When the Madoff story broke, and I heard that he had lost $50 billion of peoples' money in Palm Springs, Florida, and prominent Hollywood celebrities in Southern California like Steven Spielberg, I wondered how long it would take until people would admit that this is a disaster for the well-to-do American Jewish community. I'm sure that this link is dead because the Jewish Journal's server is taking too many hits.
Turns out that it took about a day. Lots of people trusted this guy with tons of money, and they trusted him in part because his heritage matched theirs.
Mind you: $50 billion is over three times as much money as the Big Three are asking for from the government.
Yep, Phil Gramm, it's just a mental recession.