This is so freakin right on I had to share it!!
This is so freakin right on I had to share it. Rich people have set up laws to give themselves special opportunities, but they want the rest of us to bail them out when they get in trouble…total horse shit. Hedge funds can only be invested in by accredited investor’s not by ordinary people. The reason for this is supposedly because these people have the back ground to know what they are getting into AND they are wealthy enough to absorb the losses. You and I are banned from it because supposedly we can not, now I don’t necessarily agree with this (although I have no desire what-so-ever to invest in hedge funds, I agree with Mr. Buffets thinking about the 2 and 20 crowd) but if this is the way it’s going to be then so be it. However you can’t have it this way and then expect all of us peons to bail you out that is so obnoxious it’s ridiculous. If you put your entire net worth in some shady fund (and trust me anyone who checked it out at all knew it was shady, several people actually got involved with it specifically because they knew it was shady and wanted to piggy back on w/e scam Madoff was pulling) then sorry but you’re SOL.
I love the point he makes about how millions of us middle class are effected by scams each year identity thief etc. I personally was recently ripped off by a shady contractor in the wake of a natural disaster. What are we told when it happens to us ….basically SOL live and learn……I don’t have a problem with this because that’s the way things go and the world is a risky place. BUt I have a huge major problem with wealth people afforded BY LAW opportunities the rest of us don’t have getting bailed out when they run into the same type problems the rest of us have to deal with…it’s madding….I’m reminded on something Louis Black said when commenting on the Enron world com etc. thing several year’s ago. He basically said you hear stuff like this and you start understand why the Bastille was stormed and why they sent most of the ‘elite’ to the guillotine