The Obama Ponzi Scheme

The shuffling of shells continues...AIG is just the tip of federal government meddling in economic affairs that are best left to the private sector.

by RenoCon

Forbes Calls Obama Administration Worse than Madoff 
'Forbes on FOX' guests asked if Madoff's Ponzi scheme or Obama's spending plan will cause more economic damage. 

By Lauren O'Reilly 
Business & Media Institute
3/17/2009 4:10:02 PM 

According to some “Forbes on Fox” guests, the Obama Administration is more harmful to the economy than Bernie Madoff’s infamous Ponzi scheme.

 

On March 12, Madoff pled guilty to 11 felony counts including money laundering, perjury, and mail, wire, and securities fraud. On Mar. 14, Fox host David Asman asked guests of the show “Who’s worse for the market – Bernie Madoff or the folks in D.C.?”

 

Steve Forbes, Forbes magazine’s editor-in-chief, blamed the folks in D.C. as the worse culprit. Forbes explained that “in terms of what the current administration is doing, in terms of the cost they’re applying to the economy, uh destroying, hitting businesses, small businesses with new taxes, taxing capital, wasting tens and hundreds of billions of dollars, that’s gonna do more economic harm than Bernie Madoff could ever dream of doing.”

 

Guest Mike Ozanian, accused Obama of running a $2 trillion Ponzi scheme through his economic spending strategy. Ozanian, national editor of Forbes, explained, “Madoff’s scam is about $20 billion. Barack Obama’s Ponzi scheme is $2 trillion. And if you look at how they work the schemes, they’re very similar. Both falsify their returns, Obama has overinflated what the GDP is gonna be, the economy, how much it’s gonna grow. Even the Congressional Budget Office has said Obama’s numbers are way inflated. And to pay for that, he’s gotta bring in a lot of other scamsters through, Obama does, which in this case really are taxpayers.”

As an example of government swindle, Asman cited the annual $50 billion of fraud and waste in Medicare – the same dollar amount Madoff scammed from investors. “One government program wastes as much as Bernie Madoff,” he pointed out. more...