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FleaBagger (29.19)

This Just In: Madoff Should Not Go To Jail

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February 17, 2009 – Comments (0)

Did you hear the latest news? Bernie Madoff promised investors only 4% returns per year, not 8% as previously thought. And he would have been able to do that, he just needed to keep borrowing more money from new sources of credit, that's all. He really intended to borrow enough money to pay off all of his obligations. So he shouldn't go to jail, right? He really did want his investors to be happy and have all the money they wanted. So why be so hard on the guy?

Okay, you're right. Madoff is a crook and should go to jail. But wait! I wasn't describing Madoff just now, I was describing the U.S. government. Promising workers 4% annual returns on their social security taxes and borrowing money to pay them back, the U.S. government is operating not just the biggest Ponzi scheme in history, but one of the largest Ponzi schemes imaginable. The federal deficit for 2008 alone was over $5 trillion, using GAAP methodology. The cash deficit may have been widely reported as $455 billion, but the $5 trillion figure takes into account the increasingly unfunded social security obligations, essentially showing us 2008's contribution to future inflation.

So who should go to jail for the real Ponzi scheme? Who should go to jail for robbing unwitting future generations, as well as workers and savers who tried to be fiscally responsible, but were forced into the scam, unlike Madoff's victims? Who is to blame?

The obvious answer is congress. They're the ones responsible for the budget. Maybe they should go to jail like Madoff. Another good answer is Hank "Greenberg" Paulson, who managed to screw up the U.S. Treasury worse then Mo "Hank" Greenberg screwed up AIG. Bernanke and Greenspan wouldn't look bad in orange jumpsuits, either, nor would Bush.

Maybe I'm just in an ornery mood tonight, but the ones I hold ultimately responsible are the ones voting for these jokers. You. If you hadn't been voting so crappily for almost all of the elections (federal, state, and local) in the last 70 years, we wouldn't be in this mess. We need not be in any mess at all. Thanks a lot, #$@%*$#!

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