Folks, this Bernard Madoff guy, you stop and think of this. Every dime
— well, we don’t know this yet. It’s not accurate to say every dime.
But with a $50 billion Ponzi scheme that this guy ran, you’d have to
assume that the whole enterprise here is thus illegal. This guy has
given lots of money to Chuck-U Schumer. This guy has given lots of
money to Charlie Rangel. He has given lots of money to Democrats,
Obama’s campaign and so forth. And you have to ask, do these
campaigns, should these campaigns have to give this money back? Should
they have to return this money? This is ill-gotten money. And stop
and think of the people who paid taxes on these phony returns. In the
Ponzi scheme everybody thought they’re doing well until the day came,
what blew this guy up was the plunging economy despite him saying he
had returns of 10, 12% while the rest of the market’s down 38, he had
clients totaling close to $7 billion asking for their money. They’re
getting worried, they needed some cash, they wanted to get it out of
the market and they wanted to put it in munis, cash equivalents or what
have you, and the amount of requests he had in October-November totaled
seven billion, and he didn’t have it. There’s nothing there, he says,
a couple hundred, $300 million to pay employee bonuses, but there was
nothing there, and that’s when the whole thing happened.
there have been people who have been given money from this guy, the
Ponzi scheme returns money to people at some point, and all of this
money was more than what they gave the guy. They paid taxes on that.
Should they get a tax refund? They paid taxes on money they actually
did not earn. They’ve got zilch now, a lot of these people. Try
this. Should these people be bailed out fifty billion dollars? Some
of these people who got involved with this guy are huge movers and
shakers in lots of moving and shaking type places, and a lot of these
people are putting houses up for sale, closing down their charitable
operations, banks and so forth. And this guy was a huge Democrat
donor. Now, we’ve started the bailout process. We’ve started the
bailout mentality, so where’s it going to stop? These are good
Democrats, folks. These are good Democrats who have been shaken down
by another Democrat. This is Democrat-on-Democrat crime. Some
Republicans in there, I’m sure, but most of these guys, these friends
of Bernie Madoff are Democrats.
Will Obama bail ’em out? Some
of them are ruined. There’s a fund, I forget what the acronym for the
fund is, but there’s a fund that helps people who have been scammed
this way, but that fund at most has one-and-a-half billion dollars in
it, and this is a 50-billion-dollar scam. But this Ponzi scheme of
Bernard Madoff’s — and again, he was able to pull this off on the
basis of reputation, personality, image, public relations, nothing
substantive ’cause there wasn’t anything there. He was able to peddle
a lie for 25 years on the basis of how he said it, not what he said,
but how he said it. And, of course, the desire for people to be part
of an exclusive little cult, a very small little club. But the Bernard
Madoff Ponzi scheme pales in comparison to the largest one existing to
this day in the entire world.
the phones. I want to grab a phone call before we have to bring the
hour to a screeching halt. This is Jeff in Roanoke, Virginia. Great
to have you here, sir. Hello.
CALLER: Thank you. Hey, $50
billion is chicken feed, and we all get to participate in the largest
one, and I would think that would be Social Security.
Exactly right, sir. The largest Ponzi scheme, the most successfully
run Ponzi scheme, a Ponzi scheme that even has morality attached to it,
started by our old buddy FDR, Social Security, the single biggest, and
here’s the thing, you can back me up on this, Jeff, old buddy, old pal,
every Ponzi scheme eventually collapses because at some point everybody
in it wants their money, and there isn’t any money.
CALLER: I don’t like the sound of that.
Well, brace yourself, buddy. People have been trying to warn about
this, as you know, for who knows how long. This is why the effort to
privatize it — why do you think it was opposed, the effort to fix it?
Government cannot give up the power; the Washingtonians cannot give up
the power that running this Ponzi scheme gives them. They’re willing
to kick the can down the road and let it collapse when somebody else’s
gotta deal with it, except one thing. The difference between Bernie
Madoff and the Washingtonians running their Ponzi scheme and others is
he’s probably going to go to jail. Our guys will be promoted and
they’ll be hailed as heroes, like Chuck Schumer, Barney Frank, Chris
Dodd, all these clowns that are responsible for most of this financial
mess now and I’d say that they’re largely responsible or have a great
deal of responsibility for the auto problem that we have today.
They’re being hailed as great heroes and fixers by the Drive-By Media.
By the way, $50 billion is small fry to the Social Security Ponzi
scheme, but again, just ask yourself, go to bed tonight and then
pretend waking up tomorrow morning and you read the paper, found out
everything you have is a lie, that you have nothing.