>> i think it is the definition of a ponzi scheme is that you don't know you are a part of the ponzi scheme. >> i don't know if i agree with that. you could participate in the ponzi scheme. >> really? >> yes. >> if you were bernie madoff's son. >> perry should apologize and say social security was a upon see plan. -- ponzi plan. >> if you hit a jukebox with your fist and the music plays -- >> don't, don't, don't. >> you tried, andy. you saw it coming. >> we can drop the audio on that. >> no, we cannot. >> bill, while are you running your mouth, there were no corvettes in the midevil times. the word betting refers that a harass be checked by a veterinarian before each race. >> your version is pornographic. this is a family show. >> and you mentioned your lord and save yes, sir obama's grades were better than rick perry's. really? how do you know? >> he went to harvard. >> have you seen his college transcript? nobody else has. >> are you saying he might not have even been an american? >> i am saying he never released his college transcript. >> you are questioning boldly, and i respect

it is a ponzi scheme. people are paying in to support the people who previously paid and but there isn't enough coming in so it will collapse like every ponzi scheme does. it is not meant to be a ponzi scheme. ponzi was a good guy. he just got messed up. he had to keep collecting money to pay the other people who paid in earlier. he didn't mean that. ponzi turns out to have been somewhat of a st.. i am not kidding. he heard of a girl who was an of fire and he gave his own skin for her skin graft. a total stranger. ponzi is the quintessential liberal. he means well and create something destructive. that is what liberalism is. means well and destroys. doesn't mean to destroy. but remember, one of my modest means being left means never having to say you are sorry. number 3. one more word about number 2. california is broke. it is not only broke. it is broken. liberals broke it. nobody can argue. and no one with a fifth shred of commitment to honesty can argue conservatives broke calif.. liberal policies in a

. >>> rick perry doubles down on his claims associate security is a ponzi scheme. that may be a fine way to win tea party votes, but is this any way to run a national campaign. >>> let me finish with the complaints that hurricane irene was overhyped. starting with the politics of the hurricane. ed rendell, former governor of pennsylvania. michael steele, former chairman of the rnc and both are msnbc political analysts. governor, start with you. a quote from lee siegal who wrote something for the "daily beast" and "newsweek." elected officials are acting responsibly by acting hysterically. is there truth in that statement? >> well, there is. look, if you're an elected official you want to err on the side of caution. want to get as many people out as you can, because you don't want to take the chance that the way these storms veered, that it veers at the last second or intensifies at the last second and peel get bound and you don't want to be responsible for any single death. better people are inconvenienced for a day moving out of an area than not. so i think govern

investing unleashed. >>> it is a ponzi scheme for these young people. it is -- i mean the idea that they're working and paying into social security today and that they're under the current program, it's going to be there for them is a lie. >> welcome back to "hardball" nap was texas governor rick perry in iowa on saturday making clear that he stands behind the characterization in his book that social security is a ponzi scheme. can he take into language into a general election and win? let me show you both what he wrote in the book. page 61 of his book called "fed up." perry writes ponzi schemes like the one that send bernard madoff to prison are illegal in this country for a reason. they're fraudulent systems designed to take in a lot of money at the front and pay out none in the end. this is unsustainable fiscal insanity. it can hear them cheering in primaries, but in general elections turning away from that message. >> it's a problem, the way he's phrasing this is a problem. people in general can be sold a message that there can't be something in thi

the people who are rioting they've seen their house prices crash because they've been cut out of the ponzi scheme whereas the major banks as you point out they're buying and selling assets from each other. these are bonds a link to real estate but they are not marking to market the value of those loans quote unquote assets and they simply swap them back and forth for huge fees and they claim this is needed to maintain liquidity and that it's a liquidity issue instead of the truth is that it's an insolvency issue and you've got a bunch of captive regulators allowing for the larceny. up and therefore it trickles down to the bought a home well in our last episode of kaiser report we spoke to william k. black and he called this a crime janet environment in which the regulators and the politicians create an environment in which crime will happen so let's look at this headline here following on the first headline where we know quantitative easing causes wealth and income gaps sterling no refuge as king stimulus bank of england governor mervyn king signaled on aug tenth that he may resume pumping

he handed over a check for $50,000 and said it was of ponzi scheme funds. all of the hurricanes took the field today even though the claims involve several current players. the coach said it's too soon to take action. >> whatever the number that is, you know, being interviewed or named right now, you know, that makes up less than 10% of the team. so it's important to understand that we have a lot of guys that do things the right way. >> reporter: catherine heenan, kron 4 news. >>> the coast guard is searching for a man that went missing after his canoe overturned. three people were in the boat. two swam to shore and contacted the coast guard. that man is still missing. gary is up next with the giants and braves highlights plus the 49ers at a veteran quarterback Ñoxw . >>> all right. good evening, everybody. the latest giants injury, brian wilson's injury not bad. should be able to pitch in a few days. tonight, giants fans all over, when you win a world series, even in atlanta the gear is shown. right now the giants jump on him, the all star pitcher. 2-1. w

they're bankrupt, they're a ponzi scheme. so calling social security, wayne, a ponzi scheme to somebody watching right now this program, who's 65 or older and is getting social security, may not like the sound of it being trashed as a ponzi scheme. they may say, this is a legitimate thing i paid into when i was working for 50 year. i'm not benefiting righteously from it. stop trashing it. your thoughts? >> yeah. i think that is absolutely the mode of entry for democrats in the fall, if perry is the nominee. you hear democrats talk now about the texas miracle really minimum wage jobs and pollution and so forth and so on. that's not going to work in the fall, if the economy's still bad. the question is, the attack on perry is, social security is a ponzi scheme, medicare needs to be changed or potentially abolished, not precisely what he said, raising questions about the voting rights act saying it is just a tool for gerrymandering in the south and the civil rights act. the terms under which we established, this has the look of

the only radical position in rick perry's political repertoire he also thinks social security is a ponzi scheme a claim he backs up in his book fed up and acclaim he doubled down on a recent interview with the daily beast saying i think every program needs to stand the sunshine of righteous scrutiny whether it's social security whether it's medicaid whether it's medicare you've got one hundred fifteen trillion dollars of unfunded funded liability in those three they're bankrupt they're a ponzi scheme course that didn't sit too well with a bunch of folks in iowa who were on hand to confront perry about his social security claims. credit. card. actions security is true or not he was citing the use of three. years and he wants to see. so here we have a guy running for president who just kinda dragging the chairman of the federal reserve down in texas to be executed and called social security a ponzi scheme is he too radical and dangerous for america to answer that question i'm joined by anthony hall i'm a republican strategist a former special projects director for governor rick perry antho

. >>> coming up, ponzi schemes, nightclubs, and prostitutes. that's college football for you. you're watching "early today." >>> good morning. welcome back to "early today." i'm lynn berry, and here are your top headlines this morning. despite syrian president bashar al-assad claiming that military and police operations against protestors have ended, activists report more bloodshed overnight. since march over 1,800 civilians have been killed in syria's uprising according to witnesses. >>> in libya rebels are closing in on tripoli from the west and south. they have also assaulted a coastal oil refinery in an effort to drive out muammar qadhafi's forces. he is now nearly cornered in his capital stronghold. >>> in tampa authorities have arrested an expelled student who was allegedly behind a catastrophic plot to set off a bomb at his former high school next week. police say the 17-year-old was planning to cause more casualties than the columbine high school tragedy, a massacre that claimed 13 lives. >>> health officials say two children and a young man in three states have died t

. >>> coming up, ponzi schemes, nightclubs, and prostitutes. that's college football for you. you're watching "first look" on msnbc. at exxon and mobil, we engineer smart gasoline that works at the molecular level to help your engine run more smoothly by helping remove deposits and cleaning up intake valves. so when you fill up at an exxon or mobil station, you can rest assured we help your engine run more smoothly while leaving behind cleaner emissions. it's how we make gasoline work harder for you. exxon and mobil. handle more than 165 billion letters and packages a year. that's about 34 million pounds of mail every day. ever wonder what this costs you as a taxpayer? millions? tens of millions? hundreds of millions? not a single cent. the united states postal service doesn't run on your tax dollars. it's funded solely by stamps and postage. brought to you by the men and women of the american postal workers union. ♪ >>> welcome back to "first lo " look." here's some of the top stories making news this morning. >>> despite selling ban ki-moon that military and police operati

. >>> and he lost his fortune and his freedom and more trouble for ponzi schemer bernie madoff. how his wife is getting her revenge. >>> and horrifying moments at a state fair. it is all caught on tape. why some people rushed toward the stage as it started to collapse. hi, we're looking to save some money on our car insurance. great! at progressive, you can compare rates side by side, so you get the same coverage, often for less. wow! that is huge! [ disco playing ] and this is to remind you that you could save hundreds! yeah, that'll certainly stick with me. we'll take it. go, big money! i mean, go. it's your break, honey. same coverage, more savings. now, that's progressive. call or click today. making its biggest >>> it is a blockbluster deal in silicon valley. google is making its biggest acquisition ever. >> jason brooks, kcbs radio and cbs money watch .com joins us with more on that and the impact it had on the market. this could be, what, thursday, friday, monday, three days in a row, jason? >> reporter: hard to believe after the week we had, to think that we're basically

maybe he thinks if he says it's in big trouble, it's a lie, it's a ponzi scheme, that all those anxious voters will assume, as he's implied, that he wants to fix it, so when rick perry says social security is in trouble, he doesn't mean he wants to fix it, he means he wants to get rid of it. in that case, what does rick perry mean when he said he balanced the budget in texas or created all those new jobs? i'm actually interested in this, so joining us now is someone who can crack the rick perry code, if you will. lou dubose, editor of "the washington spectator." lou, thank you so much for joining us. >> thank you for having me, melissa. so crack the code. >> first thing i want to ask you -- exactly. the first rick perryism i want you to decode is the texas budget. rick perry likes to talk about how he, as governor, simply made tough choices, he balanced the budget. now, you have a piece out on this this week dealing with the $27 billion shortfall in texas, so help me decode this texas budget. what's really going on here? >> well, for one, you know, he's required by the constitution to b

and you also will never have the demand for credit to keep the credit ponzi scheme going like it has been because of the well you're to find new significant oil discoveries that would require a massive draw on credit so this is peak credit working along with peak oil and peak everything else peak globalisation peak financialization so things are falling apart and they're falling apart in different countries in different ways. now speaking of resources i want to go to this headline for an interesting quote in this story is jeremy grantham the world's most powerful environmentalist so jeremy grantham is the head of asset management for g.m. . and he's talking about global warming and he says global warming is bad news finite resources is investment advice therefore that you should pitch the global warming story as an investment sori but the interesting thing is i think he's he's really wrong here when he says that americans are just about the worst they're dealing with long term problems down there with us back it's down but they respond to a market signal better than almost anyone the

derivatives that were created on top of the fraudulent securities on top of that so that adds to the ponzi scheme i mean we keep coming back to this were technically legal to it's technically legal but in a in a country like america or the u.k. where the banking lobby has effectively taken over and change the laws repealed last eagle brought in the securities modernization act and made fraud legal i mean if you make fraud illegal is it enough to say whilst technically legal i mean at what point do we say enough is enough we need to take stronger measures. well i think i think at the heart of the matter mix is not sort of banks out of control i think at the heart of the matter is physical violence because a lot of what has happened particularly and you know that i understand in the united states is is you have people who are afraid to say no because the result of saying no is physical violence directed at them or their families i mean we've had lots of people murdered and assassinated etc etc so the question is you know yes we have to say no but the question is how do we say no and that's w

we need to have a conversation with america just like we're having here today and admit that it is a ponzi scheme for these young people. it is, i mean, the idea that they are working and paying into social security today and they are under the current program that it's going to be there for them is a lie. it is a monstrous lie on this generation, and we can't do that to them. >> if you're not paying really close attention, if you're a casual listener on the campaign trail, sounds like governor perry is saying social security, yes, is a ponzi scheme, a monstrous lie to this generation, and therefore, he seems to be implying we need to fix it, make it solvent so it will be around for these young people. >> it is a monstrous lie on this generation, and we can't do that to them. >> we can't do that to them. if you're listening to rick perry talk about social security on the campaign trail, you might hear his criticism of the program as indicative of his interest in actually strengthening it. it sounds like he wants to fix social security. in fact, in his book, governor perry argues that certa

. >> it is a ponzi scheme. that quote, that image. trust me, folks, that's going to be in tv ads in the state of florida, the florida primary whenever it is. and by the way, there's been plenty of primary chaos. looks like all of it's going to end up in january. whenever the primary is, it could be decisive between romney, perry, bauchmann, whoever is left in the top tier. he's going to be living with it. it's going to be played in florida over and over again. >>> more than 20 people were killed during hurricane irene's push up the east coast, and damage could cost $7 billion, maybe even more. in vermont, rising water has led to catastrophic flooding up there, swept away a covered bridge that had stood for well over a century. and the flooding could get worse in many places as rivers continue to rise above flood stage. in addition, millions of people are still without power. live in the shoreline community of east haven, connecticut, right on long island sound. all right, ann. these after effects, particularly the flooding -- all of t

gave these cancer nations these abominations their aaa rating and it created this huge ponzi scheme now they've pulled the rug out from underneath them well max another story related to this financial chaos going on at the moment bank of new york mellon charges depositors america's biggest custodial bank has been forced to start charging customers who have deposits of more than fifty million dollars as more investors take cover from the. turmoil so they're saying that they're basically trying to force people out of cash and into somewhere else because they're receiving so many people coming in flooding the banking system with all this cash and this is something we've spoken to james turk about where he envisioned reverse capital control that instead of capital controls being on money being taken out of the u.s. it would be against money being brought into the u.s. in order to avoid the hyperinflation of all those dollars that are overseas yeah another great point trying to stop the money from coming in by charging essentially negative interest rates people say you can't take interest ra