Mob Mentality: Appeasing the Masses
So Bernie Madoff has been offered up to the gods of the Americans who feel they are owed something for this economic recession. These self same Americans are the ones that over leveraged themselves in a $500,000 home on a $30,000 / year income. These self same Americans bought SUV’s that get 5 mpg. These self same Americans took 2nd mortgages and used the money to buy single stocks. And, yet they feel they are owed something. They are outraged, yes outraged.
Now this is not an article to defend Bernie Madoff in any sense of the word, but how dumb does the SEC and media think we are? This is as obtuse as the O.J. trial. Remember that fiasco? The police discovered 3 sets of footprints but only moved to convict poor arthritic O.J.. Now we have the largest ponzi scheme in the history of mankind and yet 70 year old Bernie Madoff is hauled off to jail awaiting sentencing ALONE. Really? Madoff, alone? I know the man must be an evil genius, but everyone knows there has got to be at least an underground grotto of henchmen chanting his name somewhere who were complicit in the scheme. In fact the media dropped the ball and did in fact interview some of the henchmen, namely the data entry engineer, the customer service agent and others. Surely they knew something?
But disregard these minor details. Let’s get back to the public flogging. Will these offended Americans rejoice and cheer in the streets? Or, will the suddenly realize that they are out of jobs and china all of a sudden has a huge influx of open positions in sweat shops? Oops, did I just let the cat out of the bag? Oh heck, why not? We are at the bottom anyway.
So Madoff’s head is on a pike and posted on the castle gates and the peasants are all supposed to rejoice that the king is keeping them safe. But, what about the guys we don’t know about who are fleecing us in broad daylight? How come no one talks about them? Where is the SEC when credit default swaps are being bought for billions, leveraged against millions of insurance policies? Where is the king’s guard on secret bank loans given by Ben Bernanke and the privately held Federal Reserve Bank in the trillions, with absolutely and unappologetically no transparency?
So Madoff bilked $50 billion, so what? Its’ a drop in the bucket compared to what the Federal Reserve Bank has done to the entire country and continues to do. I don’t hear these outraged Americans screaming to rescinded the Federal Reserve Act. I don’t see any masses with pitchforks and torches clamoring to shut down the Federal Reserve. I see not one blip about how congress repealed the Glass Steagall Act in 1999, which has directly lead to this financials debacle. We have congressmen coming on t.v. saying “it is the duty of government to provide liquidity in this time of crisis”. Wait, isn’t there this piece of paper called a constitution that says you’re not supposed to do any of this stuff? Yet silent on the home front about that, and these god awful bailouts.
Sure cry for the victims of Bernie Madoff. Beat your chest and pull your hair out over stuff that really affects you though. Seriously, do you even know the value of your dollar? Is there a reason why the dollar isn’t backed by gold? Without any backing, our U.S. dollar is a fiat currency, subject to the whims of nearly everyone with a legislative act behind their name.
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