he's been calling social security a ponzi scheme until today. that's in the rewrite. >>> and on the eve of a weekend marking ten years since the september 11 attacks, a look inside the new tower that will be one world trade center. the tragedy of september 11 united our country. this year, as we open the 9/11 memorial in new york city, we ask that you join us to honor, remember, and reunite. to learn more or to reserve your visit, go to 911memorial.org. >>> on monday, the september 11 memorial site will open to the public ten years and one day after the worst terrorist attacks in this country's history. the destruction of the twin towers left a city scarred and a neighborhood destroyed, business fled the lower west side of manhattan, and a long and dangerous clean-up effort began before the sunset on september 11. the $750 million cleanup of the 16-acre site began while toxic fumes were still in the air, police officers, firefighters, sanitation workers, and many clean-up volunteers now face severe ailments that they trace to the toxicity of the

a ponzi scheme is named after the man who created the ripoff, charles ponzi. a ponzi scheme occurs when a sham investment pays returns to investors from their own money or money paid by subsequent investors, not from any actual profit earned by the business. perry believers that social security is a ponzi scheme because the social security trust fund will be empty, gone, nada, by 2036, 25 years from now. so says the obama administration, in fact. in the report supplied to upon request from the white house by the social security administration. perry added if elected president, he won't abolish social security. he will transform it, and that transformation will be gradual. it will not come immediately. >> people on social security today, men and women who are receiving those benefits today or individuals my age on -- in line quick to get them, they don't need to worry about anything. >> perry elaborated in his book titled "fed up." question, is it in the nature of a pay as you go social security system that it does resemble a ponzi scheme? mort? >> yes, you kno

he's been calling social security a ponzi scheme until today.s in the rewrite. >>> and on the eve of a weekend marking ten years since the september 11 attacks, a look inside the new tower that will be one world trade center. do you have an irregular heartbeat called atrial fibrillation, or afib, that's not caused by a heart valve problem? are you taking warfarin to reduce your risk of stroke caused by a clot? you should know about pradaxa. an important study showed that pradaxa 150mg reduced stroke risk 35% more than warfarin. and with pradaxa, there's no need for those regular blood tests. pradaxa is progress. pradaxa can cause serious, sometimes fatal, bleeding. don't take pradaxa if you have abnormal bleeding, and seek immediate medical care for unexpected signs of bleeding like unusual bruising. pradaxa may increase your bleeding risk if you're 75 or older, have kidney problems or a bleeding condition, like stomach ulcers. or if you take aspirin products, nsaids, or blood thinners. tell your doctor about all medicines you take, any planned

i don't know that ponzi scheme is his biggest problem. because you can always say something is a ponzi scheme but then you can go back and say let's fix it. >> it's that he didn't take it to the next level from the get-go and now we have to back track and try and take it to the next level. >> i don't know how many levels actually, watching him last night, i don't know how many levels. >> stop. >> no, i know. this is very legitimate. >> okay. >> after listening to him talk last night in detail i do not know how many levels there are to rick perry. but i do know this. let me finish my thought please. >> please. >> i do know this. the phrase "ponzi scheme" is not rick perry's biggest problem. the word that he's going to have to wrestle with during republican primaries let alone a

social security is a ponzi scheme.k perry said that last night. >>> you're watching "hardball" only on msnbc. boxes from the postal service. if it fits it ships anywhere in the country for a low flat rate. that is easy. best news i've heard all day! i'm soooo amped! i mean not amped. excited. well, sort of amped. really kind of in between. have you ever thought about decaf? do you think that would help? yeah. priority mail flat rate shipping starts at just $4.95, only from the postal service. a simpler way to ship. i could not make working and going to school work. it was not until the university of phoenix that i was able to work full-time, be a mom, and go to school. the opportunities that i had at the university of phoenix got me to where i am today. i'm mayor cherie wood, i'm responsible for the largest urban renewal project in utah, and i am a phoenix. [ male announcer ] university of phoenix is proud to sponsor education nation. because we believe an educated world is a better world. ♪ [ male announcer ] unlike s

ponzi scheme. >> you can't disagree it is a ponzi scheme.it is a ponzi scheme. >> the perry army is building in the media. joining me now, jim moore, author of the forthcoming book and we found out why rick perry will make america miss george w. bush. great title, almost like you knew what the debate would be. he has limbaugh on his side, fox news and the koch brothers. what else does he need to take down the romney camp, mr. moore? >> i don't think he needs much. remember that thing about the ponzi scheme, he prefaced it by saying people my age in their 60s don't have to worry about anything. that was a message to florida, that was a message to seniors, look, i know you've got coming to you what you deserve, but his whole approach on this ponzi scheme thing is an appeal to young voters to say hey, i'm going to bat for you, i'm going to make sure what you're paying into comes back to you. he's going to have to have young voters in a general election to win. that's who he was talking to with this thing. remember also in his book, he said ther

is social security a ponzi scheme? >> no, it's not a ponzi scheme. find out who ponzi was, an individual, a different deal, but, no, it's not a ponzi scheme. it is secured through 2036. >> be sure to watch john king's exclusive interview with vice president biden tonight at 7:00 before you watch the debate here on cnn. don't miss the debate tonight. the cnn tea party debate is live from tampa, florida, where i am. the site of the 2012 republican national convention. wolf blitzer is your moderator. it's tonight at 8:00 p.m. eastern and we will be live, of course, here again tomorrow morning with all of the postgame. christine romans in new york. >> all right. good morning, ali. here in new york we're following new details of bank of america's dramatic restructuring plan. according to the "wall street journal" that bank may soon eliminate up to 40,000 positions. we don't know the number for sure. we will know at 9:00 when the ceo of that company has an investor briefing. we're tracking all the latest developments. what are you learning about how big th

ponzi scheme. >> you can't disagree it is a ponzi scheme. scheme. >> the perry army is building in the media. joining me now, jim moore, author of the forthcoming book and we found out why rick perry will make america miss george w. bush. great title, almost like you knew what the debate would be. he has limbaugh on his side, fox news and the koch brothers. what else does he need to take down the romney camp, mr. moore? >> i don't think he needs much. remember that thing about the ponzi scheme, he prefaced it by saying people my age in their 60s don't have to worry about anything. that was a message to florida, that was a message to seniors, look, i know you've got coming to you what you deserve, but his whole approach on this ponzi scheme thing is an appeal to young voters to say hey, i'm going to bat for you, i'm going to make sure what you're paying into comes back to you. he's going to have to have young voters in a general election to win. that's who he was talking to with this thing. remember also in his book, he said there's no way co

it is a ponzi scheme i am >> we are adults, we can take it. we understand what a ponzi scheme is.now this is a ponzi scheme. >> if you asked everyone here the thing we want most is the truth. we don't trust our politicians at all for the truth. >> it is time we heard the truth. >> maybe we can't handle the truth! [ laughing ] >> yes we can! >> more importantly beyond that, even beyond that we've got all these unfunded iou's from congress that have been raiding it for years. i couldn't care, i have paid into it for decades how is this going to be pulled out. i could give it up and keep funding those already in it. >> the public is ready for the truth. i think the tea party brought that out with the debt ceiling and all the other -- >> but the tea party was 2010 in an off year election. you really think that seniors, who are depending on social security are going to hear in ponzi -- i don't want to bias you. aren't you nervous about that? >> very much so. >> i want to hear solutions too. i don't just want to hear it is a ponzi scheme. don't just scare people and not offer an solutio

he's a great distorter. >> a ponzi scheme -- people get into ponzi schemes, i'll say it again, to doobody gets rich on social security. it isn't intended for that. >> you're selling people dreams and it is not there -- you're not holding and banking their money. so come on, you can't -- >> so it's an aesthetic difference? >> tell me how you reform a monstrous lie. >> there are lots of examples of reforms. i'm going to appeal to your experience as -- >> how do you reform a monstrous lie? that's what rick perry called it. how do you reform a monstrous lie? if it's a monstrous lie, it's a monstrous lie. >> as structured, yes, it is. the campaign can speak for itself. but i think in this particular case, you can restructure things so that they are more solvent and more able to carry it on into the future. >> the reason you're bringing these quotes up is because if you look at the actual quote, the venom in the quote, monstrous quote, ponzi scheme, these people are not talking about reform. they want to eradicate and they are trying to do the moonwalk and say, we'll be reformers but they

. >> social security is not a ponzi scheme. [applause] social security has worked for 75 years pretty darn well. >> rick perry, a champion of the christian values. >> it is those christian values that this country was based upon. >> jackie kennedy in her own words. captioned by the national captioning institute --www.ncicap.org-- you remember anthony weiner, a democrat from new york? he resigned his seat after he had been tweeting pictures of his crotch, conduct is seen as unbecoming for a member of the house of representatives. the district had been a democrat since the 1920's. not this time to the new congressman is 75-year-old former cable-tv executive, bob turner, creator of "the jerry springer show." >> we have had it with an irresponsible fiscal policy that endangers everyone of our social safety networks. we have had it with your treatment of israel. [applause] >> congressman steve israel of new york, who is trying to get democrats elected, is trying to play this one down. >> it is not pretty good about what is going to

>>> plus rick "ponzi keep" perry spent the week perfecting a new dance, the walk-back. but will social security send the cowboy packing? >>> also, tim pawlenty becomes the new top mitten for willard mitt romney. and john mccain gets it wrong, really wrong, on america's exit strategy for iraq. welcome to "politics nation" i am al sharpton. tonight's lead, what a difference a weekend makes. remember last week? it seems that just maybe we had a chance to get something done on jobs. speaker boehner was talking golf with vice president biden, and not once but twice boehner and congressman kantor said the president's jobs bill, quote, merits consideration, unquote. but that was then. this is now. today the president sent his jobs bill to congress, and called for more of the goodwill between the parties. >> this is a bill that will put people back to work all across the country. this is a bill that will help our economy in a moment of national crisis. this is a bill that is based on ideas from both democrats and republicans. as this is it is bill that congress needs to pass. n

he keeps calling social security a ponzi scheme.'s a lie. he wrote in his book it does violence to american values. i don't care what primary you run in or how powerful the tea party is, it's going to spell problems. >> romney was making hay over it. he was doing it last night. what about the other candidates? to be honest with you, so much of the focus was on these two. on twitter, romney and perry were the trending topic. is this a two-man rice? >> it is now. two weeks ago, michele bachmann was at the top. before that, trump was at the top. this past fall, it was subpoena. there's always mitt romney and somebody else. the question is, does rick perry survive a month or two? i don't think he does. i think romney's people are happy with where they are now. >> you have a personal project you are working on for 9/11. >> right. like every show, how are we going to remember what happened on 9/11. i wrote a song ten years ago. we decided to finish it and it's called "reason to believe". we are working with willie geist and operation men

>> what's a reformed ponzi scheme? what's a reformed ponzi scheme? i grow with other campaigns and all kinds of gimmicks, but what is a reformed, corrected ponzi scheme, governor? let the governor answer this. >> chris, it's not a ponzi scheme. it's an underfunded entitlement program that's going to go bankrupt and run out of money if we don't fix it. and i think there's plenty of time for the republican nominee, whether it's rick perry, mitt romney, or someone else to lay out that plan and take it to the is senior citizens, say, in south florida and say, this is what i will do. it's not going to hurt you at all and it's going to help your children and grandchildren. >> here's why i think perry's got the upper hand in your party and why i think he's doing very well. look at this poll number right now, we've got the latest cnn poll. there'll be more polls as we go along here, but this is pretty hefty. rick perry at 30, romney still down below 20 at 18, just alittle bit ahead of sarah palin who's not running, and ron paul who's always going to be a swa

that is what it is >> stephen: yes, social security is a classic ponzi scheme! you think you're gonna get back the money you put in. but your money goes to someone who got in earlier. think about it: millions of unsuspecting young rubes are paying in, while the fat cats at the top sit back and rake in an average of $1,177 a month. [ laughter ] all to fund their lavish lifestyles of motorized chairs and special teeth they can take out at night. [ laughter ] this is a scandal. it has to end! rick perry knows that any time a group of people pool their money for any reason, it's a ponzi scheme. and it's not just social security-- same goes for banks. tell you what -- you deposit a ten dollar bill then come back to take it out, they don't give you back the same bill! one time they tried to give me two fives! [ laughter ] do they think i'm an idiot?! [ laughter ] if seniors out there are so bent on wanting to put their money into a program and get other people's money out, out, there's already a private alternative. it's called vegas. old people already love it. we ju

he actually said it is a ponzi scheme. it is a ponzi scheme.rds, the folks that are paying in today if we leave it the way it is, they have absolutely no chance of getting their money out. that is the very definition, open webster's, you'll see it, that's a ponzi scheme. de not say he wanted to get rid of it. none of the candidates said that. >> but he talked about it as a ponzi scheme and didn't talk about a way forward for social security. do you think that politically that is a good platform for republicans? >> well, again, it wasn't talking about getting rid of it. every republican agreed on that stage that it needed to be reformed and that if we don't reform it, and frankly, folks who are sticking their head in the sand are the ones who are going to destroy social security. seemed to me the republicans on that stage were unified around the concept we have to address the problems facing social security or it will continue to be a ponzi scheme and ultimately it will simply fail, leaving millions of americans without any hope in their later y

but, no, it is not a ponzi scheme.t is secure through 2036 and to fix it is not hard. >> you can see the rest of that exclusive interview with the vice president tonight on "jk usa" at 7:00 a.m. eastern. >>> was it a good move by perry to set himself apart? >> it doesn't matter whether you're a democrat or republicans, if you're a senior you're really concerned about your social security and you usually don't start a presidential campaign by setting grandma's hair on fire. but that's what rick perry did when he not only called social security a ponzi scheme, he implied he might undo it if he could go back 70 years. he's got to fix that. >> voter turnout numbers from the last presidential election show you how big a deal social security may be as a campaign issue. look who tops the list -- yes, 70% are voters over the age of 65. the ones who are getting social security. at 69% are those aged 45 to 64. the ones who will be getting it soon. joining me now to talk about perry's comments on social security and the use of it

estate which was the favored instrument of a ponzi scheme favored by alan greenspan and ben bernanke when they artificially dropped interest rates after the nine eleven attacks remember to prove to the world that america still had what it takes to be the biggest consumer and polluter in the world they drop rates down to one percent and this only this real estate bubble people of course love the idea of buying real estate for no money down and that created the final stage of the final blow up of the final bubble that we're now living with the consequences today that will never ever be paid back unless there's a global cooperation of a reconfiguration other global currency grid and until that happens just expect this depression to get deeper you have a max how is king clause any different from. chairman ben bernanke because here's a guy who used this pyramid scheme in order to foster a housing bubble in this remote town the same thing is happening in the u.s. and this is what operation twist is about this is what all of this junk is for ben bernanke on the u.s. federal reserve website

in essence, it is a ponzi scheme. however, it has the united states government and treasury behind because -- so it will succeed. obviously you pay in today and what you did back in 60 years is not your money, it is the money of the generation after you. so, technically it's right. but it is not how you argue it. mitt romney is the one who played the grown-up, the one who would say, look, which will run in general election. it is a program you don't want to trash. however, you think of the financial standing right now, you want to save it. he is playing an election strategy and it is an appeal to his constituency. and away he it is saying, look, if you want to win in november you really want somebody on edge of these issues -- social security and other entitlements? >> how is the rick perry, -- ponzi scheme will play in florida? >> not very well, war in iowa or new hampshire. the reality is, it is not a ponzi scheme. upon this game is an illegal act where i pay money to you and promise to pay back and i do nothing wit

was not alone regulators are now investigating scores of similar crimes they say there is a ponzi money i'm underway this four levels and every white collar crime is the gotta gives the what is the people take the what is the people that knew what was going on but didn't participate and the people that should have known what was going on like boards of directors or what it is but they didn't participate so what they tried to do is they tried it. get to the culpability of the guy at the top by working from the bottom the problem that you have in the bernie madoff cases they've got the guy at the top first and he's protecting the other three layers underneath that wall street a lot of the extraction tends to be very borderline illegal because the people extract don't tend to be the one setting up the legal framework route economics is what limited not only calls it in our new book with the reason why the line between what is criminal what is now criminals disappear it's because a did it would say well when you remove all that is fiction when you remove all the controls then of course what

. >> by embracing the ponzi idea he destroyed his candidacy. >> calling social security a ponzi schemeords. i think that's the lead in the "new york times" tomorrow, i would bet. >> jon: oh, "the new york times". my guest is rick perry will be serious will their -- furious with their editorial board as he per ruses it over -- [ laughter ] he destroyed his candidacy in the ponzi scheme comment and the part where he says social security is broken and must be fixed even though most people voting in the republican primary agree with him. this is not a race for the presidency of pubditytown. media you are thinking about this with the wrong part of your brain, the brain part. [ laughter ] they were sure that perry made a devastating conceptual error and the audience would rebuke him for his gaffe. reagan library ain't a reading library. >> a question about texas, your state has executed 234 death row inmates more than any other governor in modern times. [ applause ] >> jon: the biggest applause line of the night was the mere mention that rick perry had executed 234 people. [ laughter ] holy

of reporters staked out a new york courthouse to report bernie made all submission of guilt in his ponzi scheme and there are millions and millions of dollars they owe the o'jays or many of them readily angry i had an ira worth one point three million of my other money it was about one point eight million pieces and it's gone on that how do you think you get away with this for so long watching how a person has run a stand for so many years without that effect that was one of the things i thought of my happiest scale nobody could successfully run a scam for that long. was not alone regulators are now investigating scores of similar crimes they say there is a ponzi monium under way this four levels and every white collar crime is the gotta gives the what is the people of the what is the people that know what was going on but didn't participate and the people that should have known what was going on like boards of directors or it is but they didn't participate so what they try to do is they try to. get to the culpability of the guy at the top by working from the bottom the problem that you

scheme because there is a real business and i think the people are going to when they mention ponzi scheme is the fact that the lack of really the repeat customers in other words they make a big splash think it's not is yet it's not that bad actually they make their repeat customers aren't there but it would it is the big controversy the question is do they need to just keep adding customers in order to make them better that's right that would be if you like if you were to shut down customer acquisition right now yeah and just you know with because the murders that they have to be able to have a business and there's an argument and they would actually it's not clear that they have to. keep spending like crazy but that is certainly their plan and their plan is to raise a lot of money from the i.p.o. and to and without that i.p.o. money is a company still was a year from now. it would be very days you're burning through a lot of money ok fair enough let's talk about french banks for a second morgan stanley hugely exposed to french banks is it too big to fail can u.s. banks survive a f

said it was investigating thirteen hundred securities fraud cases including many ponzi schemes as well as more than five hundred eighty coupe ripped through hard cases most of these cases got little attention but the media loves arch criminals like financier bernard madoff these are complicated white collar crimes of which the government does not have the resources to thoroughly prosecute and the white collar criminals know it so they set it up not as a single transaction that's a crime but a series of transaction. what's that all put the get it makes it a crime but to do that you have to go beyond the prosecution of one wrongdoer and look at the way wrong street itself became a ponzi scheme you have to examine a pattern of a system of criminality which brought the investment and real estate worlds together you know multi trillion dollars. scam. to simplify there were three interconnected rings in this circus and valving the biggest firms in the industry it started in the real estate business where our desire for homes the in hurrican dream was turned into a scheme first predatory subp