Clash of The Clueless: Friedman v. Santelli

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TRANSCRIPT

FRIEDMAN: No, I don’t think it’s a Ponzi scheme.

SANTELLI: Earlier in the show you said that we’re putting a burden on our kids that’s unsustainable. What’s the definition of a Ponzi scheme?

FRIEDMAN: It’s a program that made promises that it cannot keep in full and it needs to be fixed and reformed.

SANTELLI: Isn’t that exactly what a Ponzi pyramid is?

FRIEDMAN: I don’t think it is a Ponzi scheme as a criminal endeavor.

SANTELLI: No, no — forget the criminal side. You need more people to perpetuate a myth because if the people stop the myth is known to all. That’s my definition of a Ponzi scheme. Let’s call at it chain letter, a pyramid scheme. Isn’t that by definition what Social Security is? Take the legalities and fraud out.

STEVE LIESMAN: Why is it a Ponzi scheme, Rick?

FRIEDMAN: It is pay as we go. Ronald Reagan fixed it. Why can’t we fix it?

SANTELLI: What does Ronald Reagan have to do with my question?

FRIEDMAN: What does your question have to do with reality?

MICHELLE CARUSO CABRERA: We brought it up.

SANTELLI: You can’t decide that more people is the only thing made Social Security work. We have a real issue because many people in government seem to like to read your work.

FRIEDMAN: What makes Social Security work is fixing Social Security in terms of the population demands.

SANTELLI: I didn’t ask if we should fix it or not. I asked if it’s a pyramid scheme.

FRIEDMAN: Your question is idiotic. That’s what you asked.

SANTELLI: You’re answer’s idiotic. I’m done. I feel good.

FRIEDMAN: So do I.

Source: Clash of The Clueless
Crooks and Liars, September 8, 2011

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