More Corruption on Wall Street / Madoff / The Gold Standard

Related articles:

NY Times on the Ponzi Scheme:

http://digg.com/business_finance/The_17th_Floor_Where_Wealth_Went_to_Vanish_2
NY Times on Geithner:
http://www.nytimes.com/2008/12/15/opinion/15mon1.html
Economist Stiglitz and economic problems -

http://digg.com/political_opinion/Joseph_Stiglitz_The_Seven_Deadly_Deficits

Sen. Norm Coleman's legal problems

http://digg.com/politics/TROUBLE_at_the_TOP_Senator_Coleman_wife_tap_top_lawyers

Category:

News & Politics

Tags:

• gold
• standard
• wall
• street
• us
• economy
• ron
• paul
• bernard
• madoff
• ponzi
• norm
• coleman
• AIG
• bonuses

[johnsmdm]

Mr. Ralph sir, we are worried you may have antijew leanings sir, please clarify your position sir?

[Ralphdraw3]

Not to worry, I am not anti-Jewish.

I am, however, opposed to any small group of people, religiously based - such the Mormon fundalmentalists, or the Southern Baptist Convention or the NeoConservative Zionists - or otherwise, who try to ram down their politico-religious agenda on the entire nation.

Any questions on my position?

[ChrisKalhoun]

Sorry Ralph, but that was a poor attempt at making a point. With all the wondering and random thoughts and interruptions, still having trouble trying to understand your point in all this except to say that there is this corruption on Walstreet. But this is common knowledge and goes on daily in corporatism as in politics. Ron Paul doesn't talk about it because it's redundant. I mean whats the point of talkng about it when you have bigger problems like the Fed and the structure of the government?

[Ralphdraw3]

My points:

1) Wall Street is corrupt

2) Rich people do stupid things

3) Wall STreet needs to be regulated and new laws need to be passed

4) the working class and the middle class are getting screwed

5) I didn't say this in the video BUT there is an unhealthy concentration of wealthy in a few hands

and

6) Ron Paul better START TALKING ( at least) about business corruption.... but he doesn't want to do. Paul likes to kiss the feet of business and the wealthy.

[johnsmdm]

I'm sorry I said..

[Ralphdraw3]

Madoff - was working both sides of the Wall Street fence: the regulated side and the unregulated side.

Chris Cox has already said that the SEC had screwed up regarding Madoff and his operation. Apparently some complaints against Madoff had been filed at the SEC - years ago, but nothing had happened and no action was taken.

[gonjamon99]

Maybe, I didn't phrase myself correctly: He said that complacency was caused by regulation and the magnitude of the disaster was caused by the complacency. That's TRUE. But you can't go from there to arguing for deregulation. Sorry, but I didn't write my original comment right. Schiff's comment is in an interview on AlJazeeraEnglish. He's interviewed alongside a hedge fund expert lady and some gloomy guy with an accent (not Faber though :]).

[kemosavvy]

i'd really have to see the article where schiff said that 'too much regulation caused this'. i have a hard time believing that since madoff operated a hedge fund to sophisticated investors, there is very lttle reg's by the sec for hedge funds.

[gonjamon99]

Peter Schiff recently said that too much regulation caused complacency in the case of Madoff's Ponzi scheme. This is as absurd as saying that the existence of the police force causes murder and thievery. Something is misfiring in these Ron Paul cultist brains.

[EMPIRE0FLIES]

You cant control corruption in business but you can punish corruption by letting them go bankrupt. Greed is human nature. Let people capitalize on other peoples failure. Its actually very simple. You dont work, you dont eat.

[chewbaca1989]

You just argued my point, touche.

[ChrisKalhoun]

I see. Well thank you for clarifying that. It was a little hazey on what exactly your points were. Well, all of this is good and valid points and like the government, wallstreet does need to be regulated. You're absolutely right, but I think Ron Paul has enough on his plate right now with the corruption in Government and the Fed, then to concern himself with the smaller problem of Wallstreet. The problems of Wallstreet will go away only after they deal with the people behind of this.