To make it simple, he talked people into investing with him. Trouble was, he didn't invest their money. As time rolled on he simply took the money from the new investors to pay off the old investors. Finally there were too many old investors and not enough money from new investors coming in to keep the payments going. Next thing you know Madoff is one of the most hated men in America and he is off to jail. Some of you know this. But not enough of you. Madoff did to his investors what the government has been doing to us for over 70 years with Social Security. There is no meaningful difference between the two schemes, except that one was operated by a private individual who is now in jail, and the other is operated by politicians who enjoy perks, privileges and status in spite of their actions.
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'The taxpayer: That's someone who works for the federal government but doesn't have to take the civil service examination.' Ronald Reagan +++++++++++++++++++++++++++
"If you put the federal government in charge of the Sahara Desert , in five years there would be a shortage of sand.” Milton Friedman
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