President Elect Obama delivered a major policy speech before he was even sworn into office – unprecedented! But, after all, these are unprecedented times.
His speech was very dark and gloomy even suggesting that if action is not taken quickly and decisively, we may not be able to pull our economy out of its slide and may remain in a depression for years to come. He knows that action is needed now and not tomorrow so he is not even waiting till he takes office to get Congress into gear; all very smart and calculating moves to ward off opposition and garner overwhelming support.
I know it is getting pretty dark out there because I happened to notice a grim similarity to the stock market crash of 1929 and the Great Depression that followed with our time. Once the stock market crashed in 1929 and investors who have been investing heavily with borrowed money realized that they were financially ruined for good, many just jumped out of the window; so many were jumping that it was dangerous to walk the sidewalks outside these financial buildings.
Yesterday’s Wall Street Journal started listing the suicides to date of multi millionaires and billionaires that were obviously caught in financial positions they no longer felt they could face in this lifetime.
It appears many gambled in the stock market; gambled big and lost. In other times they may have been able to recover but in this unprecedented global economic disaster, no recovery was possible and so they picked death?
Another cause of suicides in the financial world is the unraveling of the Bernard Madoff Ponzi or Pyramid scheme. The unraveling of this $50 Billion scam was caused by our economic downturn when investors wanted their money back to handle the impending crisis. As you know, in a Ponzi scheme, new investor money is used to payoff old or original investors. The scheme only works if more and more new investors are found (bottom of the pyramid) to sustain the top of the pyramid; there is no money actually invested or on hand.
A number of people that talked friends and family into investing with Mr. Madoff have recently committed suicide.
Interestingly enough, Mr. Madoff who swindled friends, family and non-profit charities alike out of billions, did not have any problem facing life as usual. He actually started divvying up his on-hand assets (jewelry, watches, paintings…) to close family members knowing full well that he has been caught “stealing” or “embezzling” other people’s money; some who are now wiped out and destitute. This man needs to suffer some serious pain but also the wealthy Jews he conned need to use their heads a little more; be more suspicious of fellow Jews.
More on this one as it develops – it will be in the history books.
Anyway, when someone would rather take his or her life instead of facing financial ruin or hardship, things must be getting pretty serious out there.
His speech was very dark and gloomy even suggesting that if action is not taken quickly and decisively, we may not be able to pull our economy out of its slide and may remain in a depression for years to come. He knows that action is needed now and not tomorrow so he is not even waiting till he takes office to get Congress into gear; all very smart and calculating moves to ward off opposition and garner overwhelming support.
I know it is getting pretty dark out there because I happened to notice a grim similarity to the stock market crash of 1929 and the Great Depression that followed with our time. Once the stock market crashed in 1929 and investors who have been investing heavily with borrowed money realized that they were financially ruined for good, many just jumped out of the window; so many were jumping that it was dangerous to walk the sidewalks outside these financial buildings.
Yesterday’s Wall Street Journal started listing the suicides to date of multi millionaires and billionaires that were obviously caught in financial positions they no longer felt they could face in this lifetime.
It appears many gambled in the stock market; gambled big and lost. In other times they may have been able to recover but in this unprecedented global economic disaster, no recovery was possible and so they picked death?
Another cause of suicides in the financial world is the unraveling of the Bernard Madoff Ponzi or Pyramid scheme. The unraveling of this $50 Billion scam was caused by our economic downturn when investors wanted their money back to handle the impending crisis. As you know, in a Ponzi scheme, new investor money is used to payoff old or original investors. The scheme only works if more and more new investors are found (bottom of the pyramid) to sustain the top of the pyramid; there is no money actually invested or on hand.
A number of people that talked friends and family into investing with Mr. Madoff have recently committed suicide.
Interestingly enough, Mr. Madoff who swindled friends, family and non-profit charities alike out of billions, did not have any problem facing life as usual. He actually started divvying up his on-hand assets (jewelry, watches, paintings…) to close family members knowing full well that he has been caught “stealing” or “embezzling” other people’s money; some who are now wiped out and destitute. This man needs to suffer some serious pain but also the wealthy Jews he conned need to use their heads a little more; be more suspicious of fellow Jews.
More on this one as it develops – it will be in the history books.
Anyway, when someone would rather take his or her life instead of facing financial ruin or hardship, things must be getting pretty serious out there.
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