"My greatest fear is that one day I will have to support my parents"
- Thread starter harrytrader
- Start date
I wouldn't mind supportig my parents, seeings that my mom has been dead for 10 years, and my dad is a multi-millionaire.
"Hey, Dad, you want to go to Sizzlers for lunch?"
"Who are you?"
"I'm your son."
"I don't know you." [Alzheimer's]
"That's OK, because I have access and control over your millions."
to
"Hey, Dad, you want to go to Sizzlers for lunch?"
"Who are you?"
"I'm your son."
"I don't know you." [Alzheimer's]
"That's OK, because I have access and control over your millions."
to
Generalise the story below and you will have an idea of what will happen when the majority of baby boomers will retire and that their money have already been pumped by this giant Ponzi Scheme created by the Bankers with the complicity of Gov.
http://www.papersourceonline.com/news.htm#mortgageinvestors
Mortgage Investors, Inc. Accused of Ponzi Scheme
From the PAPER SOURCE JOURNAL
Dale Hubbard invested in mortgages through Mortgage Investors Inc. of Birmingham, Alabama,
earning an annual return of as much as 15 percent.
Friends and family had done business with the firm for years. The company literature boasted of
three generations of experience in real estate dating back to 1929. "The clients of Mortgage Investors Inc.receive all monies owed to them, with all interest due paid to the date of repurchase," it said. "Your income is fully protected."
<font color=red>So Dale Hubbard invested 11 years ago. That $400,000 was money to pay off his home. It was
money to pay for round-the-clock sitters for his aging parents. It was money for his retirement.
It was all the money he had - and now it is gone. </font>
Hubbard did his deals with Jordan Olshan, the head of Mortgage Investors. Each month for about 11 years, says Hubbard, he received an interest check from the company.
"Everything worked like clock-work," he says.
Until one day last year, when the checks - some of them paying him as much as $5,000 - stopped
coming.
Now Jordan Olshan is under investigation by state and federal authorities, says the Alabama
Securities Commission. He is the subject of a class-action lawsuit, according to documents filed in May in Jefferson County Circuit Court, accused by those he once did business with of running a Ponzi scheme that bilked hundreds of investors in Alabama and Texas out of what they say is up to $50 million. The same court documents reveal that Olshan denies any wrongdoing. Olshan himself declined to comment.
And Dale Hubbard - he is a broken man.
"My life is ruined," says Hubbard. "I had to sell my house because I couldn't make the payments, so I moved in with my mother to take care of her because I couldn't afford the sitters."
And if you don't believe that this current system is a Ponzi scheme this is the view of REAL EMINENT ECONOMISTS not the view from the intellectual prostitutes that work for bankers and gov:
The Economics of Innocent Fraud
by John Kenneth Galbraith (Author)
Kenneth Galbraith has been at the center of the American economy since before the First World War. In this his new book, he offers a distillation of these years in both the public and the private sectors, the academy and the government, and explains where we are and how we got there. Galbraith argues that inherent in our economic system is a continuing divergence between reality and "conventional wisdom," or as he puts it self-serving belief and contrived nonsense, or "fraud." He contends that we observe the current state of the nation in a cloud of myth, believing that stockholders and owners run our corporate world. In reality, it is the management of giant corporations that controls not only the private sector, but also the public sector, too, from politicians, to the Federal Reserve Bank, to the Pentagon.
Milton Friedman
http://minneapolisfed.org/pubs/region/92-06/int926.cfm
Friedman: One unsolved economic problem of the day is how to get rid of the Federal Reserve
The Economics of Innocent Fraud
by John Kenneth Galbraith (Author)
Kenneth Galbraith has been at the center of the American economy since before the First World War. In this his new book, he offers a distillation of these years in both the public and the private sectors, the academy and the government, and explains where we are and how we got there. Galbraith argues that inherent in our economic system is a continuing divergence between reality and "conventional wisdom," or as he puts it self-serving belief and contrived nonsense, or "fraud." He contends that we observe the current state of the nation in a cloud of myth, believing that stockholders and owners run our corporate world. In reality, it is the management of giant corporations that controls not only the private sector, but also the public sector, too, from politicians, to the Federal Reserve Bank, to the Pentagon.
Milton Friedman
http://minneapolisfed.org/pubs/region/92-06/int926.cfm
Friedman: One unsolved economic problem of the day is how to get rid of the Federal Reserve
I don't think there is any "free" hospital care. But, there are "public" hospitals and private hospitals. As I understand it, if you go to a public hospital with an emergency, by law they must take you even if you have no insurance. And if you can't pay the bill, then they have to write it off. (I may be totally wrong with this, and I'm sure someone will tell me
)They make up for it from customers paying insurance which is one reason why insurance rates have gone through the roof. That's one reason you hear about people be given Tylenol in the hospital and being billed $80 for it when it's $5 at the store around the corner.
There are poor people of all ages who can't afford a family doctor so they use the hospital emergency room for every problem and put a strain on these resources as well as incurring unnecessary costs.
For those that are unhappy having to pay taxes to support other people's parents, think about this. In the US, we are now starting a prescription plan for the elderly. So the government subsidizes prescription drugs that the elderly in the US buy in the US. In the meantime, in poorer countries those exact same drugs are being sold at a fraction of the cost of what people in the US pay. The way that they are able to do that is the drug companies are able to afford to develop these drugs by charging their primary market, developed countries like the US, such high prices. So, when the US government uses your tax dollars to help other peoples parents in the US, they are indirectly supporting other people in other countries by paying high drug prices in the US which makes it possible for people in poor countries to get the drugs so much cheaper.
Some things here are right, some are wrong. It's up to your sensibilities to decide which are which.
I suspect your parents fear is greater.
Don't worry your taxes will go up for the right reasons.
Michael B.
Michael B.
Quote from pspr:
ES, my greatest fear is that you won't move to Sweden and someday I'll have to support you and others like you with taxes out the gazzoo!