Bernie Madoff, a former NASDAQ Chairman, has admitted to running the Ponzi scheme that some believe to be the largest investment fraud in Wall Street history. Uncle Bernie, who people entrusted all their retirement money to, provided massive profits to a few, but as always happens with a Ponzi scheme, past pay-outs are simply bait to draw in the suckers who end up holding the bag.
It may indeed be that Uncle Bernie committed the largest investment fraud, but it is by no means the biggest fraud. Bernie’s scheme preyed on a fairly rich and exclusive group, as a result people felt fortunate to have Uncle Bernie, former Chairman of the NASDAQ stock exchange, handle their retirement funds. People had confidence in Uncle Bernie.
Alas, Uncle Bernie handled them, but not well. I don’t know if the fraud was designed from the start or simply a matter of things getting out of control. Is Bernie a common thief or just not up to his resume? Thankfully, I wasn’t an Uncle Bernie investor and hopefully you weren’t either.
Unfortunately, I fear I am involved in Ponzi scheme. Unlike Madoff’s victims, this fraud isn’t going to limit itself to a few elites, instead I’m pretty sure it will affect everyone I know and just about everyone else. Yes, if you are reading this I expect you are caught up in it too.
A lot of people have confidence in Uncle Sam. I’m referring to the flag hatted, white bearded, personification of the United States of America, land of the free and home of the brave. But what I’m really talking about is our constitutional government. (or formerly so)
You see people who don’t have time to pay attention have pretty much trusted Uncle Sam (our government) to look out for us, for our children, look out for all our best interests. We invest heavily in Uncle Sam. Unlike Uncle Bernie you don’t really have a choice with Uncle Sam, Pay up or go to jail. I think because we can’t really do anything about it we cross our fingers and hope that our forced investment will pay dividends.
I hate to say it, but I feel like I’ve fallen for the Nigerian Email scam. No, it’s worse than that. I feel like my stock broker fell for it and is telling me how great a deal he got for me. I know he just got taken, I know about the fraud that he fell for, but it is my money he lost. Or was.
So Uncle Sam is supposed to be looking out for my best interest. I think defending our borders is something Sam should do. Instead we entice illegals with jobs giving benefits to other illegals. (Yes, if you are wondering if I meant to say what I said, I did. Let me say it again: I think our governments, Federal, State, and Local, are hiring illegal aliens to administer welfare programs to non-English speakers and that fraud is not just incidental but is central, pervasive, and massive in these programs.)
By funding ACORN it is clear that our federal government engages in vote fraud. That Chris Dodd and Barney Franke aren’t in prison suggests that Sam, in our name, is okay with mortgage fraud.
We have spent Trillions of dollars building government, trouble is the maintenance cost of government is what kills.
“Government is not the solution to the problem, government is the problem.” Ronald Reagan
Clearly more on this is coming. I’m just exhausted by the idea that we are going to impose more taxation and control through Cap and Trade and the Government health care plan that nobody wants.