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Why did Bernie Madoff go to prison?
To make it simple, he talked people into investing with him. Trouble was, he didn't invest their money. As time rolled on he simply took the money from the new investors to pay off the old investors. Finally there were too many old investors and not enough money from new investors coming in to keep the payments going. Next thing you know Madoff is one of the most hated men in America and he is off to jail.
Some of you know this, but not enough do. Madoff did to his investors what the government has been doing to us for over 60 years with Social Security. There is no meaningful difference between the two schemes ... except that one was operated by a private individual who is now in jail, and the other is operated by politicians who enjoy separate perks, privileges and status in spite of their actions.
Do you need a side-by-side comparison?
Well here's a nifty little chart...
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Bernie Madoff
Takes money from investors with the promise that the money will be
invested and made available to them later |
Social Security
Takes
money from wage earners with the promise that the money will
be invested in a "Trust Fund" and made available later.
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Instead
of investing the money Madoff spends it on nice homes in the
Hamptons and yachts for himself and family. |
Instead
of depositing money in a Trust Fund the politicians use it
for general spending and vote buying. |
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When the
time comes to pay the investors back Madoff simply uses some
of the new funds from newer investors to pay back the older
investors. |
When
benefits for older investors become due the politicians pay
them with money taken from younger and newer wage earners to
pay the geezers. |
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When
Madoff's scheme is discovered all hell breaks loose. New
investors won't give him any more cash.
His scheme
collapses, everybody demands their money and the plan is
bankrupt! |
When
Social Security runs out of money they simply force the
taxpayers to send them some more. |
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Bernie
Madoff is in jail. |
Politicians remain in Washington,
with a separate retirement plan
paid for by the taxpayers. |
Really.....how is there
any difference here???
Yes! Politicians remain free to screw us!
Remember to vote them all out of office!
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