Investment scam to lookout for.

[Scanr1]

Here is a link to the topic that explains it.

http://www.einvesting.com/viewtopic.php?t=392

[Clint.]

Here is what your link says, Scanr1, so that it is here for all to see:


Hello All,
I just wanted to take a second to make sure that you all are aware of what is perhaps the worst large-scale investment scam in America and that many Americans are being taken advantage of unawares. The way this investment scheme works is you pay in a small amount of money every month for several years, with the promise that it builds up over time and you will get a LOT more back by the time you retire. However, your money is never saved, it is used to pay out the people at the top. It is similar to the old pyramid scheme, in that the people who get in first are the only ones likely to get more back than they put in. The only way the scheme keeps going is based on recruitment, like many internet based scams and bad multi-level-marketing programs. Worst of all, if something happens to you, and you die before the payout date, your family loses your entire investment without any recourse at all. Please be on the lookout for this bogus scheme. You can find out more about this scam at www.ssa.gov

Sincerely,
Justin Lewis Wight

P.S. That's right, it's called Social Security, and if you or I tried to start an investment program according to their exact guidelines, it is punishable by up to 20 years in a federal prison for fraud and theft by deception... keep that in mind ladies and gentleman. Americans should not be coerced into paying into an investment scheme we have no ownership rights over and that is non-transferable to our survivors. Meanwhile, our investment money is used as a rainy day fund by spend thrift politicians in Washington D.C. Let's all keep that in mind and do whatever we can to help make sure the younger generation has a chance to get out of this corrupt and unethical system.
___________________

That is a nice story. You know, all those who feel that "their" money should be invested in something better than Social Security always neglect to mention something. If you are self employed, it is your money.

But If you work for someone else only half of it is your money. The other half is a tax on your employer. It's kinda like your own personal welfare account. So why all the pride and arrogance about making "my" decisions about "my" money?

Now, there are a lot folks on here who think they should decide about "their" money.
Maybe their employers ought to be extended the same courtesy!!

Clint....just being miserable and argumentative again!

[Californiadoctor]

Clint, I think it is a stretch to consider Social Security a Ponzi scheme. The Government's power to levy taxes and to print money are the ultimate guarantee that benefits will be paid. Whether resorting to such policies in order to meet Social Security obligations is desireable is, of course, a whole different issue.

Californiadoctor

[North Texan]

The Government's power to levy taxes and to print money are the ultimate guarantee that benefits will be paid.

Shhhhh!!! Don't be giving them any ideas.

[Californiadoctor]

North Texan, I am not advocating either of these options. Levying new taxes could slow economic growth and printing extra money has the potential to create ruinous inflation. I was just pointing out that unlike a Ponzi scheme, where early investors get paid and later ones get nothing, the Government has the power to insure that all recipients receive their Social Security benefits. How much these benefits would actually be worth under the circumstances I mentioned would be a major concern.

Californiadoctor

[vc1111]

But If you work for someone else only half of it is your money. The other half is a tax on your employer. It's kinda like your own personal welfare account. So why all the pride and arrogance about making "my" decisions about "my" money?

Now, there are a lot folks on here who think they should decide about "their" money.
Maybe their employers ought to be extended the same courtesy!!

Dang, thats an excellent point, Clint


I will add that I almost resent the idea that creating a program to provide a floor level of income and other benefits for the citizens of the richest nation on earth is a scam.

I think that the plan would not be in the trouble it is in today had it not been for poor managment by preceding politicians. That something is poorly managed to the point that it becomes insolvent hardly classifies it as a "scam" by default.