While Bernie Madoff languishes in jail, bankers continue to profit as the poor lose their homes and hope. Thank you, Bernie, for breaking your silence - even if you are still clinging to that cover-up mode you adopted since you took the entirety of the blame for your crimes. What is clear is that ripping off the rich is punished far more severely than ripping off the poor. The lengthy sentence you were given spared countless other greedsters and goniffs from facing the music - what music there is. http://english.aljazeera.net/indepth/opinion/2011/02/2011218151257526294.html#
dumbest article ever. btw, what a shame how empty the nyse floor is, but hey, most trading is on screen so....
I'm not so sure this article is that dumb. How can the US economy keep going at the rate it's going when the entire system depends on debt? Hell, even social security was raided and replaced with debt, in many forms. Social Security, Medicare, the Money Supply -- all Ponzi types, that will collapse someday. But then...what country doesn't operate this way? China runs a surplus but the vast majority of the country is in poverty. Go figure.
The article is incoherent and somehow tries to make a connection between Bernie madoff and the us economy? haha, i don't get it. Its garbage. A Ponzi scheme: is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. (bernie madoff) The US economy is based on corporate earnings. Real profits from producing and selling real things, you know, econ 101.
GS is in the service industry, financial services. Yes, that is a product that has a value in which customers pay for.
There is little bit of ponzi in everybody's life There is little bit of steel in everybody's life. Ponzi is the steel of the financial world (not sure)
he US economy is based on corporate earnings. Real profits from producing and selling real things, you know, econ 101. ------------------------------------------------------------------------------------- Yea, I guess your "re-education camp" worked out well for you. First, the economy is based on "CONSUMER SPENDING" their champ. Not CORPORATE EARNINGS! 70% of the GDP is in consumer spending. Now the Stock Market is somewhat based on Corporate Earnings. However, do you remember a firm called AA, ARTHUR ANDERSON? I do and they went under for "COOKING THE BOOKS" of a few key DOW STOCKS. So, do you really think a 10K is worth Two shits anymore? Wake up. Until we get back to the business of "Producing goods", building equity in "Hard Assets" as in Manufacturing, the US economy is nothing but a "Smoke Screen". I'm not saying the entire US economy, as I work and deal with only Private Business in Manufacturing and services, is a smoke screen but the portion that CNBC follow, that the GOV reports and that many of you trade is. Pull your heads outa your ass and wake up. The system is falling apart as we know it. Which, is a good thing, as it needs to crumble and fail before we can rebuild. Capitalism has been replaced by Nanny State and Corporate Socialism. It will not survive and the system is going to fail. Germans own 60% of the NYSE and the US STOCK MARKET is hot air. Unemployment is "rising" and no end in sight in real numbers. Housing still has massive inventory which may drag home values down another 15% to 20%. And to top it all off....ENERGY PRICES ARE ABOUT TO send us into a serious double dip. All this pressure is going to come to head. It may not be a ponzi scheme by Definition but it sure does look like millions of Americans are going to be left holding nothing.