Privatization of Social Security already on table again!!

Just now in CNBC and out of the mouth of the Senate financial committee and as a question to Bernanke, if in the plans for the economy recovery the privatization of the Social Security was in the plans.

Bernanke smiling said that he will be taking all things into consideration.

There you have it SS to be handle to the Federal Reserve for Privatization? I wonder.

This no in the news yet just on the hearings going on today.

[edit on 24-2-2009 by marg6043]

Bernanke also has suddenlt acknowledged that he's worried we're heading for a depression in that same questioning session. He should be arrested on the spot and charged with fraud, theft, and perjury for all the times he's said TARP was going to save us all and a depression was impossible.

I have been watching the hearings by the Senate financial committee from the beginning and to me is nothing but a show it almost look rehearsed.

That man need to be cuff and taken into jail, now I have to said that at one point the committee leader just look to the side when Bernanke finished talking and just cover his mouth as in disbelieve.

He doesn't look OK and his face is very serious, perhaps is more than we are not seen on the whole deal.

Originally posted by marg6043
I have been watching the hearings by the Senate financial committee from the beginning and to me is nothing but a show it almost look rehearsed.

That man need to be cuff and taken into jail, now I have to said that at one point the committee leader just look to the side when Bernanke finished talking and just cover his mouth as in disbelieve.

He doesn't look OK and his face is very serious, perhaps is more than we are not seen on the whole deal.

I think you may be onto it being rehearsed because Reuters released a story on the "whole" meeting already. Bernanke...Spewing on about how we are going to have a second year of recession in 2009 for sure ..but the the "Fed and the Obama cabinet" will do WHAT EVER they have to to help.
Then of course the markets had to get an injection today to make it look like the people are actually standing behind these guys. Total craziness if you ask me, yeah we are going to have another year of crisis but look we said we are going to help and the markets recovering....

Thanks for that information, I guess already many knows the outcome of the meting.

More money into the Fed so the Markets do not collapse.

Because collapsing is been happening for the last year, but money has been infused every time to stop the downfall.

Yesterday was not a pretty day and with all the money that the government has wasted already in the banks and the fed it will be disastrous for the tax payer in the nation to witness a collapse.

Again the talks about the baby boomer's hard time with their retirement came again it seems that if Privatization of the SS will be in the table Garner's plan will have a better explanation or announcement on that.

I guess if the talks are in the table and open or may I say leak into this hearing today is because something is in the planning.

Unless Obama will stop it in the tracks like it did with the national gas tax per mile.

That's a pretty outrageous and presumptuous position for Bernake to take, considering the Fed has no legal say on SS; any change in status must come via the Congress. That said, privatization was never seriously taken off the table either; the DC jackels have been salivating over that pot o' gold for over a decade now.

I'm not sure I saw the same question as Marg. Seems like SS was only brought up by one of the Dem Sen. by asking Bernanke something like "isn't it great that we didn't privatize SS when it was being discussed?" Bernanke tapdanced all around that as expected. I'm of the opinion that it was nothing more than a Dem Senator trying to make a political point against any who favor any sort of change in SS. I did step out for a moment shortly after that exchange, so I might not have seen all the discussion, but I don't find it nearly as alarming as the OP.

In regards to Social Securtiy and Medicare, anyone who believes that they will continue to exist in anything close to current form without massive contribution increases, raised age requirements, and lowered benefits is in serious need of a reality check.

reply to post by jefwane


Well like you said Bernake did looked kind of smug before answering, then later on, another senator made the comment on the baby boomer's and their retirement, that entitle SS and the possibility that money will be scarce as the economic crisis prolong.

On that one it seems that mention of Timothy Geithner's plan will address more into that, as we know Timothy Geithner never actually told the public or congress what the plan he has been working on is all about.

Now this are rumors as my sources are hear say

Timothy Geithner's plan will be about how to bring more tax money into the treasury and that will be in the form of taxes so far only capital gains taxes and retirement accounts taxes were hinted but also the possibility of tax ing about anything.

Now is also the possibility that as the nation gets strap for money the privatization of SS will come once again on the table.

Back during the 2004 presidential campaign of Bush he lobbied for privatization, but is something that many didn't know and that is that China was going to be one of the countries to be in line to take advantage of that.

As usual this was kept on close doors and nothing came out as people didn't like the idea of having their social security privatized.

Now, Hillary was in China and we all know that she was just doing the begging for China to buy our debt, what if part of the deal with China is the promise of hint that SS will become for privatization on the table again and China will have first choice?

I know, I know is noting more than a conspiracy and hear say and nothing more than speculation from my part.

But just the bringing out of SS on the hearings today and the problems with baby boomings retirement kind of make you think about what is going on behind our backs.

It nothing happen oh, well nothing happen, but this will be something else to think about anyway.

After all Timothy Geithner has not come yet to talk about his plan.

Obama plans to lower the deficitis like Clinton did, with taxes, he already is planning to let the Bush taxes cuts to expire


[edit on 24-2-2009 by marg6043]