allenwsmithphd wrote on August 26, 2009 09:53 AM: Correction:

Visit Allen W. Smith's website at thebiglie.net

allenwsmithphd wrote on August 26, 2009 09:46 AM:

For the past 24 years, under four presidents, every dollar of surplus Social Security revenue, generated by the 1983 payroll tax increase, has been used like a giant slush fund to finance tax cuts, wars, and other government programs. Not a penny of it has been saved and invested, as required by federal law. On January 21, 2005, David Walker, Comptroller General of the U.S. Government Accountability Office (GAO), said, "There are no stocks or bonds or real estate in the trust fund. It has nothing of real value to draw down.

I have been researching and writing about Social Security financing for the past 10 years, and my latest book, "THE BIG LIE: How Our Government Hoodwinked the Public, Emptied the Social Security Trust Fund, and caused The Great Economic Collapse," was just released on August 1 by Ironwood Publications. I have posted the first and last chapters of the book, along with excerpts from all other chapters, on my website at thebiglie.net. I invite everyone who cares about the future of Social Security to visit my website and help spread the news about the empty Social Security trust fund to the public at large.


When I appeared on CNN with Lou Waters on September 27, 2000, he referred to me as "a voice crying in the wilderness." I have continued to be such a voice ever since. I am desperately seeking the help of others in my crusade to alert the public to the great Social Security fraud. Please visit my website at thebiglie.net and consider helping to spread this crucial message.

Allen W. Smith, Ph.D.
Professor of Economics Emeritus
Eastern Illinois University
Website: thebiglie.com

Belle wrote on August 26, 2009 05:49 AM: This is not new news. The CBO already predicted the Deficit would be about 10 Trillion.

Personally, I believed the CBO over the White House.

What President Obama is proving is FDR's idea of spending your way to prosperity does not work.

It worked better for Hoover and FDR in the sense that shovel-ready to them meant shovel-ready...not 400 Billion in porky kind of projects that taxpayers don't care about.

I do have a question about HR 3200...buried in that bill control is given to the Federal Reserve for regulation.

The Federal Reserve is a Private Company. In 1936 the Federal Reserve (Central Bank) declared the United States Bankrupt and asked for Collateral to pay for the loans. As collateral, the US Government signed over the Social Security Trust Fund. In 1954 the Central Bank became the Federal Reserve (sounds more governmental, don't you think?)...and yet the Federal Reserve has never been audited, never had to account for a penny of TARP funds and refuses to open its' books for Congress. Which begs a question...what happened to our Social Security Trust Fund? Who owns the Federal Reserve? Why were TARP funds used to bail out foreign banks? How many banks did the Federal Reserve buy with US Tax dollars?

HR 1207 proposes an audit of the Federal Reserve. Representative Titus is a co-sponsor of the bill. Although I do not applaud her support of the Energy Bill or HR 3200...I do support her signing onto this bill.

winston smith wrote on August 25, 2009 09:37 PM: Jake, the klepto-republicrat leadership will not investigate the whole sordid meltdown affair, because they were complicit with the fascist/globalist banksters.

They want their rabid partisans to continue the false left/right paradigm by pointing their fingers at each other with no actual resolution.

SOSDD...

GH wrote on August 25, 2009 08:30 PM: Thank you ttj for sharing that. I knew there were early warnings but I didn't realize there were so many. I think it shows how inept our congressmen and congresswomen really are.

As a country we are quick to vote out a President (or Presidents party) when things go wrong but we continue to vote the same people into congress year after year despite their failures.

I wish the national media would run stories like this to wake people up to the incompetant people we currently have in Washington.

ttjtmanning86 wrote on August 25, 2009 08:17 PM: thank you Jake Im not saying everything Bush did was right but on the housing crisis he did try before it got to the point that it did and I just get tired of all the blaming thats going on we should be Americans first and party last just like with the healthcare most Americans agree we need reform but not the one they are trying to push thru without at least careful consideration and no deadline if we are already in debt up to 9 trillion for the next 10 years why not take their time and consider everything on the table without a rush job

Jake in Louisiana wrote on August 25, 2009 08:10 PM: ttjmanning's multi-post comments do raise a question which deserves an answer -- "Why have we not seen a thorough congressional (or government-funded independent) investigation of the origins of the housing crisis which can inform us as to what we must do to avoid a repeat of the same mistakes in the future?" When Enron failed we had a very thorough examination of what happened, but by comparison Enron was peanuts compared to the meltdown of last fall. And to the author of this article -- good job and good luck with getting answers to your questions. The National Press Corps doesn't want this issue placed prominently before the American people so I doubt you will receive them, but thank you for trying.

ttjtmanning86 wrote on August 25, 2009 07:26 PM: http://www.house.gov/jec/publications/110/rr110-3.pdf..................and this was despite 9/11 a war in Iraq and Katrina so he gave big business tax credits well its big business who employs with the housing crisis it would have happened with anyone in office bush just happened to be the one there but dont worry if H.R, 3171 passes in 10 years we can go thru this all over who will they blame then

ttjtmanning86 wrote on August 25, 2009 07:22 PM: and yes I copied and pasted so sorry if offending anyone by doing that

ttjtmanning86 wrote on August 25, 2009 07:18 PM: In 2005-- Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.

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