Is there any one of sufficient intellectual curiousity that can explain to me the difference in what Bernie Madeoff's crime and that of other Wall street predators? What did he do that was soooo different that deserves immediate arrest, bail and prosecution?

Their plan fit perfectly with another revolution they saw unfolding in Washington. Ronald Reagan's unwavering belief in free markets -- and his distaste for regulation that put hurdles in the way of entrepreneurs -- had steadily spread through the government. "The United States believes the greatest contribution we can make to world prosperity is the continued advocacy of the magic of the marketplace," Reagan told a U.N. audience that fall.

No Free Lunch:

But not all of Madoff's investors could have been in the dark. Some must have realized how unlikely it was that he had found some sort of magical strategy or technique that would always make money, no matter what the financial markets were doing. Some investors, I would wager, must have calculated that they could get in, get their return and get out before the whole thing fell apart.

Which makes me wonder how many of us had our eyes open when housing prices were soaring in Ponzi-like leaps -- by 10 percent or more a year, in some parts of the country -- while middle-class incomes were largely stagnant. How many of us stopped to ask just who was supposed to be able to pay $1 million for a standard suburban split-level, even if it had an upgraded kitchen with a Sub-Zero fridge?

The whole subprime mortgage industry was based on the idea that housing prices would always rise. Given that assumption, it was perfectly rational for first-time homebuyers to sign up for adjustable-rate mortgages that they couldn't really afford. From the moment they signed the loan papers, they would be building equity -- through appreciation -- that soon would make it easy, and lucrative, to refinance or sell.

In other words: Get in, get their return and get out before the whole thing fell apart.

Thank you for the card, it was very nice. I enjoyed the pictures and the tune that went with it. After listening, I googled the website and decided it was a good buy. Yesterday, I visited Wondercuts, were I usually go for a haircut. I engaged the 27 year old female cutting my hair into a discussion. She was a little skiddish at first, but managed to open up after cutting a few curls. I wanted a discourse on the financial times and whether she like most, was feeling the pinch. Apparently she had not heard of the 50 billion rip-off, her concern was mostly gas prices. She didn't seem to be that bothered by the $700 billion theft. I ruminated it was because it was too remote and required political thought. From there I visited the DMV and stood in line with all the other derelicts that don't smog their car and send in their registration on time. I was forced to wait in line, then sit and wait again for another 40 minutes until my number was called. As I sat and observed the people around me and in line wondering how they feel this christmas. These were ordinary salt of the earth people. Gardeners, golf course employees, restuarant attendants, and house cleaners. Suddenly I had the epiphany that these are the people that are paying the 700 billion dollar tab. They are providing the money for the banks that refuse to account for how it is spent or whether it has been spent. These are the victims of that provided the funds for the "beggers banquet" allowing AIG and its top brass to continue their lavish expenditures for English foxhunts, corporate jets, 20 million CEO salaries and seaside conventions. I wondered if they were aware of their pockets, houses, and families being picked to save the the alligators that ate their children? ... Number B 290, window 4, Now serving B290, at Window 4..

I attended a party of relatives last night to celebrate the visit of my sister's daughter from Wilmington, Carolina. The decimal was not to high on the intelligence level. Upon entering the house, my niece "here is the Democrat" as if it was something not to be so proud of. I corrected her and said I am not a Democrat, I belong to the left wing of the Democratic party. It was left at that..before Rosemary dug a little deeper and said, " I'm a Republican because I am against socialism." I responded with " Back to the old Commie card, uh?" thinking this was the last refuge for a party that had just pillaged, plundered and raped the nation of its wealth. From there the conversation took a turn to tamales and salsa.

I met two young nieces and another girl from coachella. She was a freshman at Gifford College in North Carolina. It sounded like a very unique private liberal arts school with allot of money. She want to go into law enforcement (FBI) ever since she was an explorer. I am beginning to realize that we all think different based on our experiences and who is doing the pushing. I never had anyone push me, but I did have experiences. I worked very had to engage these girls in conversation to see what makes them tick. It requires allot of prodding and digging to get them to share. Maybe they find me old and intimidating, but there just wasn't much. Pass the tamales!

On another note, my 16 year-old son posed an interesting question, "can they wiretapp the governor." Forcing me to ruminate that an affidavit in support of a wiretap order for a governor has got to be air tight and with lots of probable cause. Plus it the wiretaping order had to be signed by a magistrate or district judge. This means that in order to issue a wiretap order they had to lay out out enough goods on the governor and convice the judge that other methods of investigation have been tried and failed to justify the evesdropping. They also had to show probable cause as to why the believed he was involved in criminal activity, but were unable to pull the trigger, unless the government could bug his office and home. In support of the affidavit, they must have offered up the testimony and statements of Rezco, the developer who is up sentencing in February for bribery and corruption. Rezco has made a deal to ameliorate his position at sentencing. He "spilled the beans" and that framed their probable cause for the warrant. If the warrant is successfully attacked, the case can only only proceed without the taped conversations. In other words, is a jury will have to decide the governer's culpability without the tapes. the will have to trust the testimony of a convicted felon with everything to gain by cooperating. In that event, I strongly suggest that his lawyer read "One day in the life of Ivan Devinovich" (sic) and a morph it into "one day in the life of a Governor in Federal Prison, to convince the jury that Rezco would do anything, say anything to avoid crapping, showering , and dinning with other convicts. Perhaps even a photo of his mansion juxtaposed next to his future quarters.

Which brings us to the next question. In the event the tapes are suppressed Can a jury of his peers be seated that have not heard the case? If not, the case has to be dismissed. (this is the best move)

Would a change of venue make a difference? It is not very likely that a jury in Butte Montana has not watched the news or heard the tapes. On the other had, maybe New York on the "who gives a shit" theory,-" we just got reamed by wallstreet, this is small potatoes."

Or should he stay put in Chicago and hope his rough and tumble constituency will improve as the drama unfolds under the heading of "he did not do anything but share his thoughts out loud. And knew better than to act on them." Power corrupts and asking a person to stay grounded when he is given the authority of a monarch appointing a Viceroy to the hither lands can and will generate bad thoughts.

Good luck Governor.