PART 10 of 10: The economics of non-economic damages. What can Bernie Madoff teach us about the tort reform campaign?
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This clip that follows is almost 34 minutes long and certainly too long for most people’s attention. If you have an idea of what to listen for and look at it helps with watching and listening to the entire clip. May I suggest you watch Bernie Madoff and listen to the main speaker? They are very convincing, to people who like you who want to keep more money by saving money on those things you don’t have time to understand. Now knowing this was all a Ponzi Scheme listen to the explanations and see how they never really answer the question asking them to explain what it is they do for an investment strategy. You can learn from the Madoff case about what is wrong with tort reform. His premise is that you’re not really smart enough to understand the strategy so they hired math people from MIT but had to get away from them because “They spent too much time thinking.” And then continues with, “I understand that’s not something you people want to hear.” I kid you not. Go to 11:30 and listen. At 12 minutes he discussed hiring MBA’s then “math people”. And then the last thing Madoff says is really profound for tort reformers. “Let’s take the human factor out. “ And that is exactly what tort reformers do.
Bernie Madoff on the modern stock market
In the end we all know Madoff investors lost $50 billion in this phony investment strategy. The investors didn’t start asking for the proof of the conclusions until it was too late. I equate Madoff investors with honest hard working people who through no fault of their own are injured, suffer severe economic loss and then can’t believe they’ve been taken by tort reform. Tort reform takes away your right to receive compensation irrespective of who you are an how it’s affected you and your family. So before you vote for tort reform make sure you can personally accept the consequences of tort reform measures.
Lastly let’s end today with the Outer Limits, not the Outer Banks, because the conclusion of tort reform won’t take you to a vacation home, but to some nightmare you only dreamed of ever going.
MY NAME IS BUSH, GEORGE BUSH.
Speed up to 6:15 into the clip and you’ll see the important part. “Excuse me; my name is Bush, George Bush. The lawyers are lunatics, they don’t know what they are talking about.”
Looking back I have to wonder have the Madoff investors asked who is Josh Stampfli?