[Warning: Serious Article] Generations to come will read about 2008 as a significant turning point in American history. A confluence of factors, lead by re-packaged loans to lower class Americans whom could ill afford a home, would create a devastating crash in the housing market. This destroyed bank balance sheets and quickly dried liquidity around the world. The failure of AIG, Fortunoff, Bear Sterns, Linens & Things, Sharper Image, Circuit City, GM, KB Toys, Tropicana Casinos, Chrysler, Lehman Brothers, and hundreds of banks were only partial pieces of news, as the ponzi scheme run by Bernie Madoff represented the culmination of mismanagement and American greed in the early 21st century.

Today, Madoff was sentenced to 150 years in prison. And TCM is proud to see him get a much deserved life sentence.  With a true focus from the G8 on stabilizing the world economy, there are high hopes the real economy has bottomed out. A significant recovery and stable labor markets may be long off, but this ponzi scheme will lead the current administration to institute a much needed change. Socializing the financial and automobile system certainly wasn’t what Obama meant when he instituted his campaign slogan. Now’s his chance to act, rather than talk. Take heed in what Madoff did in the past. This is an opportunity for us to make sure this never happens again….