Last week on CNBC the following classic exchange occured:
CLASSIC CNBC EXCHANGE - Rick Santelli Battles NYT's Tom Friedman Over Social Security: "You're An Idiot"
CNBC Video - Santelli Battles Friedman - Sep. 8, 2011
Great clip from this morning's Squawk Box. Transcribed inside. Runs 1 minute.
In terms of unfunded liabilities, Medicare is 6X the black hole that is social security, which can be solvent for 50 years with a few tweaks, but Santelli speaks through the lens of his 19 year-old daughter (as he often does), and channels the anger of today's typical college student, which to me at least, is completely understandable.
The correct answer is to cut war spending by 50% over the next 5 years, and use the savings to fund Social Security (without changes). Medicare, on the other hand, and it's completely unpaid-for, and incredibly irresponsible Prescription Drug Benefit (Part D), is going to need a substantial overhaul to survive, the majority of which will need to come from means testing of the wealthy.
Relax, it's Friday. Police used water cannons and tear gas to disperse the crowd.
With about 25 minutes left in today's trading the DOW is testing the lows set earlier this morning. There is no single reason for the selloff, though analysts are widely quoting the begrudging acceptance of a global slowdown, and continue disarray in Europe with the Euro trading at 2011 lows against the dollar.
- Follow the trading LIVE
- Bloomberg Markets Summary
- ECB’s Stark steps down, markets plummet
- Treasury Yields Fall To 60-Year LOWS
- EURO Falls to 6-Month Low
- Ghost of Lehman Haunts G-7 Amid Debt Crisis - Bloomberg
- Germany Said to Ready Plan to Help Banks If Greece Defaults
- Corporate Bond Risk Rises in Europe, Credit-Default Swaps Show
- China Inflation Eases From Three-Year High
- Greece Committed to ‘Full Implementation’ of Pact Amid Default Speculation
- NY Police Search Trucks After Terror Threat
- Geithner BS: ‘Substantial’ Impact From Jobs Plan
Colbert Report On The GOP Debate & Social Security As A Ponzi Scheme - Sep. 8, 2011
Decent clip from last night's show.
GOP Debate Highlight - Ron Paul Reminds Sheeple That 'One Gallon Of Gas Only Costs A 1965 Silver Dime'
Video - Inflation Bithchez!
The newest ad from Dr. Ron Paul, the anti-Rick Perry, we-don't need-dangerous-HPV-mandates-because-my-campaign-aide gets-paid-by-Merck candidacy.