Happy Ponzi Day!

Charles Ponzi was born 129 years ago today, so I guess that makes it Ponzi Day today. The man for whom the pyramid scheme was named though, was a chump. Today's schemers have been many times more successful. By the time Ponzi's scheme peaked in 1920, Wikipedia notes that "he had made $420,000 ($4.59 million in 2008 terms)." See what I mean? $4 and half million isn't even enough for today's ponzi artists to get out of bed. For example, let's look at the currently best-known ponzi artist, Bernie Madoff. The amount missing from Madoff clients' accounts was nearly $65 billion, although that includes fabricated money-- actual losses total about $18 billion. Even at $18 billion though, that's still almost 4,000 times the ponzi scheme than Ponzi himself. Madoff made headlines again this week, saying that “It’s unbelievable, Goldman … no one has any criminal convictions. The whole new regulatory reform is a joke. The whole government is a Ponzi scheme.” And who better to know Ponzi schemes than the man who bested Ponzi?

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Republican budget cuts would cut GDP growth and cost jobs

The Republican budget cuts would cut GDP growth by 2% and cost 800,000 jobs. The federal budget cuts supported by the US House Republicans will stifle US economic growth by some 2% of the GDP and cost some 800,000 jobs. The state budgets cuts by Republican and other governors have caused .5% less growth in the US GDP in the 4th Quarter of 2011. It is apparent that Republicans are cutting spending at federal and state levels so they can defeat President Obama in 2012 because the worse the economy is, the better chances Republicans will defeat President Obama and make him a “one term president.” The US House Speaker, John Boehner (R-OH) says; “So be it!” Governor Mitch Daniels (R-IN), mentioned as a future GOP presidential nominee, told Meet The Press said; “...yes” to state budget cuts even if they would result in fewer jobs and less economic growth. I guess the 2010 mid-term voters who voted for Republicans all thought that it would be a good thing for their Republican office holders to stall economic growth by 2% of GDP and cost some 800,000 jobs. Mr. Boehner, where are the jobs?

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Onion: Embarrassed GOP has been confusing Eisenhower for Reagan

The Onion reports:

At a press conference Monday, visibly embarrassed leaders of the Republican National Committee acknowledged that their nonstop, effusive praise of Ronald Reagan has been wholly unintentional, admitting they somehow managed to confuse him with Dwight D. Eisenhower for years . . . "When I heard about Eisenhower's presidential accomplishments—holding down the national debt, keeping inflation in check, and fighting for balanced budgets—it hit me that we'd clearly gotten their names mixed up at some point," Priebus told reporters. "I couldn't believe we'd been associating terms like 'visionary,' 'principled,' and 'bold' with President Reagan. That wasn't him at all—that was Ike."
In other news reported by The Onion, "NASA Completes 52-Year Mission To Find, Kill God."

Continue ReadingOnion: Embarrassed GOP has been confusing Eisenhower for Reagan