The Next Financial Catastrophe

Now  that the U.S. and the world have experienced a financial catastrophe comparable only to the Great Depression, the thing we might want to ask is this: are we safe now? The answer is no. Even while Ireland is facing financial devastation, because they followed a path that mirrors George Bush’s economic “thinking” for the [...]

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The 401k Catastrophe

It began during the reign of Ronald Reagan, although he certainly was not the architect of the idea.  Even so, he must have wholeheartedly approved. Why? Because it was good for business.  If there was ever a gigantic hoax put upon the unsuspecting American public, it is embodied in section 401k of the U.S. tax [...]

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Madoff Conviction Sends Shudders Through the Financial Industry

A hour ago Bernard Madoff pled guilty to what has been described as the largest Ponzi scheme in history.  Is seems that Mr. Madoff bilked quite a few people out of billions of dollars by telling them that he had a secret way of beating the market.  He always paid dividends that were much higher [...]

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What We Need Now Is a Good Ponzi Scheme

It is fashionable in economic and government circles to condemn the tactics of tricksters like Charles Ponzi, a man who made a fortune by using new investors’ money to pay old investors their expected returns on their investments.  The most recent person to become famous in this way is Bernie Madoff, who is thought to [...]

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401k Plans Are Just a Ponzi Scheme

The 401(k) section of the Internal Revenue Service code was approved by the U.S. Government in 1978 and became effective on January 1, 1980. This plan supposedly allows employees to invest in the stock market in order to create funding for a comfortable retirement.  Ever since the 401(k) provision was created Congress has passed more [...]

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