posted on Mar, 9 2011 @ 12:44 AM
reply to post by GeechQuestInfo
Madoff ran a ponzi scheme. He shopped for people with investable money and fooled them into believing he could provide them with investment
opportunities with very high dividends. The more people he lured into his pyramid the more money he had to pay off earlier suckers. This concept also
known as a pyramid scheme is played in many different ways all of which play upon the greed and often shame of the mark.
An excellent book detailing the history of conmen around the world is titled Hustlers and Conmen. Each chapter talks about a different huckster and
reads very easily. I was entertained as well as educated.
Your grandmother who received SS , if she is like so many people, worked for a salary. SS served as a savings account for her which she began to draw
on when she reached a certain age. Some people live longer than others. Hence some receive more then others who have died.
Now into this equation we add the appearance of a pyramidal framework. SS has boo coo bucks in it and it keeps being paid into by people who are still
in the work force. You know, I kinda feel silly because you probably already know all this. Anyway, this upon cursory examination does have the
appearance of a pyramid with the people on the bottom ,the workers, paying for the people on the top,the retirees.
Now if we are still on the same page, I agree that the logic in the long run for SS is dubious. And here I think I can see your point. But to equate
your granny to Bernie Madoff is a stretch ,don't ya think? She is not greedy,is she? I don't know. Maybe she was sitting on a fortune already and
didn't need her SS. But like most, she probably needed it to survive at all. But for all I know you may be one of those "throw grandma from a train
types. Nah, that couldn't be.
Also I must be honest and say that I took your post at first to just be just another complaint by some one who was just lashing out. Sorry.