Karen

Ponzi scheme/Gov’t bailout

I was reading the Virgin Island Daily News today and something struck me.  There were side by side articles about the $50 Billion Ponzi Scheme and the $700 Billion bailout.  I noticed similarities within the words written for the different articles.

If you look at the bailout article it says that the lending institutions were lending money they didnt really have to people who eventually would not be able to pay and the lenders were betting on housing prices to keep going up, thus funding the previous loans.

What is the definition of a Ponzi Scheme?  As defined by a Google search  “A Ponzi scheme is a fraudulent investment operation that pays returns to investors out of the money paid by subsequent investors rather than from profit.”

Apparently the United States taxpayers are paying out on the biggest Ponzi Scheme ever.

6 Comments »

  1. December 29, 2008 @ 7:44 pm

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  3. December 30, 2008 @ 8:31 am

    Mary Said,

    you should be in washington to open the “big men” eyes. It took a woman to see this. you go girl

  4. January 3, 2009 @ 12:38 pm

    Mimi Said,

    They are one and the same… the hubs and I were talking about that. Funny how one guy gets sent to jail and the other is coming out of our pockets. Shame.

  5. July 24, 2010 @ 7:58 pm

    dun Said,

    The United States biggest Ponzi Scheme ever for United States taxpayers is Social Security!

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