Tuesday, January 06, 2009

Ron Paul's latest

Ron Paul, January 5, 2009
House Financial Services Committee

Discusses Madoff, the Irrelevant SEC + Congress + Moral Hazard + US Gov't Ponzi Schemes


jerry said...

Ron Paul totally discredited his moral authority in this video. Harry Markopolos had written to the SEC going back to 1999 anonymously, according to the NYTs article Op-Ed piece by Einhorn. But in 2005, he came out and signed his name to a 16 page document outlining the derivative scam and Madoff's Ponzi Scheme, but the SEC hacks, put in by the crony conglomerate in the White House did not understand the financial game, in gory detail, put forth by Madoff. They just dismissed it!

Had the SEC not had revolving door directors and managers but trained and skillfully intelligent professional financial people dedicated to truth and transparency, such as Harry Markopolos, Madoff would have been busted then! But the Crony Conglomerate prevailed in perpetuating the financial scamming game.

There are plenty of regulators throughout government and throughout our history from those who have blown the whistle on environmental pollution violators, to coming out about terroristic chatter prior to 9-11, where planes were to be used into building, but were only silenced by the political criminals, as what had happened to Sibel Edmonds.

Regulators work given an opportunity to do their jobs right. Ron Paul was insulting to those who are honest and committed to their jobs. His sleaze insulted every American who is intelligent, observant and hard working. I guess it is only HE who can carry a torch. B.S.! The job wasn't too much for Edmonds or Markopolos, and others. They were on it!

And, the Social Security government insurance program is not a Ponzi Scheme. It has been used as a cash cow tool by those presidents engaged in the Ponzi Scheme to pay for budget deficits without having to show for it on their federal budget balance sheets. It has been robbed by those presidents. If everyone paid into the system regardless of their salary amounts, there would plenty of money to use it as it was meant to be used and wouldn't show deficits. But presidents, going back to Reagan want to rob it.

Ron Paul had an opportunity while holding the mike to really expose the 30 years of Ponzi Scheming by Reagan on forward to steal from working American wages to build a pyramid scheme for the rich through the financial system's securities smoke and mirror's game. He failed to come out and expose the gaming by his fellow legislators, presidents, and such to bubble the system for their own gain, while using the precious incomes of working Americans by giving them easy credit to buy what they really didn't need, because their incomes could not keep up with inflation and stagnant wage growth.

The government encourage a NO-Savings position for the county, but more and more "creditizing" of working class Americans.

Ron Paul is a bull shitter because when he has the bully pulpit to really talk the truth and become an influential figure, he plays the game, too. He would have been just another lousy president.

Jim Twamley said...

I agree with Ron Paul on the issues he raised about social security. It IS the 800 lb. gorilla in the room that no other politician is talking about.

I tend to disagree with him regarding the need for the SEC. The SEC does deserve his derision since it has been asleep at the wheel but I think it can perform a legitimate role in keeping people honest. I need to think about that issue some more.

As far as the moral hazard - he's been spot on for years. And Jerry, I appreciate your views but I would ask you what your solutions would be. If you were in Ron Paul's position what would you be doing and saying?

Regards - Jim Twamley