Wednesday, October 14, 2009
because the SEC didn't detect and shut down Madoff's ponzi scheme is nothing less than 'the government is supposed to protect us from the consequences of our own stupidity'.
Sorry, but that isn't the way life is supposed to be. People have the right to do stupid things but they also have to suffer the results. And giving lots of money to someone without checking out the operation and looking at the books and doing even the least bit of due diligence certainly counts as doing something stupid. And stupid people should have no right to ask the people who didn't act stupidly to make them whole.
Of course, what the stupid people who lost money with Madoff are doing is nothing different from what the stupid people who buy shorefront property do when a hurricane damages their property.... or what the stupid people who buy houses in cities that lie under sea level do when the levees break and their houses get flooded... or what stupid people who buy houses near airports do when they find it a bit noisy at dinnertime.... or what stupid people who major in useless programs at college do when they find out their liberal arts degree gets them job offers from nothing better than McDonalds... the country is full of stupid people who look to the not-so-stupid people to bail them out, to give them back what their stupidity has cost them.
And the big question is why the not-so-stupid people put up with this crap, why they don't call their representatives and demand that they not be forced to suffer because of the stupidity of a relatively small number of people. Do they not realize the price they pay every time a stupid person shows up with their outstretched hand, demanding to have their house rebuilt, their bank account replenished?
Or do they willingly go along under the mistaken belief that, but for the grace of god, they'd find themselves in similar distress?
I'm not sure, and I don't know if complaining would do any good, but by not complaining and not fighting back, they're doing the equivalent of 'just laying back and enjoying it'.