Posted by
Locutisprime on Friday, December 12, 2008 5:17:06 PM
The news broke today of one
Bernard L. Madoff, the owner of Bernard L. Madoff LLC and former chairman of NASDAQ. Seems he has floated one of the biggest ponzi schemes since the name sake Charles Ponzi who first discovered how to build paramids with other people's money ever did.
Old Bernard is into quite a few investors it would seem and for an amount surpassing 50 billion. But who is counting. Especially in today's fast times of wheeling and dealing and ongoing Washington bailouts. And particularly considering the master game being played out for all of us in Washington and on Wall Street daily.
I mean if anyone wants to talk about the mother of all Ponzi schemes? Has anyone had a look at the US Treasury lately? Last I checked they are (compliments of successive criminal congresses) at least 8.5 trillion in the red in debt that this country has financed to keep congress in the level of comfort to which they have become accustomed. And that doesn't even count the more than a trillion more in debt that we will rack up this year. Or the social security scam that is conservatively between 30-40 "trillion dollars" in shortfall compared to projected obligations.
As a matter of fact? If anyone really wants to see a ponzi scheme personified? All they need to do is take one look at social security. Talk about floating the benefits of a few on the back end by the investment dollars of many on the front end. And like I said, when that paramid collapses? It will reveal 30-40 trillion dollars of criminal decay and Washington corruption going back at least 45 years.
But then again? Franklin Roosevelt and his myriad of new deal followers knew precisely what they were creating back in 1932, as they knew the ultimate consequences. But at the least? They had the foresight to realize that by the time the bill came due? They would all be long dead and gone.
So welcome to the real world of ponzi fellow travelers. And try not to feel too much anger or pity for old Bernard. After all? He has just been doing to a few Americans what our government has been doing to us all for the last fifty years.