Elephant in the room: Securitization is a PONZI scheme

THE NEIL GARFIELD SHOW

Tonight I will explain why securitization claims are just simply a PONZI scheme and what that means to the ordinary consumer/homeowner (and "borrower") in any consumer transaction. But let's start with this, as a checklist of items we will cover tonight: ESSENTIAL ELEMENTS OF A SUCCESSFUL PONZI SCHEME Exponentially increasing liabilities --- i.e., mounting debt. that is not disclosed until it crashes crappy, nonexistent, or inadequate assets deceitful or nonexistent accounting feeble, inert or toothless regulation a get rich quick culture for preference salted with a whole array of inappropriate incentives stupid, ignorant, lazy investors--- the greedier the better, and an astonishing capacity for self-delusion