity." "Facts are stupid things." - Ronald Regan "Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin | |
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| BuddyIAm | Feb 17 2005, 09:52 PM Post #42 |
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As another aside the Fuel Cell was invented in 1839.. The fuel cell was first invented in 1839 by Sir William Grove, a professor of experimental philosophy at the Royal Institution in London. He tested what turned out to be the precursor to the phosphoric acid fuel cell by enclosing platinum in tubes of hydrogen and oxygen gas while submerging the tubes in sulfuric acid. "http://www.kettering.edu/~altfuel/fcimages/grove.jpg" Unfortunately, he was hampered by the inconsistency of cell performance (a common feature of cells today), but realized the importance of the three phase contact (gas, electrolyte and platinum) to energy generation. He spent most of his time searching for an electrolyte that would produce a more constant current. He found several electrolytes which produced current, but still struggled with consistent results. He also noted the potential of the energy production method commercially if hydrogen could replace coal and wood as energy sources (1). |
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"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity." "Facts are stupid things." - Ronald Regan "Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin | |
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| cmoehle | Feb 17 2005, 09:55 PM Post #43 |
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Chris - San Antonio TX
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If crisis is Bush's adjective, serenity is some Dem's. And therein, in the middle lies the problem. |
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Politics is the art of achieving the maximum amount of freedom for individuals that is consistent with the maintenance of social order. --Barry Goldwater | |
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| BuddyIAm | Feb 17 2005, 10:26 PM Post #44 |
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The answer is clear. And clarity does bring serenity I suppose.. The rate must be adjusted.. Serenity, a feeling of peace, maybe. But not a feeling of happiness I can assure you.. I am about to run out of Adjectives. May have to ring up Greenspan if we keep this up..
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"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity." "Facts are stupid things." - Ronald Regan "Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin | |
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| BuddyIAm | Feb 17 2005, 10:53 PM Post #45 |
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Meanwhile, Federal Reserve Chairman Alan Greenspan declined to characterize the challenge of financing the Social Security retirement system as a "crisis," as Bush has done in recent weeks as he campaigns for support for his plan. Greenspan, appearing at a Capitol Hill hearing, repeated his support for Bush's idea to create personal Social Security accounts. And he said both Social Security and Medicare must be changed in some ways before 2008, when the first of the nation's 30 million baby boomers begin to retire and claim benefits. But, when pressed by Democratic critics of the president's plan, he noted that he has never used the word "crisis" to describe the problems involved. "A crisis, to me, usually refers to something which is going to happen tomorrow or is on the edge of going into a very serious change," Greenspan said. "That is not going to happen in either Social Security or Medicare over the next several years." http://www.washingtonpost.com/wp-dyn/artic...av=rss_politics Greenspan went on to say SS was fine until 2053 |
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"The truth lies in a man's dreams... perhaps in this unhappy world of ours whose madness is better than a foolish sanity." "Facts are stupid things." - Ronald Regan "Ideas are more dangerous than guns. We don't let our people have guns. Why should we let them have ideas?" --Josef Stalin | |
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8:21 AM Jul 11