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AIG CEO: retirement age should be 80

A forum for discussion of regional topics including oil depletion but also government, society, and the future.

Re: AIG CEO: retirement age should be 80

Unread postby Cog » Mon 04 Jun 2012, 19:35:47

pstarr wrote:He did not say anything of the kind. Did you read his remarks? He is talking about the European crisis. You are just draping the guy in your Fox News right-wing BS.

As for the "ponzi schemes," I invested in them my entire life. I am not going to allow anyone steal my future. bet on it.

You know what Cog? That kind of talk is not funny. Not around here. You shouldn't do it.


Hey, I'm trying to be compassionate here. Taking in Sixstrings relatives, that he doesn't want to take care of, is above and beyond my social responsibility but someone has to man up and do it if he won't. I will give them a cot and some hot chow for a fair day's work.

If you want to to make social security and medicare fiscally sound, I hope you have a time machine to go back and fix them. Federal medical spending is now doubling every seven years. In 15 years, they will consume the entire federal budget. Sound like that will work to you? :lol:

You progressives have ruined the country with your dreams of redistribution of wealth and fantasies of cradle-to-grave socialism. We are broke and the ship is sinking. I suggest you learn how to swim.
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Re: AIG CEO: retirement age should be 80

Unread postby Cog » Mon 04 Jun 2012, 19:40:15

newman1979 wrote:The SS and Medicare laws were on the books and have been since 1937 and 1965. A ponzi scheme is a fraudulent scheme by definition. It requires a misrepresentation of a material fact. Nothing has been misrepresented,it's the law.You watch too much "Fox".
Get a life Cog. This AIG guy that is nothing more than a glorified welfare queen because without a Government bailout, AIG would not exist. He should be summarily fired.


The misrepresentation was obvious if you understand basic math and the exponential function. You got told the big lie by your elected leaders and swallowed it just like they hoped you would. Don't try to drag down the rest of us because you are disappointed in the outcome on the Ponzi.
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Re: AIG CEO: retirement age should be 80

Unread postby mattduke » Mon 04 Jun 2012, 19:55:21

Sometimes the law defends plunder and participates in it. Thus the beneficiaries are spared the shame and danger that their acts would otherwise involve… But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them and gives it to the other persons to whom it doesn’t belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime. -Bastiat

SS is 100% Madoff-approved Ponzi: at gunpoint. Except even Madoff didn't threaten to hurt anyone that refused to participate.
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Re: AIG CEO: retirement age should be 80

Unread postby Cog » Mon 04 Jun 2012, 20:04:28

You better get down there to your SS lockbox Pstarr. I think you will find someone has pilfered your money.

Don't worry though. I have a lot of cots.
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Re: AIG CEO: retirement age should be 80

Unread postby mattduke » Mon 04 Jun 2012, 20:08:09

As with all Ponzi schemes, the first in make out like bandits. Ida Fuller payed $24 into SS and extracted $22,000. Those who come later make all the payments and get no payout. SS is not invested in government debt, it was spent. Writing an IOU to yourself for a trillion dollars does not mean you own anything. Last time I checked, involuntary servitude is illegal.
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Re: AIG CEO: retirement age should be 80

Unread postby furrybill » Mon 04 Jun 2012, 20:16:35

dsula wrote:
Lore wrote:It's not about being wealthy, it's about wealth disparity.

Correct. And the solution is not to tax the rich, but to setup a framework of law and society that amassing a ridiculous fortune is not possible in the first place, e.g a combination of:

1. limit the size of corps
2. limit the lifespan of corps
3. limit what companies can own (e.g holding companies should not exist)
4. limit 'gambling' type investment


+1

It's like any system really, there's usually an extreme at both ends at which the system's rules/results break down. So you have to adjust the system for the "zero" and "infinite" conditions. Capitalism is just a system, not a perfect religion...

In this case you don't hurt anyone by saying that no one person can earn more than $1 million a year, i.e. avoid the "infinite" condition. Or I would be hard put to imagine that you'd hurt an economy by saying no bank can take up more than 15% of the market.
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Re: AIG CEO: retirement age should be 80

Unread postby mattduke » Mon 04 Jun 2012, 20:23:22

pstarr wrote:
mattduke wrote:As with all Ponzi schemes, the first in make out like bandits. Ida Fuller payed $24 into SS and extracted $22,000. Those who come later make all the payments and get no payout. SS is not invested in government debt, it was spent. Writing an IOU to yourself for a trillion dollars does not mean you own anything.
Generations of Americans retired and died graciously on SS, and they were not all scammers like you want us to believe.

Libertarians like you just want to defund the government, except for the fun-gun part. Call me a commie or a sissy, but I'd rather take the troops home and take care for old people.

It was wrong for Ida Fuller to steal $22,000 from other people. She was a thief.
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Re: AIG CEO: retirement age should be 80

Unread postby Lore » Mon 04 Jun 2012, 20:57:56

furrybill wrote:
dsula wrote:
Lore wrote:It's not about being wealthy, it's about wealth disparity.

Correct. And the solution is not to tax the rich, but to setup a framework of law and society that amassing a ridiculous fortune is not possible in the first place, e.g a combination of:

1. limit the size of corps
2. limit the lifespan of corps
3. limit what companies can own (e.g holding companies should not exist)
4. limit 'gambling' type investment


+1

It's like any system really, there's usually an extreme at both ends at which the system's rules/results break down. So you have to adjust the system for the "zero" and "infinite" conditions. Capitalism is just a system, not a perfect religion...

In this case you don't hurt anyone by saying that no one person can earn more than $1 million a year, i.e. avoid the "infinite" condition. Or I would be hard put to imagine that you'd hurt an economy by saying no bank can take up more than 15% of the market.


The government doesn't have any of those powers, other then to tax.
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Re: AIG CEO: retirement age should be 80

Unread postby newman1979 » Mon 04 Jun 2012, 21:21:40

So here's a news flash for all you anti SS and Medicare right wing nuts. In 1976, the Supreme Court made property rights of SS and Medicare benefits that can not be taken away with out due process of law.
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Re: AIG CEO: retirement age should be 80

Unread postby Sixstrings » Mon 04 Jun 2012, 21:32:37

pstarr wrote:He did not say anything of the kind. Did you read his remarks? He is talking about the European crisis. You are just draping the guy in your Fox News right-wing BS.

As for the "ponzi schemes," I invested in them my entire life. I am not going to allow anyone steal my future. bet on it.


Just want to add, it's not JUST the euro crisis. We're hooked up in that too. If there's a move to push up retirement ages, it'll be on both sides on the pond. Over here that means SS, medicare, and even you IRA and 401k all that is tied to SS eligibility age -- that age is the benchmark age for "retirement."

Cog wrote:You know what Cog? That kind of talk is not funny. Not around here. You shouldn't do it.


Ya I don't get that talk. I don't know. Does everyone on this forum have eternal youth, no kids and no parents? It's weird, it's like some on this forum are living in a vacuum no aged parents no family nothing can touch them or concern them the least. Either they are very very wealthy or irresponsible and just don't realize how much government does for the elderly.
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Re: AIG CEO: retirement age should be 80

Unread postby Sixstrings » Mon 04 Jun 2012, 21:36:18

pstarr wrote:Is this AIG guy out of his mind? He has to be shell-shocked. Stepped on one-too-many land mines?


This is the guy they gave the job to after the AIG bailout. AIG has opinions about retirement age because that's their business, insuring investments and pension funds' investments. So naturally, they don't want pensioners to collect, make sense eh?

The whole idea of AIG is ludicrous in the first place. Investments should have risk or they're not investments -- if the gov backstops all of it then that's just free gov money for the rich, money for nothing chicks for free raise retirement age for all us muppets to 80.

One could say gov bailouts of the markets and AIG helps pension funds but if they raise the collect age to 80 and beyond then that's rather useless to pensioners. The only winners are the top .01%.
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Re: AIG CEO: retirement age should be 80

Unread postby Sixstrings » Mon 04 Jun 2012, 21:39:08

AgentR11 wrote:
Sixstrings wrote:If retirement age goes to 70 or 80 that ups your IRA and 401K withdrawl dates too.


Don't have one.
Never will.
If I were a betting man I'd say 50/50 those my age will never be allowed to touch the money they have in those precious 401Ks, at least not without a very substantial penalty.


That sounds super cool doomer and all..

But in the real world..

Put your thinking caps on guys, you really okay giving away your rights to your IRA's and 401k and private pension and SS / Medicare?

If the answer is yes then wow, you all have been quite brainwashed. Tell you what, send me all your money, if you're so resigned to "the world is ending anwyay." :roll:

I have always disliked this angle of doomerism, using peak oil / climate change / the nibiru asteroid / whatever kind of doom to justify conservative ideas of the rich looting all our money. It's a bunch of BS. Seriously here, Congress goes and takes away all my retirement money that's just a bunch of crap.
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Re: AIG CEO: retirement age should be 80

Unread postby Sixstrings » Mon 04 Jun 2012, 21:56:05

SeaGypsy wrote:It amazes me too that 6strings has been around here so long without getting it that the social security and pension systems will definitely collapse.


I don't have the link now I'd have to look for it but I posted it a long time ago.. Krugman wrote a NYT article once, with a very small tax on the super wealthy we could not only save Social Security for another 30 years but actually INCREASE benefits.

Those are the facts.. I don't understand why you all think the rich must have it all and no other kind of world is possible. We just have to disagree on that.

Way I look at it.. "world made by hand" Mad Max zombie collapse is gonna happen whenever it's gonna happen, but until then I don't see the justification for throwing millions of seniors into abject poverty with no healthcare and no pension. I'd better darn well see billionaires heavily taxed before I'd ever be okay with that.
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Re: AIG CEO: retirement age should be 80

Unread postby Plantagenet » Mon 04 Jun 2012, 22:03:37

Sixstrings wrote:I have always disliked this angle of doomerism, using peak oil / climate change / the nibiru asteroid / whatever kind of doom to justify conservative ideas of the rich looting all our money. It's a bunch of BS. Seriously here, Congress goes and takes away all my retirement money that's just a bunch of crap.


You don't get it. Your SS money is already gone.

Social security, like student loans and sub-prime loans for poor people, is a liberal social program that wasn't well thought out.

Boomers were taxed an extra 2.7 TRILLION DOLLARS to pre-fund their own retirements by paying into a so-called "trust fund." But there never was a SS trust fund----Al Gore and the other liberals lied----the lock box was never locked and the SS money that we were promised would be kept in the trust fund was sucked into the general fund and all spent years ago.

Student loans and sub-prime home loans were liberal programs that were supposed to "help" people. They blew up.

Social security is a liberal program that is supposed to "help" people. Instead, it has sucked huge amounts of tax from boomers under the false pretense that it was funding a "trust fund" for them. That was a liberal lie.
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Re: AIG CEO: retirement age should be 80

Unread postby newman1979 » Mon 04 Jun 2012, 22:08:48

The Ryan plan proposed by all Republicans will cost retirees after 2027 around an extra $200,000 per couple in 2011 dollars. By Ryan's plan, $5 trillion will be "saved" by the Government, but at the expense of adding $35 trillion to retiree costs for health care. Today the average of family savings is around $6,000, according to USDebtClock.org. Given that oil in 15 years will be much higher, maybe $2-300 a barrel, retirees will be broke, die earlier, or live in poverty if incomes do not grow enormously. What's in your wallet?
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Re: AIG CEO: retirement age should be 80

Unread postby Sixstrings » Mon 04 Jun 2012, 22:41:29

pstarr wrote:They are drama queens and hopeful wealthy-wannabees. Believe if they tow the line, then they will earn the prize. Scared of poverty. Handmaidens of the wealthy.


Ya you're right there pstarr. It's a quirk of psychology -- empathy gets blocked because people are SCARED of it, as if somehow by empathizing or helping the vulnerable they could end up the same way. Hard to explain.. but it's why people turn away from those in need, it's why they don't care about the hungry and poor or sick and old. And yet it really can happen to them too, because they are human we're all liable to get old decrepit, drooling and senile. If we live long enough.

Now it's so bad we're not even talking about taking away charity here, but just regular retirement pension benefits.

The gov is saying we live a long time now, but in my family nobody went much past 80. I look around me.. far younger folks aren't looking too healthy. Childhood obesity and diabetes is an epidemic. And these are the people who will theoretically be living to 100 and can all work full time jobs at 79 years old?

By the way, it's actually good for the mind and body to work as long as possible. But folks need their SS they paid into it, raising that age is just wrong. At minimum you'd need a health exemption, some 75 year olds are DAMN OLD, it kind of varies. Where I live old folks who can work DO work, because they enjoy it, and for many SS is supplement anyway they must work part time. But as they get older it's like 10 hours a week crossing guard, or McDonalds or Walmart greeter, all part time. They need their pension check to make up the difference, they cannot work as hard as a 20 or 30 year old man.

I found that NYT article, wasn't by Krugman:

Get Radical: Raise Social Security
By THOMAS GEOGHEGAN

AS a labor lawyer I cringe when Democrats talk of “saving” Social Security. We should not “save” it but raise it. Right now Social Security pays out 39 percent of the average worker’s preretirement earnings. While jaws may drop inside the Beltway, we could raise that to 50 percent. We’d still be near the bottom of the league of the world’s richest countries — but at least it would be a basement with some food and air. We have elderly people living on less than $10,000 a year. Is that what Democrats want to “save”?

...

If people are willing to pay more just to “save” Social Security, they should be glad to pay more to raise it.

What does it take to get Social Security up to half the average worker’s earnings? According to the National Academy of Social Insurance, to close the deficit and raise benefits to nearly half of average worker earnings, we would need to find an additional 5 percent of taxable payroll, or find the money elsewhere. If we lift the cap on the payroll tax without paying more benefits to those above it, that gets us 2.32 percent (or a bit less if we slightly increase benefits to the rich). Dedicating revenues from the estate tax at its 2009 levels to Social Security gets another half percent. A few other tweaks, like covering new public employees, add another 0.42 percent. The remainder can be found by raising the payroll tax by roughly 1 percentage point for both employees and employers.

I can hear the argument: It will discourage jobs, blah, blah. While I sympathize with the health costs employers pay (I am an employer, at our tiny law firm), they have had a windfall on pensions. In 1975, when I left law school, around two-fifths of American workers were in defined-benefit plans. Now it’s just a fifth, and dropping. For employers, that’s not the real bonanza.

Retirees today are shortchanged on Social Security because they have been shortchanged on wages for their entire working lives. The labor economist Richard B. Freeman points out that the hourly earnings of workers dropped by 8 percent from 1973 to 2005 while productivity shot up 55 percent or more. The United States is one of the few developed countries where workers are routinely cheated of a share in higher productivity.
http://www.nytimes.com/2011/06/20/opinion/20geoghegan.html


Gotta agree with that. We could go into entropic collapse smiling and holding hands instead of creating scapegoats and enemies. But until then, I have mine; Rethuglicans. :razz: Creationists want to end it now. It's their religion.


Bingo. If peak oil collapse doom is so cool, let's tax the rich let them enjoy it too. Why should we have all the fun, right? :)
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