Letter: Greatest Ponzi scheme ever is bilking of taxpayers, he says
TO THE EDITOR:
International Reply Coupons.
If you are not familiar with that term, you should educate yourself. These coupons, known as IRCs, were the basis of the original Ponzi scheme.
Charles Ponzi figured out how to build upon the age-old pyramid scam to bilk investors. Even though Ponzi went to jail for his crime, he left us the legacy known as the "Ponzi Scheme."
Much news has been made of this lately. In Minnesota, Mr. Petter is in jail for his Ponzi scheme to bilk investors out of $3 billion. That's a lot of money.
Now, we have this other guy named Madoff who allegedly used a Ponzi scheme to bilk all kinds of people out of $50 billion. That's really a lot of money. It has international consequences and affects economies worldwide. Some say it is the greatest Ponzi scheme of all. I take issue with that premise.
With no doubt, and all the facts in, the greatest Ponzi scheme ever is the bilking of the average American taxpayer aided, abetted and perpetuated by the Republican Party and their so-called "trickle down" economy. So far, this bailout mentality has cost $8.5 trillion. That's a lot of money.
Last week, GW Bush was quoted, "I've abandoned free market principles to save the free market system." Please reread that quote ... absorb it.
You're in debt. The town you live in is debt. Pierce County is in debt. Wisconsin is in debt. Your school has debt. Your country is in debt. Your employer is probably in debt. Some of this is debt is OK. This severity of debt is not.
Over the last the eight years, the rich got super rich, the poor got poorer and the middle class has shrunk. Thank you, Republicans. Now take your philosophy and shamefully go away.