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Obama Madoff with Our Tax Dollars (Trillion dollar policies, the same Madoff-like ponzi scheme)
American Thinker ^
| Neil Braithwaite
Posted on 05/19/2010 7:04:17 AM PDT by SeekAndFind
Don't you just love it when rich executives get implicated in corporate scandals and the media starts asking obvious questions, like "Didn't anyone see this coming?" "Who is responsible for watching these guys?" And "Why weren't they caught sooner?"
While this scenario seems to play out every several years or so, the tale of Bernie Madoff
and his billion-dollar Ponzi scheme seems to have topped them all.
It was reported that when questioned in federal prison by a group of lawyers about his Ponzi scheme, Bernie Madoff said, "I'm surprised I wasn't caught sooner
." Madoff went on to say that on several occasions when he met with the SEC, he thought, "They got me
Madoff's confessions present the best insight of how someone carries off such an enormous Ponzi scheme right under the noses of family, friends, employees, business associates, and state and federal regulators.
It should give every American pause when they consider that Bernie Madoff's Ponzi scheme was enabled not only because a number of highly trained professionals missed so many obvious signs
, but also because many of Madoff's powerful connections actually turned a blind eye
to the facts regarding his illegal financial endeavors.
What we had in Bernie Madoff was a well-connected financial guru who for all intents and purposes could do no wrong. Included among those who believed Madoff could do no wrong were Madoff's loyal employees
, the financial establishment
(including the SEC), the United States Congress (including his buddy Sen. Chuck Schumer
), many prominent business executives
, and a large social network of rich ultra-elites
What we have in Barack Obama is an American president pushing trillion-dollar financial policies that exhibit many of the same characteristics of Madoff's Ponzi scheme.
Similar to Madoff's powerful elite and business establishment connections, President Obama has many powerful and loyal connections in both business and government, many of whom are clearly overlooking obvious signs of trouble, with some even turning a blind eye to the facts regarding the president's financial policies.
Within President Obama's sphere of influence, he, like Madoff, seems to do no wrong. Included among those who seem to believe President Obama can do no wrong are the entire liberal media
, the Obama administration
, 57 Democrat
United States senators, 254 Democrat
United States congress members, 28 Democrat
state governors, and upwards of 53%
of the American electorate.
After all, President Obama is young, he's cool, he's been called the smartest person on the planet, and he was elected President of the United States. So why would anyone ever suspect this upstanding and well-connected young president of any wrongdoing?
While Madoff took billions of dollars from people and told them he was "investing" it on their behalf, and that the returns would be well above average, President Obama took trillions of taxpayer dollars
and told people it was an "investment
" in jobs and the economy, and that the returns
would be well above average.
The problem is, the multi-billion-dollar investment and the big payoff President Obama promised the American taxpayers has not paid out
-- just like Madoff's Ponzi scheme. And the trillion taxpayer dollars President Obama told America he needed immediately to "fix the economy" have been all but lost on what can only be defined as the "biggest Ponzi scheme
" since Bernie Madoff.
On the other hand, while Bernie Madoff was a smart enough captain to understand that his ship would eventually hit an iceberg and go the way of the Titantic, Captain Obama isn't quite bright enough to figure out that his minimal nautical charting skills are heading America toward the same fate as the SS Madoff.
On the contrary, believing his financial policies are unsinkable, President Obama's ship of fools has been heading full speed into uncharted iceberg filled waters since his election. Even his most basic nautical charting skills should tell Captain Obama that it's only a matter of time before he runs full-speed into an iceberg, sending America down faster than you can say "man overboard."
Unfortunately for America, because many of its citizens, business leaders, liberal media members, elected Democrat representatives, and the liberal elite at large have been duped into believing President Obama and are willing to turn a blind eye to their savior's obvious Ponzi scheme, America will continue on its perilous voyage into those uncharted, iceberg-filled waters.
For the rest of us Americans who have caught on to President Obama's Ponzi scheme, we need to make darn sure our voices are heard loud and clear this November so we can get America's ship of state headed back on course and into safer waters.
Neil Braithwaite writes political commentary and satire and is a regular contributor to American Thinker.
TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: madoff; obama; ponzi; taxes
To: SeekAndFind; All
as he said last week... starting next year, anyone making $50k/yr or less... won’t have to pay any taxes, and may be eligible for a ‘refund’
which begs the question, how many people will be paying all the taxes?
140m file. of that, 75% make less than $50k/yr.
that means... 35m people will be forced to pay for all the tax obligations for the entire 310m people.
1 in 10 will pay for everything.
if you were wondering... SUCKER is written on your forehead
posted on 05/19/2010 7:21:56 AM PDT
Bernie Madoff was well-connected and affected the aura of an affable uncle. He was surrounded by a protective wall of people: his loyal employees, his family who held key jobs in the scheme, the financial establishment, the SEC, the US Congress (including buddy Sen. Chuck Schumer), prominent business executives, and a large social network of rich ultra-elites who held a single affinity.
HOW'D HE DO THAT The court appointed trustee looking into Madoff's assets unearthed a labyrinth of interrelated international funds, institutions and entities of almost unparalleled complexity and breadth...... with assets and businesses in 11 places overseas. Madoff traveled overseas frequently, ostensibly to his villa on the Riviera----the suitcases he carried were probably full of cash .....not leisure wear.
Madoff needed lots of sucker money. He was able to dupe people into subsidizing his operations. Madoff was running multiple scams with the knowledge and consent of wealthy businessman:
(1) a Ponzi fraud that made him personally wealthy;
(2) laundering tax-free money for wealthy businessmen with "foundations and charities" posing as philanthropists,
(3) IRS fraud facilitation for wealthy businessmen;
(4) a protection racket (shielding his investors from federal scrutiny);
(5) laundering tax-free money that was donated to Democrat candidates (campaign fraud).
Obama is pushing trillion-dollar financial policies that exhibit characteristics of Madoff's Ponzi scheme. Obama's many powerful and loyal connections turning a blind eye to runinous financial policies: the MSM, the Obama admin, 57 Democrat US senators, 254 Democrat US Congress members, 28 Democrat state governors, and upwards of 53% of the American electorate.
KEEP IN MIND "Professor" Ohaha knows nothing about high finance---all of the WH financial activities are dictated by his COS Rahm Emanuel----who once worked on Wall Street, was an employee of Goldman Sachs, and who took control of, and dominates, all of the US Treasury activities.
Behind The Real Size of the Wall Street Bailout (Mother Jones reports its $14 trillion)
Mother Jones | Dec. 21, 2009 / FR Posted January 04, 2010 by E. Pluribus Unum
A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street.
The price tag for the Wall Street bailout is often put at $700 billionthe size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets. To get a sense of the size of the real $14 trillion bailout, see our chart here. Below, a guide to the pieces of the puzzle:
Treasury Department bailout programs (controlled by Rahm Emanuel)
Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokeragesas much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid. Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets." GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion [PDF].
--SNIP--- long read
Federal Reserve bailout programs
Commercial Paper Funding Facility: With the support from the Treasury, the Fed established the CPFF in October 2008 to increase the availability of short-term debt (commercial paper) funding. Up to $1.8 trillion [PDF] was earmarked for the program.
Mortgage-backed securities purchase: In 2009, the Fed earmarked up to $1.25 trillion to buy investments based on home loans.
Term Asset-Backed Securities Loan Facility: TALF provides financing to investors who are buying asset-backed securities. In February 2009, the Fed and Treasury announced an expansion of the program to generate up to $1 trillion in new lending.
Foreign Central Bank Currency Liquidity Swaps: The Fed has provided $755 billion [PDF] for currency liquidity swaps with foreign central banks.
--SNIP--- long read
posted on 05/19/2010 7:56:02 AM PDT
(If teens can procreate in a Volkswagen, why does a spotted owl need 2000 acres? JD Hayworth)
There are three finicial systems, Capitalism- Socialism and Ponziism- guess which system the USA is under? The first two don't count.
posted on 05/19/2010 8:52:30 AM PDT
by G-Man 1
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