Thursday, March 12, 2009

Madoff Just a Tumor in an Economy Where Greed has Metastasized!

Sure, it’s a good thing that Bernie Madoff is likely to pay a harsh price for his crimes, but let’s not think that punishing him is a decisive victory that frees us to focus on the future while turning the page on past corruption and greed.

After all, throwing the book at Madoff is not going to stop white collar crime any more than throwing the book at a single marijuana user is going to wipe out drug use.

During the last eight years of the Bush administration, and arguably during every administration going back to Ronald Reagan’s, the American free market laissez faire economy has become riddled with greed, to the point of being slowly killed.

Catching and prosecuting a Bernie Madoff is a big step, but there are plenty of other tumors out there capable of killing the economy – plenty of other frauds and scams that will occur if the greed that has been allowed to spread is not systematically checked, both by investigating and prosecuting past crimes, and creating systems that prevent the opportunity and incentives that allow new tumors to develop.

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