As stated in my last post, I am a news junkie and sure enough today while watching the news (yup...I read plus I watch...and yeah I also listen to public radio news :)..its an addiction)...back to my point...while watching the news about Bernie Madoff's sentencing (he got 150 years in jail for running a $65b billion Ponzi scheme) they were interviewing the supposed 'Survivors' ('Victims' for the sane). Apparently these people are angry with the government and SEC. They are asking how come the SEC did not regulate Bernie Madoff's Hedge fund and are asking for answers.
So here is what I think about them...I do feel bad for them, at least those people who had no idea where their money was going, but for those who invested in Bernie's scheme expecting a 20% return, I have no sympathy.....its simple..no straightforward financial plan is going to give you a 20% return......they were greedy and they lost...and now they should just deal with it
As for government control, these are the same people who are the first ones to cry foul when the government is trying to regulate the financial industry....these fear mongers call it socialism and government interference. They don't want the government to regulate anything, they want the forces of capitalism to work their charm..everyone is happy and skipping around like a drunken monkey till the cash is rolling in....
But as soon as they fall victim to their own greed, they want the government to be responsible for the failures and hand out bail out money to them!
What is next? eat tons junk food and make BIG boo boo and when they are unable to clean themselves off very well...blame the government for not regulating their food and wiping their ass**s clean??....Idiots!
Learning New Things!!
1 year ago