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The Age of Ponzi


ponzi.gifTo quote Sonny Corleone out of context, "It's time to go to the mattresses!"

As in: to stuff one's money in, since it doesn't seem like you can trust anybody to invest it for you without ripping you off. Evidently, there are financial investment scams going on all the time, but as long as the economy is strong, the scammers can keep attracting new investors to pay off the old ones.

One wag-- I think it was Warren Buffett--said, "It's when the tide is going out that you find out who isn't wearing a bathing suit."

As someone whose idea of a wise investment is buying a used car that is less than ten years old, I have to admit to some schadenfreude when I hear of wealthy players who are lured into a scheme with promises of impossible returns in a short period of time. "Invest four million today, and in a year, it'll be worth FIVE! Absolutely no risk! A sure bet!"

Maybe it's just that some of us don't have a lot of loose change to go risking it on a venture, no matter how ironclad the guarantees. We're too busy spending it on things like food and electricity. So when somebody takes a massive hit at the hands of a crook, we say that maybe it's some karmic force's way of leveling the playing field when it has gotten too far out of whack.

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About the author
Chan LoweCHAN LOWE has been the Sun Sentinel’s first and only editorial cartoonist for the past twenty-six years. Before that, he worked as cartoonist and writer for the Oklahoma City Times and the Shawnee (OK) News-Star.

Chan went to school in New York City, Los Angeles, and the U.K., and graduated from Williams College in 1975 with a degree in Art History. He also spent a year at Stanford University as a John S. Knight Journalism Fellow.

His work has won numerous awards, including the Green Eyeshade Award and the National Press Foundation Berryman Award. He has also been a finalist for the Pulitzer Prize. His cartoons have won multiple first-place awards in all of the Florida state journalism contests, and The Lowe-Down blog, which he began in 2008, has won writing awards from the Florida Press Club and the Society of Professional Journalists.
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