Next crisis will be Social Security

Well, you and I have just bought $700 billion worth of bad assets to bail out a Fannie Mae and Freddie Mac and a Congress that did not heed the warnings about how badly these organizations were being managed. These are the same congressmen who have been telling us that Social Security and Medicare/Medicaid are just fine, when the truth is that these funds have between $30 trillion to $42 trillion (yes, with a 't') in unfunded liabilities. Remember the "lockbox" that is supposed to have your money in it? It is full of IOUs. If the American people think this bailout was big, wait... [read full story]