Corzine’s Downfall Should Be a Lesson to Obama

Monday, 14 Nov 2011 11:06 AM

By Wayne Allyn Root

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We’re all in trouble when the joke is on our most connected politicians. Jon Corzine is the former CEO of Wall Street powerhouse Goldman Sachs. Even God shutters when the CEO of Goldman walks in the room (or so Goldman executives think).

Corzine left Goldman with a half-billion-dollar fortune and became a United States Senator. Soon he was governor of New Jersey. His friends are the most powerful people on Wall Street and in Washington, D.C.

Only months ago he was a strong bet to be appointed to a major position in the Obama administration. He is the type of guy the media calls “the smartest guy in the room.”

But obviously brains and connections aren’t enough to prevent a bankruptcy. Corzine just presided over one of the biggest disasters in Wall Street history. Corzine just resigned as chairman and CEO of MF Global, one of the most powerful Wall Street bond and futures trading firms.

MF Global just filed for bankruptcy. Billions have been lost, hundreds of millions are missing, over 1700 employees just received pink slips, and Corzine has hired a criminal defense lawyer.

Corzine, for all his brains and connections, didn’t get the joke. God blessed Jon Corzine with everything except common sense. He is emblematic of why our economy is collapsing. The joke is on the brightest guys in the room.

These liberal Ivy League "masters of the universe" are actually delusional. For all their smarts, many of them can’t see the blinking red danger signal right in front of them. They think government spending is the way to get out of a debt crisis. They think government creates jobs. They think government can protect us all from cradle to grave. They think $100 trillion in debt and unfunded liabilities is no big deal. They obviously think Ponzi schemes last forever.

Leftist politicians like Corzine live in a delusional dream world where money grows on trees and pigs can fly. The Corzine scandal proves that their views are a danger to all of us. Jon Corzine is the poster boy for how our entire country has been led down the road towards insolvency and bankruptcy.

MF Global was destroyed because Corzine decided to invest billions in European sovereign debt. Oh my gosh. You cannot be serious? I’m just a small businessman and home-school dad, but I’ve been publicly warning for 3 years now that the EU is facing financial disaster. Even I knew that Greece, Italy, Spain, Portugal, Belgium, and Ireland were completely insolvent (with France and UK are not far behind).

The entire European economic system is crumbling under the weight of massive debt and socialist entitlement programs. It’s pretty simple, if you have common sense — you can’t give everyone a government job, promising early retirement, huge pensions, and free healthcare for the rest of their lives.

Eventually if you give everyone a huge pension for 30 (or more) years of not working, your economy collapses under the debt. Eventually if you punish the rich for their hard work, discipline, and financial risk-taking, the job creators and taxpayers will revolt and leave. That leaves you with gigantic bills, but not enough bill payers.

Anyone could see that. Anyone except leftist, politically correct politicians like Jon Corzine. Silly me — I actually thought that deep down the Obama's, Pelosi's, and Corzine's knew that what they are peddling was a toxic Ponzi scheme.

I actually thought the connected smart guys were in on the joke. I thought they understood that robbing Peter to pay Paul is a successful campaign strategy that buys votes to get you elected but eventually bankrupts the country.

I actually thought they understood deep down that you can’t solve a dept crisis with more debt. That you can’t solve a sinking dollar crisis by printing more fake money. That if you target, blame, demonize, and tax the rich for everything, you eventually run out of rich people. I was wrong.

The Corzine scandal proves the leftists running our country actually believe their own lies. They are blind, deaf, and really, really dumb.

Corzine the politician made big bets on debt. He spent New Jersey into insolvency — with among the highest debt, unsustainable future pension obligations, and property taxes in America. He did all that to bribe the typical Democrat voter and get elected. But I never imagined he actually believed in debt as a good investment.

Like Obama, Corzine obviously talked himself into believing that a Ponzi scheme can go on forever. He actually thought he could invest profitably in the toxic debt of EU countries. He didn't know that Greece and Italy are walking corpses? Billions of investor dollars were lost, and a giant global Wall Street powerhouse was destroyed because the ultimate Wall Street insider was the only guy who didn’t get the joke. A debt crisis cannot be solved with more spending. And a Ponzi scheme does not last forever.

The Corzine saga proves politicians on the left are delusional. They cannot be trusted with taxpayer money. They are perpetrating the biggest Ponzi scheme in world history with U.S. taxpayer's money. It’s a deadly game. And as Corzine’s investors and partners at MF Global found out, it will blow up and destroy us all.

The moral to the story? Corzine ran MF Global the exact same way he ran New Jersey. The exact same way Obama is running the country. Eventually it will all end the exact same way.

Wayne Allyn Root is a former Libertarian vice presidential nominee. He now serves as Chairman of the Libertarian National Congressional Committee. He is the best-selling author of "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts." His web site: www.ROOTforAmerica.com






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