Friday, July 03, 2009

Was Bernie that bad?

“Free Bernie Madoff,” says Jeffrey Tucker this morning.

Instead of rejoicing at his 150 years of captivity, he says, why not reflect instead that “those educated by the sociologists [are] forever soft on real crime but oddly tough on financial crime.”

And no fear arguing that Madoff’s actions were “unusually evil.”  As Tucker says,  they’re not that unusual at all.

In fact, the whole notion of paying off past investors with the funds of present investors is at the very core of the Social Security system. At least Madoff sought the consent of his investors who let him care for their money based on their own volition. And at least he didn't attempt to defend himself with the claim that he was conducting wise public policy.

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