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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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Chan LoweCHAN LOWE
Chan Lowe got his start in elementary school, drawing caricatures (some cleaner than others)... < More >
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