imotion s14

Enron was brought down by an accounting scandal where they were able to hide liabilities with shell companies off balance sheets.

Bernie Madoff was caught running a ponzi scheme where he took money from initial investors and gave them to new investors.

All these things are illegal.

Yet the Government is able to hide it's liabilities by simply saying that they aren't part of the budget. They're liable for the trillions of unfuned entitlements but because they aren't subject to accounting regulations they force on the private sector (to protect the consumer of course), they are able to keep it off their own books...

Which brings me to the mother of all ponzi schemes. Social Security. We're at the point in SS where Bernie Madoff got exposed. SS is pay out more than it takes in. But unlike Bernie, we're forced to pay for this Ponzi scheme.

Yet the government wants to regulate the economy more, but never wants to regulate itself.

Chris Dodd is leading the call for financial regulation.. the same guy who couldn't see the bubble is the guy who will save us all.



Good grief.