I mentioned the Ponzi Scheme days ago, for a totally different reason. Now it’s dream comes true: the Madoff scandal.
The real estate bust that’s dragging the world almost into the Great Depression 2.0 seems another Ponzi Scheme to me. Collectively, it just won’t hold, though unlike the Madoff case you can’t blame no one specifically (or equivalently, you can choose to blame everyone altogether).
That’s what we call an “asset bubble,” stock market boom included. When the tide rises, everybody claims victory, only it can’t be the case because the gain can’t be realized altogether without the next or “Greater Fools.” That’s why I am kinda up against government’s interfering the stock market.
All those said, however, ironically, we did once try to hold up the market, successfully, with billions of dollars, at Hong Kong, the presumably fairer, freer, and more discipline-driven marketplace, in defense of George. Prof. Lang has a detail account here. He might be wrong: George may have made a loss, instead of a killing. But we’ll never know.
So sad..
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