Monday, December 15, 2008

Mischievous Misanthrope Madoff

Bernard Madoff adds fuel to the who can you trust fire. This former head of the NASDAQ allegedly bilked wealthy clients and even philanthropic organizations of billions. He allegedly even stole from charities of his own religion. There is a special place in hell reserved for those who seek to plunder God's coffers. Madoff was not Puckish but down right disgusting funneling stolen money to charities-some of which have now been forced to close their doors. Can you trust Obama not to pardon Madoff who has been a large contributor to the Democratic party? You can't trust an investment manager with the most basic fiduciary responsibility, you can't trust a priest with an altar boy, and you can't trust a politician with anything. Can you trust any aspect of the bailout plans for the US economy? Illuminate Sr. thinks not. The crisis began with home values, mortgages, and mortgage defaults and was predicated in large part on homes being sold as an appreciating asset. Many people based their future on the presumption that real estate values only go up. Realtors and mortgage brokers reinforced this misconception and now consumers in many cases are left upside down in their mortgages. They do not even enjoy the tax code benefit of depreciation that a business would have, nor are municipalities running out to reassess the homes to reflect their true recently diminished value. Do you trust your local property tax collectors to do the right thing?

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