Today's news says that Madoff will STILL not go to jail, yet be confined to his posh apartment. Poor guy!
Madoff was arrested on what they call a Ponzi scheme.
He took in investors money, and then paid the original investors "dividends" with new money taken in from new investors.
What is the difference with what Madoff has done with what banks do every day.
They take in your deposit, and loan it to someone else. But if they take in a $100 deposit, and loan out $1000, where do they come up with the other
Well, they borrow money from the central bank, who prints the money to make up for the difference. Yet if you foreclose on your house, guess who gets
the deed. The bank gets the deed, even though they never had any money in the first place.
Why are banks not being "strung up" for their Ponzi scheme?
People say life couldn't go on without banks.
I beg to differ. I say, life would be much better without them.
Think about how much of your hard earned money it takes to run a bank.
Without that money going to the banks, and their fat wallets, the money would go directly into the economy. Yet we throw $350 billion at them, and
they hoard it, like it was theirs to hoard, and then have the nerve to tell us that we don't need to know where the money went, and then ask for
It took a full month for many in Congress and the American public to realize that billions in bailout funds were not going to be used the way they
Instead of purchasing failed mortgage assets, the Treasury Department used the taxpayer money to buy preferred shares of stock in select banks.
But in the first weeks of the bailout, select banks become in-the-know quickly. Several of them have said it was "federal regulators" who approached
them and urged them to apply for bailout money ... even before the public or Congress were aware this would be its use.
I say, down with banks. They are evil. Not necessarily the people who work there, but the system is evil. They are part of the Beast. And yet we feed
[edit on 12-1-2009 by doctordoom]