Thursday, December 11, 2008

“It’s All Just One Big Lie"

I've been wondering where all the perp walks were, but this shocked me. Unless you work in the financial markets, you probably haven't heard of Bernie Madoff. But he's long been a prominent, respected figure on Wall Street, especially in the trading community. Watch this story over the next few days.

19 Comments:

Anonymous judyo said...

I expect there will be more.
We, dear Brutus, are a house of cards.

12/11/2008 9:40 PM  
Anonymous Anonymous said...

The key quote for me is "he's one of the pioneers of modern Wall Street." It's all a Ponzi scheme.

12/11/2008 11:24 PM  
Anonymous Anonymous said...

The key quote for me is "he's one of the pioneers of modern Wall Street." It's all a Ponzi scheme.

12/11/2008 11:24 PM  
Anonymous Anonymous said...

The key quote for me is "he's one of the pioneers of modern Wall Street." It's all a Ponzi scheme.

12/11/2008 11:24 PM  
Anonymous Anonymous said...

Sorry about that.

12/11/2008 11:25 PM  
Anonymous Anonymous said...

If you are shocked, think how Joe and Jane on main street must feel. And this is where we are encouraged to place our trust and financial welfare. Oy Vey!

12/11/2008 11:35 PM  
Anonymous Anonymous said...

Wow!

And here I thought it was all about poor people buying houses they couldn't afford.

Fox News didn't tell me rich people were stealing billions

12/12/2008 12:47 AM  
Anonymous goldhorder said...

It is not a ponzi scheme. It is a confidence scheme. It is a confidence scheme you believe in. Obama is here to save America!!! Trust us. Keep investing in your 401Ks. Keep letting us print dollars, take out more debt on the taxpayers, etc. It will all be well in the end. After all he is not George W Bush. Suckers!!! All of you are suckers. hahahaha. I guess that wasn't very nice.

12/12/2008 2:23 AM  
Blogger Mr. Hedley Bowes said...

Welcome to the long con: an empty executive suite in a Houston skyscraper. Grifters. Another Texas hustle. Remember Enron?

12/12/2008 2:35 AM  
Anonymous JohnR said...

How is this fundamentally different from the big money games that are still crashing the system? You play cinfidence games with other people's money while taking your cut as much and as often as possible, and hope to get out before the crash (which you begin to believe will never actually come). People been doing this since before money was invented. That's why anybody who calls for "small government/no regulation" should be automatically be considered either a knave or a fool as a working hypothesis.

12/12/2008 11:53 AM  
Anonymous goldhorder said...

That's why anybody who calls for "small government/no regulation" should be automatically be considered either a knave or a fool as a working hypothesis.

Sigh...because when you have a money based on gold you can protect yourself from the parasites. Sure there were "confidence men" before. But they sold snakeoil...and only the stupid believed them. Today it is our Federal Reserve Bank that are King of the snakeoil salesman and the power they have and the damage they can do is enormous. You are the fool. You believe in the snakeoil salesmen. And what are you talking about "small government". We have not had a small government since the end of the Civil War. That was generations ago. You don't know what small government is. Say for instance everything was reversed...You gave most of your money to your local government...a bit more to state...and a tiny to federal. You know where your local politicians live. They do not have secret service men protecting them. They have to be more honest than the people in DC because if they are not...they will wind up with angry people on their doorstep. If they do something truly awful...you can organize a mob and take them out. Ordinary people would have far more influence and power because most of their tax dollars would never leave their local areas. They would have an incentive to be more involved. But Americans have the messiah complex now. They sit around waiting for "their great leader" to save them. We bomb, rape, and murder all over the world. Your "big government" came close to realizing the dream of the German Nazi party. To dominate the world by any means necessary. But as past history has shown the closer a country comes to this "ideal"...the more area and people they have to control...the harder and harder it is to keep the thing from falling apart. And once it starts to fall apart the when the rest of the world sees understands how weak you are the collapse will pick up steam. I truly hope this is the end of mordor on the potomac. That our financial system collapses. We deserve that fate more than any corrupt people or empire in the history of the world.

12/12/2008 2:40 PM  
Anonymous John B. said...

pretty cogent summary goldhorder...it's an odd thing to wish for, ones own demise, but I can't say that I disagree with you on the merits...

12/12/2008 3:09 PM  
Blogger Jacob said...

What goldhorder is describing sounds a lot like how things work in small European countries who are members of the EU. Having lived in a small, wealthy country in northern Europe as well as NYC, I can say that it's a hell of a lot easier to get things done in smaller communities. You've got to want to, though. Americans are so fed up with failed attempts to actually get things done that the only answer left in their minds is for the government to do nothing...


I don't know about you, but I would rather live in the 21st century as opposed to the 17th.

12/12/2008 3:34 PM  
Anonymous goldhorder said...

So...it is big government that produced all the wonderful technological advancements? That is insane. The government did not invent James Watt, Thomas Edison, and Nikola Tesla. I know that is not exactly what you are saying but what do you really think we need these clowns in DC and at the Fed Reserve for. The world would be a better place without them. Not a doubt in my mind. Arthur Sibler says it better than I do. Good writer when he is not wallowing in self pity.

http://powerofnarrative.blogspot.com/2008/12/clinging-to-wreckage-i-murder-inc.html

If you have ever wondered how a serial murderer -- a murderer who is sane and fully aware of the acts he has committed -- can remain steadfastly convinced of his own moral superiority and show not even the slightest glimmer of remorse, you should not wonder any longer.

The United States government is such a murderer. It conducts its murders in full view of the entire world. It even boasts of them. Our government, and all our leading commentators, still maintain that the end justifies the means -- and that even the slaughter of hundreds of thousands of innocents is of no moral consequence, provided a sufficient number of people can delude themselves into believing the final result is a "success."

We are a nation that has voluntarily renounced all its most crucial values, and all its founding principles. We can appeal all we want to "American exceptionalism," but any "exceptionalism" that remains ours is that of a mass murderer without a soul, and without a conscience. We have destroyed the most basic foundation of liberty -- and the nature and meaning of our act has already, in less than a couple of weeks, almost entirely vanished from public discussion. It is useless to appeal to any "American" sense of morality: we have none. It does not matter how immense the pile of corpses grows: we will not surrender or even question our delusion that we are right, and that nothing we do can be profoundly, unforgivably wrong.

12/12/2008 4:08 PM  
Anonymous Anonymous said...

It is not a ponzi scheme. It is a confidence scheme. It is a confidence scheme you believe in. Obama is here to save America!!! Trust us. Keep investing in your 401Ks. Keep letting us print dollars, take out more debt on the taxpayers, etc. It will all be well in the end. After all he is not George W Bush. Suckers!!! All of you are suckers. hahahaha. I guess that wasn't in very nice.

Uh, yeah.

WTF does Obama have to do with this? I mean in **this** reality, genius.
-- sglover

12/12/2008 11:16 PM  
Anonymous Anonymous said...

So...it is big government that produced all the wonderful technological advancements? That is insane. The government did not invent James Watt, Thomas Edison, and Nikola Tesla.

Right, ace.

Lengthy investment in a wide spectrum of technology is the historic fact. The integrated circuit, the internet, nuclear power are just a few of the most visible examples. Undergirding those are public institutions like the land-grant colleges -- I suppose you want to write those off as a coercion-based fraud? You might want to ask yourself why the **world's** talent strives heroically for a slot in them.

I really don't get why you don't write more about the many virtues of places like Somalia or the Siberian taiga. Nasty old government barely exists in these regions -- yet, strangely, the libertarian paradise has yet to appear.
-- sglover

12/12/2008 11:31 PM  
Anonymous Anonymous said...

Actually Goldhoarder, we haven't had a small government since before the Civil War. Lincoln brought us big government.

12/14/2008 7:15 AM  
Anonymous Anonymous said...

I can't keep track of what libertarians and other economic theologians consider "small" government. But the fact is that the American government's been extensively involved in economic affairs ever since Alexander Hamilton championed the Assumption Bill -- arguably the original finance industry bailout.
-- sglover

12/14/2008 10:49 AM  
Anonymous goldhorder said...

Lincoln set us on the path...the government did not have the power it does until after 1913. They had to imposes the income tax and they had to overcome the consitutional requirements of using gold and siver to back the currency. All of that laid the foundation for what was to come. The industrial revolution came before the forced schooling and liscensing requirements established by the Carnagies and Rockefellers. That is a fact. Hamilton was no Jefferson but I'll gladly go back to those days if we get rid of the Federal reserve bank.
What is my model? My model is Switzerland...although they have recently allowed their banking system to be corrupted by US finacial interests. Switzerland pre 1990. Distributed power and public referendums on budget issues.
Obama has been a Senator during all this. Did he or did he not approve the Wall Street Bailout. He is fully bought and paid for by wall street. Our tax dollars are going into Goldman Sachs, Morgan, etc. until they are sufficiently funded to creat the next inflationary bubble. That is what your great "Savior" is going to bring you. LMAO

12/14/2008 11:53 AM  

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