I watched a documentary on Bernie Madoff last year and never figured out what the bad thing was that he did. Like yes obviously it’s bad when people lose their life savings, but why was it illegal the way Madoff did it and not illegal when it’s someone else? Who chooses when it’s a Ponzi scheme and when it’s the invisible hand of the market? For that matter, when is a bank a legitimate bank and not a ponzi scheme?
I watched a documentary on Bernie Madoff last year and never figured out what the bad thing was that he did. Like yes obviously it’s bad when people lose their life savings, but why was it illegal the way Madoff did it and not illegal when it’s someone else? Who chooses when it’s a Ponzi scheme and when it’s the invisible hand of the market? For that matter, when is a bank a legitimate bank and not a ponzi scheme?
slightly related, but the big flag that the stock market is just a casino is that using the best strategy to “win” (insider trading) is illegal
Illegal but only sparingly enforced.