Why do we need a Fed chief who suggests Congress RENEGE on SS & Medicare while he doles out billions

[Faryn Balyncd]

Why do we need a Fed chief who suggests Congress RENEGE on SS & Medicare while he doles out billions to incompetent &/or crooked Wall Street billionaires?


Regarding commitments to Americans who have faithfully paid into the Social Security & Medicare system all their working lives, Bernanke says "its only as mandatory as Congress says it is".



http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=7147882&mesg_id=7147882



Looks like the Senate has a job to do, regarding advice & consent, and Bernie's showing them the way.







:kick:






(Edited for spelling.

Thanks to those of you who kindly pointed out my spelling error! And my chutzpah!)

[WilliamPitt]

1. "Reneg"

Sorry.

[Spider Jerusalem]

2. It's 'renege'

the way you have it spelt looks kind of...bad.

[Faryn Balyncd]

4. Thanks,WP & SJ

edited for spelling

[Peace4us]

7. To Spider Jerusalem

I love your H.L. Mencken quote.

[Dreamer Tatum]

3. Chutzpah = capitalizing for emphasis a word you don't know how to spell nt

[Faryn Balyncd]

5. That's a great defintion... My apologies

[Dreamer Tatum]

6. No WURRIES. Just SCROOIN' with ya. ny

[Peace4us]

8. We Don't!!

We don't need Bernanke as Fed Chief. In fact, we don't need a private banking cartel printing our money at interest at all! Interest is the biggest chunk of our Federal budget (along with defense -- or should I say offense --) spending.

We could easily afford health care for all if we abolished the Federal Reserve and took back our Constitutional right to issue our own money, for our own benefit and not for the benefit of the financial oligarchy and Wall Street.

[Faryn Balyncd]

9. Barclay's banker ($25 M sal/bonus, $8.5 B in AIG bailout funds) wants teacher fired for "sleazeball"

....remark:


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7154207


http://www.dailykos.com/story/2009/3/17/709713/-US-Taxpayers-To-Pick-Up-Tab-for-Barclays-Vanity-Project


http://www.thedailybeast.com/blogs-and-stories/2009-01-09/the-highest-paid-man-on-wall-street/


While just about every top Wall Street executive—from Lloyd Blankfein of Goldman Sachs and John Mack of Morgan Stanley to Bank of America’s Ken Lewis and JPMorganChase’s Jamie Dimon, has agreed to eschew a bonus in 2008, my sources tell me that a relatively unknown 49-year-old—Hugh “Skip” McGee III, the former head of investment banking at Lehman Brothers—may now be the highest paid banker on Wall Street. He negotiated for himself a two-year, $25-million-a-year contract to remain global head of investment banking at the British bank Barclays plc, as part of the deal where Barclays bought (for a song) the remnants of Lehman Brothers’ U.S. banking business out of bankruptcy. “I’m feeling nauseous right now even thinking about McGee’s deal,” said one of his former Lehman colleagues.



"Skip" McGee (who apparently can't stand to be counted as among "sleazeballs") is a guy who Barclays can afford to pay $25 M in salary and bonus, thanks to Bernanke, the same fed chief who wants to balance the books on the back of the middle class who, after paying in to SS and MC for 40 years are depending on it for a non-indigent old age.

[notesdev]

10. The government will renege

There's no option about it. Too much has been promised, too few dollars are there to pay for it. Yes, that is even if we slash the defense budget to the bone and roll back our empire. The scale of the promises made add up to somewhere around $70-80 trillion dollars.

A nation can only be a net consumer/debtor for so long before everything falls apart. That moment is fast arriving.