The Biggest Swindle of All
Bernie Madoff was sentenced last week and will spend the rest of his life in prison for defrauding investors of approximately $13 Billion. The media bellowed that his investment scheme the biggest financial crime in history.
But, the annual interest on the Obama “stimulus” or Recovery Act, $787 Billion in borrowed funds, will be at least twice the amount Madoff stole from investors over some 20 years. That interest expense will hit taxpayers every year, for decades into the future. Add to that, permanent increases in the federal budget that will result from political unwillingness to “cut” federal programs after they have enjoyed one or two years of extra funding from the Recovery Act.
Compared to President Obama’s Recovery Act, Mr. Madoff’s crime was petty theft.
