(855) 4-ESSAYS

Type a new keyword(s) and press Enter to search

Is the Bailout Just Another Ponzi Scheme?


            What is a Ponzi Scheme? It's basically a financial scheme where the first in get all the money, and the last in lose everything. The first in are paid by the money invested by the last in, and since they're making money, it makes it look legitimate, drawing even more investors into the scheme. Also called a "pyramid scheme", it is the slimiest of slimy dealings, because the perpetrator knows exactly what he's doing.
             This is what Bernie Madoff has admitted he did to his investors. He has basically said that the money from the last investors "is gone", probably into an offshore account somewhere where he can get it after he gets out of prison.
             Our government has said that we, the taxpayers, have to give to the bankers (who are, by the way, part of that top 1% that owns 24% of the U.S.) $700 Billion of our hard earned dollars. Not that we really have any hard earned dollars anymore, because jobs are flying overseas faster than a supersonic jet.
             So who is actually getting this money? If you look at what has happened already, it's the executives and their managers. AIG paid for theirs to go to a couple of luxury conventions. All of them are using "retention" to explain multimillion dollar bonuses for the very CEO's who caused this problem in the first place. Why on earth do they want to "retain" these crooks?.
             So far, the ones paying the taxes have had no relief from the scheme. We are left in the hole, paying for it for the rest of our lives, while those who are benefitting loll around in million dollar mansions and fly in private jets to beg Congress for even more of our money.
             Does that not sound like a Ponzi scheme to you? It's a classic robbing Peter (the U.S. Taxpayer) to pay Paul (the already wealthy banking and auto executives). In a real Ponzi scheme, once the money is gone, there is no more profit for those at the top. This one is even worse, because they can keep bilking the American taxpayers for generations.


Essays Related to Is the Bailout Just Another Ponzi Scheme?


Got a writing question? Ask our professional writer!
Submit My Question