Today's blog posting links to a video which continues our discussion about Wall Street and Goldman Sachs's desire to submit the American economy to austerity by reducing spending on Social Security, Medicare and Medicaid. William K. Black is interviewed on The Real News about The Grand Bargain which is really The Great Betrayal to introduce these cuts in spending. The Bowles/Simpson report would begin the process of privatizing Social Security.
As Black says, a privatized Social Security means there would be no safety net at all in retirement; hence, privatizing SS is an "obscene" idea.
Drums Beating to Privatize Social Security
Video Interview of William K. Black - Naked Capitalism
See the article and video here
GoldmanSachs666 Message Board
According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage". In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia