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The Extraordinary Evil of Bernie Madoff July 6, 2009

Posted by Daniel Downs in Bailout, capitalism, crime, economic stimulus, economy, federal government, Federal Reserve, morality, news, politics, secularism, socialism.
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As I was opening some previously unopened e-mail newsletters, I came across another Bill Bonner financial commentary that I just could not resist posting. An American, held up in London’s financial district, Bonner’s insight are as enlightening and they are through-provokingly ironic. The Bonner bite tickles something between the large funny bone atop the shoulders. And, though the Madoff scandal is not really funny, his accusers are likely chuckling at the rest of us for believing them. That is, if Bonner’s insight are more true than not.

Hmmm … let’s see.

Poor Bernie. The man has been ordered to spend 150 years in the hoosegow. What for? Who did he kill? A century and a half seems a little excessive for a financial crime. You could hold up three liquor stores and rape a whole convent and still not get 150 years. With a little bit of good lawyer-ing, a history of child abuse in the family, and good behavior in the big house, you’d be back on the street in 18 months.

But all the papers seem delighted. “Locked up for Life!” says one of today’s headlines. The judge “threw the book at him,” says another. His victims wanted him to get no mercy. The judge gave him none, imposing the maximum sentence. He is “extraordinarily evil,” said the man on the bench.

Justice has been done. Right?

Here in the building with the gold balls on the roof, we’re not so sure. We stand up for lost causes…die hards…and scalawags. Besides, we’re not convinced that Bernie is extraordinarily evil at all. He seems much more like an ordinary evil to us.

They say he defrauded investors out of $65 billion. The amount is unusual, but the crime is as common as income tax evasion. Who gets 150 years for evading income taxes? Heck, in civilized countries it’s not a crime at all – but a civil misdemeanor, subject to fine and retribution, not punishment.

But didn’t he lie to investors? Well, yes…he exaggerated the returns investors were likely to get from his fund. But if you put every fellow on Wall Street who does that in jail, you wouldn’t have any room for stick-up men and wife beaters.

Isn’t he the biggest financial scammer of all time? Well…he’s the title-holder now. But he has a lot of competition close on his heels. Bernie’s crime was taking money from people under false pretenses…and then being unable to give it back to them. How is that different from the financing activities of the US government?

This year alone, the feds will borrow 50 times as much money as Bernie managed to take in during his whole 20-year career. They can only pay it back by borrowing even more money from more lenders. This is not very different from the typical “Ponzi” scheme, except that it’s the government doing it. Eventually, the suckers are going to lose a lot of money.

And when you balance Bernie’s sins against his virtues, we’re not sure the man doesn’t come out at least as well as many of his accusers. While Bernie was pretending to make his investors rich, the SEC was pretending to protect them from Bernie. In fact, neither were really doing what they claimed. Which is to say, both are guilty of ordinary evil.

As we pointed out yesterday, nothing is as dangerous as good luck. Madoff was not extraordinarily evil; he was just extraordinarily lucky. He was plying his trade when the feds were pumping up the biggest financial bubble in history. No wonder so much hot gas came his way. His luck ran out when the bubble popped. And now a court has found him guilty of fraud and a judge has ordered him locked up for a period equal to roughly the time between the end of the US War Between the States and the resignation of Richard Nixon.

While Bernie is behind bars, the SEC and FED officials are still at large. Both are clearly guilty of dereliction and negligence.

But, what is the point of keeping Madoff in prison? He represents no threat. Rather than pay $30,000 per year to keep him locked up, we suggest that he be forced to do community service work. He should be pressed into service as the next head of the Federal Reserve after Ben Bernanke’s term expires in December. With Madoff in the big office, there would be no longer any illusions about what sort of bank the Fed is running.

What a minute! In other commentary Bonner, John Mauldin, and other financial experts claim that the federal government stimuluses and bailouts are only making the situation worse. They claim when economic misbehavior occurs long enough a correction always takes place. It the world of parents and children a correction is called a spanking or a loss of desert, playtime, texting, or some other consumptive privilege. However, the parental federal government in all of their secular wisdom is desperately trying to convince us that bad behaviors don’t have bad consequences. It’s the mentality that you can steal and kill without the blow-back called justice if, and only if, you play by their unnatural rules. In this case, they are desperate to overcome the moral discipline of capitalism. (No wonder they are pushing socialism so fiercely.)

All of the above reveals Madoff is merely a smoke screen diverting the public attention away from their own misbehaviors. While making the Madoff look like the bad guy, the federal government is getting away with …..

To read the rest of Bill Bonner’s commentary, go to The Daily Reckoning.

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Comments»

1. lawyermommy - July 6, 2009

It appears you have to ROB celebrities to be investigated. the FBI, United States Secret Service and even the Cyber Patrols in different states have not been able to stop a criminal thugh SHAY RILEY of the BLACK FEMALE INTERRACIAL MARRIAGE blog. A vile violent felon who has assaulted me (and I am sure other innocent law abiding citizens) for years.

Again, I have to ask why this Palin’s issue is so much of a buzz. Shay Riley of the “Black Female Interracial marriage blog” is a serial Predator who has illegally wiretapped my phone for years. This woman activates the microphone om my cell and home phones and uses it to listen to the conversations in my life. This woman runs very many interracial marriage sites pretending to be interracially married and using the lives of legitimately married women like me as fodder for her PREVARICATION.She is married to a BLACK NIGERIAN CROOK NAMED AKBAR SHABZZ of the Project 21 site.

Shay Riley aka Evia Moore aka Halima Sal ANdersen of the blog Black Womens Interracial circle is an online THUG yet this matter has not been carried by the main stream media. WHY?

Why should the ability of these FELONS to access hundreds of legitimate websites and alter information enable them stay free. They continue to elude law enforcement and commit felony after felony.

This woman is a VILE PREDATOR who in all proabability molests and abuses her own children. Why can this matter not be persistently and continiously investigated???

Even if this woman has failed in all her endeavors and continues to faul, surely that should not provide her cover. Screaming BLACK POWER and running many various black power blogs should not be cover for this vile REPROBATE.

Committing these heinous acts against other women of color should not provide cover for this disgusting and despicable vile low life criminal!

Why would this matter not be rigorously and continuously investigated??>? These people are just crooks and nothing more so why the delay?

This low life trash online Predator should be investigated exposed and jailed.
Shay Rileyaka Lisa Vasquez of the “Black Women Blow the Trumpet Blog” and of the http://www.akbarshabazz.com blog is a FELON! A 21st century threat to the American way of life!!

Daniel Downs - July 7, 2009

I agree such people should be investigated, but how can it be proven. Do you or your friends know a good computer programmer who is into internet related technology. Such a skilled person could also counter hack those hacking your computer and cell phone and thus trace and identify the hackers. There would then be prosecuting evidence.

2. The Extraordinary Evil of bBernie Madoff/b « The State of America | Pighunters.net - July 7, 2009

[…] View original here:  The Extraordinary Evil of bBernie Madoff/b « The State of America […]


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