I read the news today… oh boy…

“I read the news today… oh boy….”

That line from a Beatles classic just about sums-up how I feel after reading story-after-story about the 15,000 or so claims being filed by those who were duped by Madoff’s ponzi scheme, wanting to be reimbursed up to a half million from the Securities Investor Protection Corp.

I know-I know, a lot of so-called “innocent” people got duped — and not all were millionaires — but I’ve got to say it….

Are you friggin’ kidding me?

It just goes against my core belief that everyone needs to take personal responsibility for their own investments.

It’s not okay for people to say “Oh boy, aren’t we special? Bernie’s agreed to accept our money, so now we just need to do absolutely nothing but sit back and he’ll grow-grow-grow our money.”

Shame on each and every Madoff investor for not taking personal responsibility and asking many questions about their investments.

Shame on them for not realizing that the statements they received were unrealistic.

I’m not unsympathetic to the many who were not millionaires and the generally very old who believe that everyone with a fancy address on Wall Street who wears nice suits and has a warm twinkle in their eyes is looking out for them.

I do feel bad for them — and perhaps something should be done for them.

However, no one from my generation should receive a single cent of reimbursement — no matter how much they lost.

Let it be a lesson to them.

They still have decades to go before they need to worry about retirement — and needing money for when their kids get old enough for college isn’t a good excuse.

When are these “bailouts” going to end?

Should we reimburse everyone who saw their 401k get socked by the recent volatile market?

After all, many of those people had even less control over what investments they could be in, than the Madoff investors.

I actually feel worse for those people who didn’t have some sort of reserve fund safe haven alternative to rideout their 401k in the volatile market, than I do any of Bernie’s investors who chose to give to him of their free will.

Or how about the person who does their due diligence, buys with an equity position with an informed mind, and then the short-sellers sock the heck out of it?

I mean, if we’re talking “fair” — that doesn’t seem fair to me.

But, the truth is — it really is all fair game.

Investing comes with a risk.

If you’re adverse to risk, then sock your money into an FDIC insured bank’s CD — and just make sure you don’t exceed their insurance limit.

It’s about time everyone carefully read the title of this blog over and over until it actually sinks in — because this ain’t your daddy’s market anymore, baby!

Ok, now I’m off to help some little old ladies crossing the street with a bag of groceries to try to rebuild some good karma points that I surely just lost — as well as to do my DD on AMGN, along with my usual names

Just remember the usual disclaimer: Don’t base any of your investment decisions on anything you read here. Do your own due diligence, or at least enough research to pick the right professional to do it for you.

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