Let the celebration begin: March 3 is Charles Ponzi Day

by editor on March 3, 2011

Today, March 3, is Charles Ponzi Day. Or as it’s known around IHateTheMedia.com, “Barack Obama Day.”

charles-ponzi

Join us in honoring Charles Ponzi, architect of the Obama Pyramid Scheme

It’s a special day to celebrate the entire Obama agenda. To commemorate the theory that you can get out of debt by going further into debt. To remember our valiant forefathers who brought us the Social Security pyramid scheme. To honor those who gave their lives that they might live off of other people’s money. To note the words of former Illinois Senator Everett Dirksen, who said, “A billion here, a billion there and pretty soon you’re talking about real money.”

We’re going to make this special day a family event by taking our loved ones down to the nearest Government Motors dealership and telling the salesman, “We’d like a brand new 2011 Ponzi. Please load it up with all the latest accessories. And let the next guy through the door pay for it.”

Join us in honoring Charles Ponzi (right), architect of the Obama Pyramid Scheme

{ 8 comments… read them below or add one }

Mistella March 3, 2011 at 6:18 am

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The difference is that Mr. Ponzi knew it was a scam. My guess is Obama is too stupid to understand simple economics, or is hell-bent on destroying America and capitalism.

hisham March 3, 2011 at 8:33 pm

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I lean towards the latter!

JustAl March 3, 2011 at 6:30 am

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Wow, I’d never actually looked this guy up, always figured he was part of FDR’s cabinet!

Ray March 3, 2011 at 7:10 am

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A public employees or teachers union pension scheme would make Ponzi proud.

Administrator March 3, 2011 at 7:26 am

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This article by Pimco’s brilliant Bill Gross today is a fitting read on Charles Ponzi Day. If you have any interest in economics, the article is worth your time.

Two-Bits, Four-Bits, Six-Bits, a Dollar

Takeaway quote:

What an unbiased observer must admit is that most of the publically issued $9 trillion of Treasury notes and bonds are now in the hands of foreign sovereigns and the Fed (60%) while private market investors such as bond funds, insurance companies and banks are in the (40%) minority. More striking, however, is the evidence in Chart 2 which points out that nearly 70% of the annualized issuance since the beginning of QE II has been purchased by the Fed, with the balance absorbed by those old standbys – the Chinese, Japanese and other reserve surplus sovereigns. Basically, the recent game plan is as simple as the Ohio State Buckeyes’ “three yards and a cloud of dust” in the 1960s. When applied to the Treasury market it translates to this: The Treasury issues bonds and the Fed buys them. What could be simpler, and who’s to worry? This Sammy Scheme as I’ve described it in recent Outlooks is as foolproof as Ponzi and Madoff until… until… well, until it isn’t. Because like at the end of a typical chain letter, the legitimate corollary question is – Who will buy Treasuries when the Fed doesn’t?

Road Warrior March 3, 2011 at 2:15 pm

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I just looked it up! How much of the national debt do we owe to the FED, and what would happen if we decided that the FED need not be paid for the debt they hold?

hisham March 3, 2011 at 8:37 pm

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Yeah, and we could give them the collective national finger just like they’re giving it to us. Turnabout is fair play!

Road Warrior March 3, 2011 at 2:18 pm

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