Madoff Ponzi Scheme and SEC Failure Epitomize Superiority of the Private Sector

[Weeth]

Poor girl. Logic based on the realities of human nature is so 17th Century. Haven't you heard... ? The idea that government can bring universal prosperity into existence by command is what's up. Keynes is the new black.

Don't worry, it's all very complicated. You'll need an ivy league degree to really understand this stuff—at least.

[catalinaguerrero]

hot

[BABS7474]

that's about $50,000 in a million places.geez that's not too much.

[rugged74]

Of come on! Madoff is buff, you know you want him!

[LiptonGuy]

Is this for real ?

A lady that actually wants to talk about a finance story ?

[lulunarf]

Thanks for the encouragement and subscription!

[kasdri]

Actually Markopoulos caught this scam in the early stages , but no one would listen to him.

[lulunarf]

No one at the SEC would, but Akisa, the private firm that checks out investment opportunities for fraud, listened, and told its investors to steer clear.

[FlintPublic]

I thought you liked unregulated anarcho-capitalism. Why isn't Madoff your hero? Why are you 'whining' to the SEC? They are regulators. And are you sure the UAW isn't somehow responsible for this? The double-standard drum beats on . . .

[lulunarf]

Why would Madoff be my hero? I'm not whining to the SEC. I'm saying the private sector is better.

[FlintPublic]

OK. You're whining ABOUT the SEC's failure to properly regulate, and advocating for a Blackwater-esque, privatized financial sector regulator instead? I'm sorry but its hyper-free-market/anti-regulat­ion fundamentalism like this that has created the environment for schemes like this, sub-prime, etc. to destroy our economy. Wake up to your own culpability.

Best line in the video: "I don't know anything about it." Too bad that's never an issue for corporatist preachers, huh.

[lulunarf]

Actually the market for sub-prime mortgages was government created via Fannie Mae, Freddie Mac and the Community Reinvestment Act. Most of the problems with our current financial system are government created.

[FlintPublic]

Actually, the government, the lobbyists, the Country Wides, the Fannies & Fredies are all the same group of sharks and leaches. Let's not split hairs. Welcome to Corporate/America. Either way, workers, consumers, and future generations get screwed by the exact same 'make-a-buck' at all costs lunacy exalted here. Unless, of course, you belong to a union or do work that involves breaking a sweat.

[lulunarf]

So your solution is for everyone in this country to do blue-collar manual labor as part of a trade union?

[FlintPublic]

Heavens no. There are value-adding white-collar jobs. There are white-collar unions. But the horrified tone of your response gets at my original point: there are too many Americans who take for granted (and ridicule) the hard work these men and women have as much right in expecting to earn a decent living doing as any marketing manager. This idea that unless you went to college you're worthless to society is wrong and insulting. Have you flushed or used electricity today? Dressed? Driven? Ate?

[lulunarf]

You're right about America's white collar superiority complex. I try to appreciate and respect every kind of gainful employment. My problem isn't with workers acting in their own self interest, but with government's attempts to obstruct a company's ability to act in its own self interest. I'm not upset with the union workers. If a private business ever wanted a union, I would support that. But using laws to force business to accept unions irks me.

[FlintPublic]

I'm happy to hear someone voice appreciation for all forms of valuable work. And I'm happy to hear you're open to the important role unions play in an equitable free economy. We'll have to work on the notion that private business gets the final say-so on whether its workers have the freedom to chose to organize without fear, intimidation and retaliation or not. Though I'm sure we'll have opportunity for that discussion in 2009. Have a happy holiday and thanks for great dialogue!

[r3dredwine]

mises has a really good article on this subject.

[lulunarf]

It was a great article. It's where I got the idea for the video.

[joneselius]

Allow me to fill you in.

It's BILLIONS of dollars.

It's pronounced 'may-doff'.

It's how your social security works.

It's how Wall street works.

The FBI knew about Madoff for 2 YEARS. Yet when he told people it's all a lie, it's ALL false, he tried to tell people about their own Fed and central banks.

Oh and Walls street will come down becuase of this, unless your' people do something. Short selling and baby boomers will ruin you.

If China stops giving you money. Bye, bye.

[joneselius]

Allow me this also.

Britain is similar, only we have less say.

If American people allow their government to keep giving money (bail-outs) to this UTTERLY HUGE Ponzi scheme which is the Fed and Wall street, the WHOLE DAMN WORLD will hate you, even you will hate you.

Also for every 1% of GDP you earn is 4% debt. Good luck in our future eh :()