150 Years Doesn’t Put a Penny in Anyone’s Pocket

Bernard Madoff was sentenced today to 150 years in prison. In reality, the 71 year old Madoff will probably serve less than 15 years given the life expectancy in prison for persons his age. He has no hope of parole. Nor should he have. Many of his victims will serve much longer sentences of poverty, or just scraping by.

For the 14,000 investors who lost money, many of them their life savings and retirement nest eggs, it is a Pyrrhic victory. They will see very little if any recovery. One man in his 80’s has been forced to return to work as a meat cutter at a chain grocery. There are thousands of other horror stories. But one of the saddest outcomes of this man’s greed is the bitterness it has engendered.

His victims have every right to be bitter. But their bitterness doesn’t impact Madoff at all. Instead it makes their pain and suffering worse. Having lost a portion of my retirement savings to the fiscal meltdown (not Madoff), I know how agonizing and distressing monetary loss is when it affects your anticipated standard of living during retirement. But to wallow in bitterness is not going to improve anyone’s retirement years.

It is unknown if the trustee, Irving H. Picard, will be able to compensate victims for anything close to their losses. And the very process of receiving, reviewing, researching and paying out even a partial settlement is incredibly difficult and slow. And the perception that all of Madoff’s victims were wealthy and can weather their losses is not true. His victims include public school teachers, farmers, mechanics and other middle class folk. Many had been enjoying a comfortable retirement but now with their nest eggs gone, they are struggling to pay the bills, to stave off foreclosure, to put food on the table.

The victims hurting most are not those who invested directly with Madoff. It is likely the direct investors will receive some of their investments back. But people whose 401k or their IRA’s where invested by fund managers will probably never see a penny of the investment returned. This inequity is due to a legal technicality.

Not only has Madoff destroyed the today and the future of thousands of innocent people, he has also severely damaged their emotional well being. That is really the greater crime.

Made My First Sale

This is a landmark day in my life. I have been published for remuneration. It's not much, and I won't be buying a yacht with the proceeds, BUT IT IS MY FIRST SALE!

I have other articles under consideration, and hopefully a few of those will make the grade. But what I need most is for everyone I know and everyone you know to view my content. I get paid (pennies) each time someone views my content. So encourage everyone family, friends, strangers... to click
http://www.associatedcontent.com/article/1856479/dying_at_home.html?cat=5

I know, it is shameless self-promotion. But I am saving for my retirement and if I don't blow my own horn, who will.

So please, come visit, and leave me your comments if you like. I have thick skin, I can take it.
And if you have problems viewing let me know so I can find out what I've done wrong.

Michelle Obama Stole my Thunder

Dear Readers:

I did write the following before I learn that Michelle Obama had been here to kick off the Administration's "United We Serve" project. I am not jumping on her bandwagon; I think we arrived there at the same time. But here is what I had to say.

I was musing yesterday that we are exceptionally blessed to live in this country. Even if we have lost a job, suffered foreclosure, and must eat at the local soup kitchen, we are still better off than 98% of the world. Why? You might ask. Because we live where we can "pick our self up, dust our self off, and start all over again."

We have the freedom to complain that our government isn't doing enough - or for some - that it is doing too much. We need not worry that some Gestapo type is going to drag us out of our beds at night and confine us in a cell somewhere.

We can have virtually anything we want if we are willing to work for it. Yes, our economy is sick. But it is as if we have the flu and the person in the next room has terminal cancer. Yes, we moan and groan. Some say that Americans are whiners. But kick us in the butt and get our attention, we will pick up our tools and go to work.

Volunteerism is on the rise. Best of all, we can put it to work in our own neighborhood. Is there a widow in the neighborhood who needs help maintaining her property? Or perhaps there is an older gentleman who has no family near by and would appreciate a visit? Is there a literacy program at a local library that could use your skills to help others learn to read, or the opportunity to help immigrants learn English? Is there an animal rescue facility where you get pleasurable exercise by walking dogs who have been orphaned because the family lost their home and can't take this family pet to live with them in an apartment? Whatever one's interest, there is an opportunity nearby to make someone’s life a little easier or a lot better.

This is a tough recession, but we will come out of it. We are Americans. We are resilient. So as we celebrate our country's independence this 4th of July let us give thanks for the freedoms we enjoy and give back to our community.

But of everyone to whom much has been given, much will be required. - Luke 12:48

This is a very short blog to announce to the world that my son John has passed his California CPA exams. This is the result of a lot of hard work and determination. I am so proud of him I could pop! Way to go, John!

Contact Your Legislator

The more I investigate the pending closure of the State Parks the more concerned I become. A proposal to levy a $15 fee on Vehicle Licenses has been floated in the Legislature. That fee would be dedicated to State Parks. It could not be diverted or used for any other purpose. Fifteen dollars a year amounts to 4 cents a day. Rumor has it that a block of legislators are opposed to this measure because of their "no new taxes" position. Well we've all seen what that has done for our State's economy. And once again it is cutting off the nose to spite the face.

Our State Parks are a valuable capital asset. But we propose to abandon them - allow squatters, pot growers, vandals free access because there will be no one to deter them! That is irresponsible management of our property - yours and mine! And if we attempt to reclaim them in two years, four years or whenever California recovers from its mismanagement, how much will it cost us? Would you be inclined to walk away from your home or business, turn out the lights but leave the doors open, and expect to find you property untouched when you returned in months or years? Unlikely!

The only way we can do anything to change this dismal picture, is to convince all our legislators that we, the people of the State of California, DO NOT WANT OUR PARKS CLOSED. See the attached link to the State Legislature. Identify your State Senator and Assembly Person and let them know how you feel!

http://www.legislature.ca.gov/legislators_and_districts/legislators/your_legislator.html

The Govenator Wants to Close California State Parks

I learned today that 220 of the 297 State Parks in California are to be closed following Labor Day 2009. To me this is not acceptable. The State Parks' budget is less than 1% of the budget gap - .62% precisely.

Additionally it is not good fiscal policy. For every $1 spent by the State in maintaining and operating the parks, $2.35 in taxes and revenues are returned to General Fund. By saving $143 million the State stands to loss $350 million in revenue. It is this type of fiscal thinking that has brought us to this situation.

80 million people visited a California State Park last year. In addition to the fees they spent in a park, they bought gasoline, meals, souvenirs, and perhaps lodging in a nearby community.

Even if you never visit a State Park, you should fight these proposed closures because they will only creat a greater budgt gap, and the closures will increase unemployment in our State.

Please visit the California State Parks Foundation at http://www.calparks.org/ to learn what you can do . Act today, because Labor Day is only ten weeks away!