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Post by graybeard on Dec 15, 2008 7:48:38 GMT -6
Madoff is caught stealing $60 Billion, four times the auto bailout, and it's hardly mentioned in the MSM.
Head of the SEC, Cox, et al, should not just be fired; they should be arrested.
GB
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Post by whoswho on Dec 18, 2008 13:06:19 GMT -6
The only good that I can see in this is that somebody besides the little guy got skrewed. I do sincerely feel sorry for them, I know what it's like to put your trust in someone and then be disenfranchised and have to dog paddle to survive.
Maybe it's a good thing that it happened? Too many well-fixed Americans have the attitude "I'm doing fantastic, so skrew you and your silly little problems". Maybe a taste of their own medicine, bitter as it may be, will help them grow a more compassionate conscience.
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Post by whoswho on Dec 18, 2008 13:09:33 GMT -6
Oh, Mr. Madoff is out on ten million dollar bail. Mark my words, he will probably be just like Ken Lay of Enron, he will never pay, not one day, not one dollar.
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Post by unlawflcombatnt on Dec 20, 2008 12:43:16 GMT -6
The only good that I can see in this is that somebody besides the little guy got skrewed. I do sincerely feel sorry for them, I know what it's like to put your trust in someone and then be disenfranchised and have to dog paddle to survive. I think this is a lesson for the American people as a whole. Don't blindly invest in something without thoroughly checking it out yourself. And if you don't understand what you're investing in, don't invest at all. Stop taking the advice of so-called investment planning "experts." They're expertise is often best at getting money out of you, not in making money money for you. So many people got burned by taking an "expert's" advice in the 2001 recession, as well as in the current Depression, that you'd think people would just stop listening to them. I know I certainly stopped listening to them, as I lost much of what I had in the 2001 downturn. So this time around, I went against all "expert" advice and got my wife to pull 95% of her IRA out of the stock market, and put it into a Treasury bond fund ( TRUSX) in September 2007. Since that time, the S & P has fallen -40%, while TRUSX has risen +12-13%. I didn't know much about stocks back then, and I still don't know that much. But I did know that things have been looking bad for the economy for several years. And I knew it was just a matter of time before it all came tumbling down, and that Treasury bonds were about the safest thing you could be in. It's too bad the government has decided to prevent investment banks from learning the same lesson, by handing them trillions of taxpayers' money under the guise of "saving the financial system," and falsely claiming they're saving mainstreet in so doing.
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Post by jeffolie on Dec 20, 2008 13:10:46 GMT -6
Manias, Panics, and Crashes: A History of Financial Crises by Charles P. Kindleberger (Author), Robert Aliber (Author), Robert Solow
I always recommend this book. The average middle class investor has always been a sucker for the most popular investment fad. Taking advantage of the booms is an advantage for the well informed as long as the investor is quick on the trigger to exit the investment when near the top. The problem is the average investor does not exit the investment and rides the downfall to the point of capitulation and overwhelming losses. The quick minded investor takes profits from the fad and lets the devil take the hindmost. It is a hard investment lesson to learn. The US educational system fails miserably at teaching economic history and literacy. People are left on their own to read selectively good books and often fall prey to the sharp tongued main stream financial media and sensational investment advertising.
I bought this book for my adult children.
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Post by whoswho on Dec 23, 2008 13:58:34 GMT -6
Here's one guy who has committed suicide: www.nydailynews.com/news/2008/12/23/2008-12-23_hedge_fund_founder_thierry_de_la_villehu.htmlHow very sad! Nothing is worth your life, and for sure not dumb old Bernie Madoff. Better to be a living dog than a dead lion, it says in the Psalms. Unlawful, you are very right, but I think common sense is uncommon now. Most people just make their best guess about their finances, and hope for the best. It shouldn't be like that, even dummies don't deserve to be made paupers over night. Doesn't anybody have any character any more? No twinges of conscience? Guess not, sadly.
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Post by db on Dec 23, 2008 20:03:41 GMT -6
Very Good advice, ULC. Good book, Jeffolie. Definitely, a good read. Whoswho, there have always been con artists. There are always people you can trust and people you can not trust. Don't let them make you cynical.
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Post by zerubbabe on Jan 15, 2009 8:54:22 GMT -6
Christian, I am glad that someone is willing to open their eyes. My Grandfather was one of the pioneers of the coal industry, Grafton Coal, Barbour Coal, Kingknob Coal, Anker Mining, yet in 1996-1997, he became very sick, maybe by purpose and everything was slowly moved into companies that had their basis in Deleware. He was a major prooperty owner and mineral right owner but somehow, some attorneys, accountants and those in government found a way to minipulate his assets without his being of sound mind, as they transfered the assets into a direction he would have never had done. Check out Charles point and the 1999 SEC document on Anker Holdings. Look at the investors in making the final Energy Company which included AIG, Enron, and many asset hoding funds It could be one of the biggest stories of the day
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