Capitalism without morality is a terrible sight to behold. Prudently responsible market capitalism is superior to communism because it preserves the sowing and reaping equation without governmental force. Merit deserves its reward just as demerit and ineptitude must be penalized to preserve the legitimacy of law and show the way to goodness.
Which anti-Claus has done more harm: The Federal Reserve or Bernie Madoff? A holiday stage play could show the FED creating money while Madoff filches it. But in the larger picture the FED is by far the bigger bandit. Madoff’s Ponzi scheme aimed at making money for a select group. But greed and dishonesty caught up with Madoff when the economy turned, resulting in the forfeiture of illegitimate profits and perhaps much of the invested cash.
How is it that the accomplished wife of a veteran journalist specializing in financial planning loses her entire 401k to Bernie Madoff’s Ponzi scheme? Sadly, the lady also loses her job because her employer — a North Boston area charitable foundation with a demographically loaded mission — has lost its assets in the Madoff scandal.
What is a delusion if not a false belief held in spite of invalidating evidence? Defined in this Webster’s Dictionary way, many of American’s financial and political leaders are delusional. Some elites claim that deficits don’t matter — they can be inflated away, the resultant distortions of little consequence. Others, including a large chunk of the “Forbes” crowd, think economic growth is a sustainable paradigm on a finite earth — an idea that is dumber in our time than the flat earth theory 400 years ago.
Is any observer of Wall Street surprised that a former chairman of the Nasdaq Exchange has been charged by prosecutors for running a Ponzi scheme in which by his own estimate some $50 billion has been lost for investors? Is anyone shocked that this operation allegedly went on for years right under the collective noses of SEC officials?
“The Star-Spangled Banner” became the national anthem on March 3, 1931, when the Congress and President Hoover formally recognized the anthem. In the midst of the Great Depression, a song about the flag flying proudly in the land of ‘the free and the brave’ gave encouragement. While the Stars and Stripes are still aloft, our nation’s financial impropriety now drags the flag through the dirt. Our U.S. Congress will continue to make laws but the destiny of the country is no longer theirs to command. We have passed the tipping point.
It has been left to Federal Reserve economists and U.S. Treasury officials to destroy the American system through bailouts spun as anti-recessionary initiatives. What is a severe recession anyway but a well-deserved day of reckoning for financial excess? What is so wrong about the nation taking its needed medicine after a speculative binge?