Any comments about Mr Madoff?

[classicman]

I agree. The most pressing issue will be as the baby boomers come of age. I know this is starting to a very small degree, but in the next 15 to 20 years there will be a greater disparity in the number of recipients versus that which has been put in by the working population charged with supporting them.

[tw]

Originally Posted by classicman

I agree. The most pressing issue will be as the baby boomers come of age.

All that is predictable and easily planned for by actuarials. SS problems are trivial. Solutions include increasing income levels of contributions (to compensate for inflation), reduce benefits, or simply do what Reagan did. He hyped tax cuts while raising SS contributions percentages.

Difference between investment scams (ponzi schemes) and insurance? Insurance problems are easily predicted in advance and easily corrected. Investments scams, (Enron, LTCM, AIG, Bear Stearns, Madoff, etc) are not easily found until major damage occurs too late. Why was AIG careful to keep risky investments away from insurance regulator oversight? In today's America, investment scams became easy by something that politicians called deregulation.

Just another reason why investment finance needs heavy oversight by an SEC not subverted by a White House. SS was never going to deplete both the Federal Reserve and Treasury. Investment scams have almost done that in only a year AND may have put insurance companies even at risk.

Discussing insurance is nonsense when people such as AIG and Madoff are a far greater threat to the American economy.