who got this right in, who, when he's not having an oops moment, refers to social security as a ponzi system. of commitment to retint better appe economic ladder tospsibility fo financing retirement security so we don't continue to have tax breaks for billionaires and multinnair share but we have the revenues at the the cost issues as we did through the affordable care act, that we have the revenues for a balanced approach. it is not seniors, to blame retirees for the problems we have in medicare. it is essential that we seek a bala a person who really understands is the gentlewoman from florida, and i would yield 2 to her to discuss this matter o thank you for your eloquence. over the past several months in hearing after hearing on this committee just as we heard last wrecovering theme from our expert witnesses that have come before chairman bernanke said it. director elmendorf said acting director zients said it and secretary geithner reaffirmed that the draconian reckless cuts proposed by the proposal today willident in create an enormous headwind for our economy. yet here we are again th

we have governor perry who when he's not having an oops moment refers to social security as a ponzi system. that's not the kind of commitment to retirement security that we need. the better approach is one that calls on those at the top of the economic ladder to accept your responsibility for the cost of financing retirement security so that we don't continue to have tax breaks for billionaires and multi-national corporations that are not paying their fair share, but we have the revenues at the same time we try to deal with the cost issues as we did through the affordable care act that we have the revenues for a balanced approach. it is not visionary to blame seniors, to blame retirees, for the problems that we have in medicare. it is essential that we seek a balanced approach and a person who really understands that well is the gentlewoman from florida, and i would yield 2.5 minutes to her to discuss this matter further. >> thank you, mr. doggett and thank you for your eloquence. over the past several months in hearing after hearing in this committee, just as we heard last year we've hear

more in that sense than in the western governments because really this whole ponzi scheme axis forces all global monetary system is really the western bankers buster banking and this. yeah it's interesting the dynamic within a year of the dollar i was going on there people all assume that the year i was the weak weak link in the in the global currency outlook but of course china is much more sympathetic to seeing a stronger than they are the u.s. dollar maybe get into that a little bit for us j s kam sure i guess a great point max because i've always spell that it's you know u.s. dollar certainly no better off than a year although all the media attention seems to be on you know the weakness of your right now certainly the euro as in your country is a newer currency only come it is theirs and see thousand two thousand and one does not does not have the volume of the u.s. dollar obviously is that international currency so they definitely isn't in europe in the u.s. dollar are going to affect the economy tezuka is not going to be able to escape this so you know like you said before if you look at what the creditor

tremendous growth in resources over the past decade, the sec failed to defect ponzi schemes such as madoff and stanford, u.s. financial systems nearly collapsed. in recent years the sec has also had several embarrassing management lapses such as purchasing unneeded space, repeating material weaknesses in the sec's own financial statements to name a few. i believe many of these problems are symptoms of fundamental problems within the sec's organization and structure. the fiscal year 2013 request proposes another substantial funding increase of 18.5% over fiscal 2012. i think this body is reticent to throw more money at the sec until you all have proven you've addressed the structural problems from within in a comprehensive way. we want to have competence that the sec is, one, issuing regulations based on sound data and analysis that can stand up in two; two, taking strong enforcement actions against individuals committing fraud; three, helping to facilitate access to call follow for american bins and effectively managing the resources to fund your operations. just because the sec is funded through free doesn't absolve y'all fr

more in that sense than the western governments because really this whole ponzi scheme great axis forces all global monetary system is really the western bankers clustered banking and initiated yeah it's interesting the dynamic between a euro the dollar i was going on there people all assume that the euro is the weak weak link in the in the global currency outlook but of course china is much more sympathetic to seeing a strong euro than they are the u.s. dollar making it into that a little bit for us j.s. cam sure i think as a great point max because of all you spell that you know u.s. dollar sort of you know better or that your all go all the b.s.h. it seems to be on you know the weakness and your right now are solely the euro's in your country and your currency only come into existence in two thousand two thousand and one it does not does not have the volume of the u.s. dollar obviously as international currency so big definitely isn't europe in the u.s. . dollar are going to affect these economies because he's not going to be able to escape this so you know late like he said he will or if you look at what the c

more in that sense than to the western governments because really this whole ponzi scheme re max or saw global monetary system is really the western bankers bustard banking and initiated yeah it's interesting the dynamic within a year out of the dollar i was going on there people all assume that the year i was the weak weak link in the in the global currency outlook but course china is much more sympathetic to seeing a strong euro than they are the us dollar maybe get into that a little bit for us j.s. cam sure i think that's a great point max as i've always felt that it's you know u.s. dollar certainly no better or that your old i'll be attention seems to be on you know the weakness and your right now solely to yours and your constant isn't your currency only coming to his assistance he doesn't see thousand on you does not there's not how the volume of the u.s. dollar obviously is that international currency so. definitely weakness in europe and the u.s. dollar are going to affect these economy days because he's not going to be able to escape this so you know like you said the floor if you look at what the c

despite this growth, the sec failed to detect a ponzi schemes, the u.s. financial system collapse, and judges question their settlements and regulations. sec has also had several embarrassing management lapses such as purchasing a space, destroying documents, and repeating weaknesses and the financial statements, to name a few. i believe many of these problems are symptoms of fundamental problems within the organization and structure. the fiscal year 2013 request proposes another substantial funding increase of 18.5% over 2012. i think this body is reticent to throw my arm money at sec until you have proven you have addressed the problems from within in a comprehensive way. we want confidence the sec is doing sound analysis that to stand up in court and taking strong actions against individuals committing fraud and helping facilitate access to capital for american businesses and managing the resources provided to run your operations. just because the sec is funded through -- does not absolve you from managing the funding entrusted to the sec and does not absolve the commi

a lot of digital money because this is leak and flooded into the system with near zero interest rates and again this is it's one big ponzi scheme who puts going over there over there in europe with the european central bank and you want to talk about great collateral war and what are they doing you know one point something trillion euros that banks could borro at one percent interest rates just throwing junk on that they have no collateral they have no money and what are they doing well you know pay it back to us in three years just keep this ponzi scheme going so the really what's and this is very important parallel what's going on followed back to the christian of two thousand when the nasdaq crashed and the dot com bubble burst what did they do after nine eleven they lowered interest rates to forty six year lows to keep the ponzi scheme going because the cats don't like to lose money and they have to make it back real quick but now they're doing it again but this time people don't have the leverage to buy homes so what are they doing with it going back deep into credit card debt oh now they're buying or more bills and

ponzi scheme as well. >> is often said a good realism for financial systems if it sounds too good to be true, it's probably true. but this goes way beyond that and you have a different take on the. >> i know. every writer has lines they wished written to someone else did. this is one of those. i he moder thais to say, a madoff ponzi scheme. if it sounds too good to be true, you are dealing with an amateur. think about it. a professional knows to make it sound just good enough to tempt, but not make it sound too good to be true. madoff was a pro. he never made it sound too good to be true. a smart ponzi scheme or won't. so if you think you can defend yourself from a ponzi scheme or by staying alert to anything that sounds too good to be true, i've got news for you, that guy is an amateur. is going to get caught long before he gets to you. it's the pros will make it sound just good enough to sound attractive your just good enough to interest you, but not so good that your red flags are going to start waiting and your alarm bells will start going off. so that's another one of those questions i think we need t

ponzi schemes. >> let alone the gigantic mortgage flawed crashed our economy in 2008. the lesson they learned from that is lets open up the systemttle more fraud. it's mind numbing. it's stunning, but talk to me about what you think their motivation might be. >> well, you know, everyone -- we're in an election cycle. i've worked in washington, d.c. for a number of years gun through these election cycles before. everyone's trying to raise campaign cash to pay for their campaign ads and television from the republicans to the democrats in congress to the obama administration. the venture apartmentallists, also called the vulture capitalists have come hat an hand and said we'll give you a lot of money if you'll give us deregulation and make it easier for us to actions other people's money and by therr way whehe w w ntntooelel thesehe comomnini off ket e eieieo tel[el t tm off eoeoe who actually may be making not good investments just as the venture capitalists did a couple of years ago in the dot com bust, costing us hundreds of thousands of jobs in america and $7 trillion in value off the corporate markets. that was not a jobs crea

. >> but the whole system -- >> it's always been a ponzi scheme? just like with medicare and social security, though, there's a huge looming unfunded liability that's out there when only you've got this group of people paying for all of the care coming out the other side. you did your part this year, right? popping them out. >> i got two out at one time. one shot. >> all right. >> but the question that i still have is if you find this unconstitutional, what's the difference between this and social security. and i don't know the answer. i haven't been able to anything it out. i'm sure somebody could and if you have that answer, please help us out. >> someone said that with a got me is funeral services before every single person will die. and most people don't make any arrangements for paying for that and the state ends up paying for that and you could definitely say you got to buy this funeral insurance, which i don't even want to think about. do you? mortali mortality? >> trying not to. >> but you were very forthcoming. l i liked it because you adm

ponzi scheme in u.s. history defrauding investors of over seven billion dollars in savings layla was not a rebel she was as i said someone. like the other characters in the book really believed in the system and as a result when she saw it going off the rails so she had to she have to do something now we all do you think that intimidation works whether it be on the part of the government or maybe just executives at some of these firms because if we look at some of the things that we see whistleblowers come out of recently aside from the financial industry it's also been people that have tried to highlight what's happening want on i'm ok right or highlight some of the torture records it's also been people like thomas drake who wanted to show everybody that there was this n.s.a. warrantless wiretapping program and the government was not only full of waste and fraud but there was massive abuse going on and you know sometimes you think about actually scares people enough. well i think by the way all of the all the people you mention i don't know all their cases in detail but i do write about. a military prosecutor verrall vanderbilt who was something going on and on had a crisis of conscience

ponzi schemes in financial history. getting online even if you are off the beaten path, verizon introducing a new wireless broadband service targeting rural areas, home fusion systembout 60 bucks a month, but it also requires installing a special antenna and that's another 200 bucks. and a big birthday for the world's best selling cookie. oreo is celebrating by selling a special birthday cake oreo. $2billion of the cookies were gobbled up last year alone. that's business. i'm neil cavuto.   >> this fox 5 stock market report is brought to you by your lexus dealer. live life heroically. texting...blogging... all this technology, but you're still banking like pilgrims! get high yield free checking at capital one bank. why earn bupkis, when your checking could earn five times the national average!! and free atms anywhere. five times the national average!!! that's new school banking. sign up for high yield free checking at a capital one bank. what's in your wallet? somebody help me down. you can always expect more. like more on demand shows and movies than ever. and more ways to discover them too. plus more speed from america's fastest intern