Bernard Madoff pleads guilty today and will be spending the rest of his life in jail for his "ponzi scheme."
Ponzi scheme as defined by a dictionary"investment scam by which early investors are paid off from the contributions of later ones, 1957, in ref. to Charles Ponzi, who perpetrated such a scam in U.S., 1919-20." Online Etymology Dictionary, © 2001 Douglas Harper
Can anyone please tell me the difference between Social Security and a Ponzi Scheme?
Hi Michael - Good point. I read somewhere that it now takes several working people to support each person on social security. I guess our government keeps it going because it's one source of revenue politicians can tap as they increase the national debt but really don't feel obligated to paying it back. Much of our social security system is filled with government IOUs.
Michael...This is true with many of the retirement accounts that are being put into place!
Wow Michael
Excellent point. Come to think of it there isn't a difference except we all know we are being taken and do it anyway!
Ponzi Schemes are run by crooks and Social Security is run by our government. Hmmmmm....
Ponzi Schemes are run by crooks and Social Security is run by our government. Hmmmmm....
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