Does anyone else think the radio ad campaign AARP is running in support of President Obama’s Financial Regulation proposals is kind of odd? What does this have to do with AARP? Why are they spending money on it? Sure their members lost money just like the members of every other organizaiton. Would it not be strange to see the NRA, NEA or the largest trade organization, the Realtors use their member’s money to run ads like this?
I think that it has more to do with their members being angry about AARP’s support of the $500 billion cut to medicare when they supported the health care coup. They lost membership over selling out to the administration. I think they are trying to change the subject and repair their image.
Looks like they are buying into Obama’s cynical strategerie to prop up his public opinion numbers by vilifying someone and trying to grab some credit for punishing them. Build yourself up by tearing someone else down.
I really have to read that Saul Alinsky book. But of course, the movie is running right now.
The AARP and AMA both lost credibility in the recent health care debate.
Mike Protack
Isn’t AARP an insurance company? Aren’t they all evil?
nice acticle, thank your
I think AARP has a vested interest in financial reform because most all the members are retired living on investments, IRA’s, 401s. It is very much in the interest of AARP members that markets be on the up and up.
The new consumer financial protection agency will be charged with making sure lenders, mortgage brokers, those offering financial deals to seniors are on the up and up all terms all financial contracts presented in clear language so vulnerable consumers understand what they are signing.
It’s a shame we need that, but if you look at predatory lending trends, investment scams, you name it, you will find seniors are prime targets for financial fraud.
Don’t forget ponzi schemes like social security or securities rip offs like freddie and fannie or corruption and waste like medicare/aid… oh. wait.
My (somewhat sarcastic) point here is that the bunch claiming to be as pure as the wind driven snow in their desires to protect the people are really just another bunch of jackals and incompetent ones at that. At least with the market you are free to choose not to invest in failure, with the government investment in failure is compulsory.
Not true that with the market you are free to choose not to invest in failure. When con men stamp junk AAA or lie about profits you are investing in failure, you just don’t know it. If it was not for government there would be no capitalism, no Wall Street, no middle class.
Social Security has served America well for 80 years. Most of the time running at a surplus. People who call it a ponzi scheme are just trying to bad mouth government in general. The United States Marine Corp is running on borrowed money. Do we say the Marines are bankrupt? No it’s just the stuff intended to help old people that’s the problem.
Con men like Barney Frank stamping AAA on securities and backing them with tax payer dollars? This is not what I would call a ‘Market’. The government needs to discontinue ‘backstopping’ wall street, once the bankers know they will deal with the consequences of bad decisions they will make better ones.
And i think you have the relationship reversed, we are not here because of the government, the government is here because of us!
Without shifting focus to the accuser, could you tell us how the accusation of “Ponzi Scheme” is substantively false as applied to Social Security. Here is some help getting started :
http://en.wikipedia.org/wiki/Ponzi_scheme
Social security was supposed to the a “lock box”. It didn’t take long for that lie to be revealed. But it is here and must stay now. Let it be an object lesson in the pitfalls and immortal nature of government entitlements. Let us learn from it rather than repeat it.
As regards the military, it is one of the explicitly prescribed duties of the government constitutionally.
You are being a bit harsh. Social Security has been great for the United States. Part of any “scheme”, Ponzi or otherwise. has to do with intent. The intent of Social Security is noble. It’s served generations of American seniors very well. I can’t think of how we would do without it. When Al Gore was pitching lock box in 2000, I didn’t get it. Now I do.
The government has to backstop. Otherwise, Wall Street thirty somethings pocket our investment money go broke then what? They say they are bankrupt. Let ‘em fail? Who loses? Us, not them. No thanks. That’s why we have FDIC. If Wilmington Trust says they don’t the money I put in the bank, what? I say go fail? Not.
Sure military common defense and general welfare are jobs one. I’m just saying the Pentagon is running on borrowed money from China. Do we call them a bankrupt scheme? No, it’s just the way it is now ever since our budget surplus disappeared. Not sure if, by common defense the Constitution meant rule the world with a $700 billion dollar military.
I did not say we are “here” because of the government. I said capitalism, Wall Street, the American middle class would not be here able to function as great as it does.
What is the connection between Barney Frank and Standard & Poor’s or Moody rating AAA?
Working backwards, Frank controls the house finance committee which in turn controls Fanny and Freddie. F & F cooked the books (incidentally in ways far more criminal than we see goldman accused of) to give the mortgage backed securities they were buying as they could their AAA rating even tho it was obvious they would largely be in default shortly. Frank went on record as saying “it was a sound investment” even tho he either 1) knew it to be false 2) is a moron. (FYI – I don’t think he is a moron)
Capitalism drives the government (the government only spends, it does not generate wealth) and generally speaking government activities like taxation and regulation inhibit capitalism. Google laffer curve, we are far on the right side of the laffer curve.
The goal of the military is not *supposed* to generate a return if it were to then your statement of “ruling the world” would be true. As it is, the US military is the only force I know of that sheds blood to take territory then gives it back to the people who live there.
As for the beneficent intentions of the architects of Social Security (and I do not concede that this is fact – fool me once, shame on you, fool me twice, shame on me) : one of the reasons age 65 was chosen was that the actuarial tables showed that to be point of significant mortality … it does not bring a kind fatherly image to my mind. But that is just me I guess.
Kurt, I don’t agree that “Government only spends it does not generate wealth.”
Government is a huge engine powering wealth creation in the United States. I hope you would agree that the national highway system completely revolutionize commerce. Without government management of intellectual property rights patents etc their would be very little incentive for invention. It is the government that enable commercial air traffic. Without which no FedEx no UPS. Not to mention the United States post office that singlehandedly has assisted in more wealth creation then anything. Even today eBay and all the associated micro entrepreneurs would not have the business model with government postal service.
It should be mentioned that the United States controls 95% of the global microprocessor and software market. That miraculous technology was nurtured by government grants, government funded university research, and of course NASA which has been a driving force passing on government funded technology to the private sector. Remember TANG? Whoever made a fortune with that stuff can thank NASA. Ted Turner would not have made his fortune in cable without all those government launched satellites. Garman GPS makes it’s wealth building devices that tap into government satellites.
The United States is capitalist in some parts, but mostly is a conglomeration of stuff. Capitalism is not a religion. It’s just one of the ways money changes hands. I think it’s a mistake to think the United States was founded as one Nation under capitalism. I love capitalism. So don’t start with the left wing stuff. Just stating some facts. Anybody who thinks government hurts business has got to stop and think a little.
You can not be suggesting that stuff like
http://apnews.myway.com/article/20100510/D9FK02U00.html
is empowering wealth creation. Well, maybe for Frank and Dodd and a tiny few.
BTW I will readily and wholeheartedly agree on the stunning return on investment in NASA.
Every time I come to resolutedetermination.wordpress.com you have another fascinating article up to read. One of my friends was telling me about this topic several weeks ago. I think I will e-mail them the link here and see what they say.
Thank you for the kind words.