Ahead on the 12/3 Maddow show

Mon Dec 3, 2012 6:30 PM EST

Tonight's guests include:

EJ Dionne, senior fellow at the Brookings Institution, columnist for the Washington Post and MSNBC contributor

Joe Cirincione, president of the Ploughshares Fund, member of Secretary of State Hillary Clinton's International Security Advisory Board, and member of the Council on Foreign Relations

Here's a song for Monday!

And here's executive producer Bill Wolff, with a look at tonight's show:

— Filed under: guestlist, billwolff

TheHowlingPig

Bill Murray is playing FDR in "Hyde Park on the Hudson"-- you've finally got an excuse to book him!

2 votes

#1 - Mon Dec 3, 2012 6:51 PM EST

Hope42012

CUT CORPORATE ENTITLEMENTS FIRST !

How can we even begin to talk about cutting entitlements / social safety net programs that people have earned and / or need to pay for the cat food that grandma and grandpa have to eat BEFORE we begin to speak about cutting corporate entitlements / subsidies that corporations have not earned to pay for the caviar that wealthy business people do not need ???

Corporate Entitlements / Welfare amount to $150 BILLION dollars per year at least !!

CUT CORPORATE ENTITLEMENTS FIRST !

For example : Big Oil Subsides just to name a few BILLION we could save every year (we could probably pay off the debt / deficit if they paid us back all the money that has been scammed off of the American People for a century or more ) :

http://news.yahoo.com/history-u-oil-subsidies-back-nearly-century-215500548.html

History of U.S. Oil Subsidies Go Back Nearly a Century
By William Browning | Yahoo! Contributor Network – Thu, Mar 29, 2012

http://priceofoil.org/fossil-fuel-subsidies/

Fossil Fuel Subsidies in the U.S.

http://blogs.scientificamerican.com/plugged-in/2012/02/21/guest-post-end-oil-subsidies-the-4-billion-question/

Guest Post: End Oil Subsidies? The $4 Billion Question

By Scott McNally | February 21, 2012

11 votes

#2 - Mon Dec 3, 2012 7:17 PM EST

Richard from Greenwich

Maybe someone can help me with this nagging thought in the back of my brain. I can remember years ago someone stating that the real problem with the lack of funds in the social security program was that the government (congress & the senate) periodically raided the accounts to fund programs of theirs without ever returning the money. Is this fact correct or just rumor ? If it's true why can't the american people start a class action suit that would freeze all the unused cash for reelection that our politicians take with them when they retire. Maybee it's a rediculious idea but I'm just saying I'm about tired of getting screwed by these people.

4 votes

#3 - Mon Dec 3, 2012 7:23 PM EST

larry74

It's fact. LBJ used it to fund VietNam. And there have been many more.

5 votes

#3.1 - Mon Dec 3, 2012 8:17 PM EST

David M. Johnston

What is going on with the Social Security Trust?

Federal Reserve and Intragovernmental Holdings
U.S. debt holdings: $6.328 trillion

That’s right, the biggest single holder of U.S. government debt is inside the United States and includes the Federal Reserve system and other intragovernmental holdings. Of this number, The Fed's system of banks owns approximately $1.65 trillion in U.S. Treasury securities (as of January 2012), while other U.S. intragovernmental holdings - which include large funds such as the Medicare Trust Fund and the Social Security Trust Fund - hold the rest.

In the monthly Treasury bulletin, both are combined into one category and the total accounts for a stunning $6.328 trillion in holdings as of September 2011 (the most recent number available). The amount is an all-time high as the Federal Reserve continues to expand its balance sheet, partially to purchase U.S. government debt securities. The Social Security Trust fund is required by law to invest in securities where the principal and interest is guaranteed by the Federal government.

About a decade ago, these total holdings in this category were "only" $2.5 trillion.

Essentially, as of December, 2011, the three Social Security Trust Funds - Old-Age, Survivors and Disability - totaled close to $2.7 Trillion...

How are the trust funds invested? By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government. All securities held by the trust funds are "special issues" of the United States Treasury. Such securities are available only to the trust funds.

In the past, the trust funds have held marketable Treasury securities, which are available to the general public. Unlike marketable securities, special issues can be redeemed at any time at face value. Marketable securities are subject to the forces of the open market and may suffer a loss, or enjoy a gain, if sold before maturity. Investment in special issues gives the trust funds the same flexibility as holding cash.

Data on trust fund investments provide a breakdown by interest rate and trust fund for any month after 1989.

Why do some people describe the "special issue" securities held by the trust funds as worthless IOUs? What is SSA's reaction to this criticism? As stated above, money flowing into the trust funds is invested in U. S. Government securities. Because the government spends this borrowed cash, some people see the trust fund assets as an accumulation of securities that the government will be unable to make good on in the future. Without legislation to restore long-range solvency of the trust funds, redemption of long-term securities prior to maturity would be necessary.

Far from being "worthless IOUs," the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.

Many options are being considered to restore long-range trust fund solvency. These options are being considered now, over 20 years in advance of the year the funds are likely to be exhausted. It is thus likely that legislation will be enacted to restore long-term solvency, making it unlikely that the trust funds' securities will need to be redeemed on a large scale prior to maturity.

6 votes

#3.2 - Mon Dec 3, 2012 8:18 PM EST

Jerold NevadaDeleted

grumpyliberalbastard

Bzzzt! Incorrect, Jerold, but thanks for playing. Unless you have documentation for this claim... ? No? Color me unsurprised.

5 votes

#3.4 - Tue Dec 4, 2012 1:15 AM EST

Sally

Jerold Nevada banned, re-reg of multiple accounter screamingforvengeance and others.

3 votes

#3.5 - Tue Dec 4, 2012 3:00 PM EST

Al Sanders

Tell McConnell and Boehner to pass the middleclass tax cuts now without negotiation and without delay. Don't hold the middleclass hostage to give the worlds richest people any more taxcuts that they don't need.

Tell Boehner and McConnell what you want them to do and what you think of the job they have been doing, copy the links and post them everywhere.

http://www.mcconnell.senate.gov/public/index.cfm?p=ContactForm
http://www.speaker.gov/Contact

#4 - Mon Dec 3, 2012 9:05 PM EST

Jerold NevadaDeleted

sandy-2984954

Jerold: So let's continue with your arguement, "who are you to determine that South Side Chicago slum dwellers are someone's followers?" Who are you to determine that liberals aspire to "just get by" or "take what life dishes out"? Who are you? Who do you think you are? And further, why would anyone care what you think a real american is? A real american doesn't write B.S. D.S. stuff!

3 votes

#4.2 - Tue Dec 4, 2012 1:30 AM EST

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