Madoff: "The Whole Government Is A Ponzi Scheme"

[Sola_Fide]

NEW YORK (AP) -- Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme."The whole new regulatory reform is a joke,"

Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators.

...

He said in the New York magazine interview the Securities and Exchange Commission "looks terrible in this thing," and he said the "whole government is a Ponzi scheme."



http://finance.yahoo.com/news/Madoff-to-NY-magazine-apf-2369562769.html?x=0&.v=2

[Sola_Fide]

It takes one to know one, right?

I think we should use this quote from Bernie everywhere:)

[April1775]

He's right, but it doesn't make his stealing right.

[Wren]

He only did what the governments been doing for the past century.

[April1775]

So? Does that make it OK?
I like his statement as a comment on government.
I hate it as an excuse for his actions.

[Sola_Fide]

So? Does that make it OK?
I like his statement as a comment on government.
I hate it as an excuse for his actions.

What is government's excuse for its actions?

[Wren]

So? Does that make it OK?
I like his statement as a comment on government.
I hate it as an excuse for his actions.

No one ever said it was okay. Just pointing out that people are unaware of a century long ponzi scheme happening right under their noses.

[wildfirepower]

Pimco’s Bill Gross: USA is Giant ‘Ponzi’ Scheme

US authorities are operating a “brazen” Ponzi scheme in government debt by buying trillions of dollars of bonds to stimulate the economy, according to Bill Gross, managing director of Pimco, the world’s biggest bond house.

Mr Gross said more QE is a huge gamble, but necessary because the US is “in a ‘liquidity trap’

In a bid to restart the stalling recovery, the US Federal Reserve is next week expected to unveil a second round of quantitative easing (QE) of as much as $500bn, on top of the $1.2 trillion already completed.

In typically robust comments, Mr Gross said the Fed had run out of other options but warned that more QE would in the long-term mean “picking the creditor’s pocket via inflation and negative real interest rates”.

“[Cheque] writing in the trillions is not a bondholder’s friend; it is in fact inflationary, and, if truth be told, somewhat of a Ponzi scheme,” he wrote on his investment outlook, arguing that creditors have always expected to be paid out of future growth.

http://www.midasletter.com/index.php/united-states-is-giant-ponzi-scheme/

[00_Pete]

All that i know is that people that steal trillions, start monstrous wars and unleash a social/cultural cataclisms on society with the filth their media and intellectuals spread are still free.

[bobbyw24]

it takes one to know one, right?

I think we should use this quote from bernie everywhere:)

this

[doodle]

This ponzi dude used to be President of NASDAQ?

Wow.

[Koz]

He is a jackass and a thief, but he is correct. I'm still glad he is locked up for life, most people in Washington should be too.