Ponzi Street...

From the SEC website:

"Ponzi schemes are a type of illegal pyramid scheme named for Charles Ponzi, who duped thousands of New England residents into investing in a postage stamp speculation scheme back in the 1920s ... Ponzi was deluged with funds from investors, taking in $1 million during one three-hour period—and this was 1921! Though a few early investors were paid off to make the scheme look legitimate, an investigation found that Ponzi had only purchased about $30 worth of the international mail coupons."

Essentially, the U.S. financial services industry was (and is) one giant ponzi scheme and an illegal pyramid scheme. Wall Street takes investor's money by promising a huge return on their investment based on their "expertise" and only after charging excessive fees. Their promises in turn lure more investors, and the banks then pay them with money robbed from the first investors, and so on with subsequent investors.

But to those investors who gave Wall Street their hard-earned money and have seen it disappear recently like Sagaponack resident Ira Rennert; the question of the day is: Where did it all go?

Grossly inflated executive salaries...special influence peddling that buys off the government's regulators...creation of a shadow, unregulated financial system led by hedge funds for the rich...new financial products, or derivatives, based on guano...financing of media consolidation that prevents fair and accurate reporting of the Ponzi scheme...privatization...globalization...environmental degradation...moral and ethical bankruptcy...Everything goes well until the scam is exposed!

In 2008, Wall Street's Ponzi scam was revealed...The emperor has no clothes. All the high-priced, overpaid legal, accounting and corporate talent from the finest schools were Ponzi perpetrators who deserve jail time, but will instead receive plum government jobs "reforming" the system as the new regulators...They're counting on you forgetting the lessons of history...They want you to invest in the next new Wall Street Ponzi scheme ahead. Our advice: DON"T BELIEVE THESE CROOKS FOR A SECOND!

BARACK OBAMA OFFERED CHANGE WE CAN BELIEVE IN...DON'T BELIEVE THAT CROOK FOR A SECOND EITHER!

LIKE BUSH, HE'S A FEEL-GOOD FIGUREHEAD...When Wall Street's Ponzi scheme was exposed, they got our tax dollars while you lost your job, dignity and home (not necessarily in that order.) Get real America, the only real change we can believe in is that the Ponzi scheme will go on.