U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-26-2010, 03:49 PM
 
28,673 posts, read 40,903,362 times
Reputation: 37401

Advertisements

I'm uncertain that this belongs in the Retirement forum, but the discussions here as usually so lively and not (overly) nasty that I felt it was a good place to put it.

Here's the web page: Social Security Online - HISTORY

Here's the text of interest:

"The second step we have taken in the restoration of normal business enterprise has been to clean up thoroughly unwholesome conditions in the field of investment. In this we have had assistance from many bankers and businessmen, most of whom recognize the past evils in the banking system, in the sale of securities, in the deliberate encouragement of stock gambling, in the sale of unsound mortgages and in many other ways in which the public lost billions of dollars. They saw that without changes in the policies and methods of investment there could be no recovery of public confidence in the security of savings. The country now enjoys the safety of bank savings under the new banking laws, the careful checking of new securities under the Securities Act and the curtailment of rank stock speculation through the Securities Exchange Act. I sincerely hope that as a result people will be discouraged in unhappy efforts to get rich quick by speculating in securities. The average person almost always loses. Only a very small minority of the people of this country believe in gambling as a substitute for the old philosophy of Benjamin Franklin that the way to wealth is through work."
Reply With Quote Quick reply to this message

 
Old 12-31-2010, 10:46 PM
 
Location: DC Area, for now
3,517 posts, read 12,197,222 times
Reputation: 2148
those who refuse to learn the lessons of history are doomed to repeat it....
Reply With Quote Quick reply to this message
 
Old 01-01-2011, 07:37 AM
 
Location: SW MO
23,601 posts, read 32,153,260 times
Reputation: 29135
What is it they say (whoever "they" are), "the more things change the more they stay the same?" The one constant throughout the ages has been greed.
Reply With Quote Quick reply to this message
 
Old 01-02-2011, 09:02 AM
 
48,509 posts, read 85,563,702 times
Reputation: 18102
But if you look it really wasn't the inveswtments that brought this economy down. it was plan old borrowing for what you couldn't afford;not risking of what you had. One has to remember that 80% of the people are fine even in these hard times caused by so few across the board.But then obne has to define what was alright then and now. The real lesson is that you need to look out for your ownself and not count on governament. If they couldn't protect the madofff victims by even checking if he were trading when warned; which is easily done ;then you are a fool to trust government. That in fact is exactly what the guy who wanred the SEC said in front of congress whyen he testified;people need to learn the same old lesson of if it counds to good to be true as the majority have for ever.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top