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It's becoming increasingly clear American capitalism is one big Ponzi scheme benefiting the rich. The middle class was allowed along for the ride for a while but now we don't even get a lifeboat.
It will be most interesting to see how this will all play out.
So much for "investing" for your retirement in 401K's etc. Now millions of people are at retirement age and have lost half their savings and their home equity, so they can't even cash that out. Living on SS? Guess people have to start moving to Mexico etc. to be able to survive .
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The price of anything is the amount of life you exchange for it. ~Henry David Thoreau
Well Katz, looks like the Washington Post finally woke up and discovered the story too, you were only two days ahead of them:
Alleged Ponzi Scheme Grows
11:10 AM ET: Word came this morning, via various media reports, that a number of rather recognizable names are caught up a ponzi scheme allegedly perpetrated by investor Bernard Madoff.
I agree with that!
Actually I read the story on a german on line news website a day before I could find it here, strange!
Agree. I often get better news from the BBC and Financial Times websites than I do from our USA sources.
Thanks for changing the title of this thread. Having all the right keywords in a Title will let more search engines find this thread and help bring more people to City-Data. Rah Rah City Data!
It'll be interesting to compare it to the punishment our representatives will get from throwing around not billions, but trillions of our children's future income, harem-scarem, with not a CLUE what they're doing. In spite of our protests.
I mean, this guy probably meant well when he started his scheme, too.
I think that it is time to drop the name of Charles Ponzi and replace it with Madoff.
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