Money in the News: Redrawing the Maps in our Minds

For many of us, our mind maps have great economic expectations because we have been raised in a rich, compassionate and abundant country. We inherited a stock of natural wealth and proceeded to build the world's highest standard of living and generous social systems. Our maps were predictable and dependable and pointed every year to a better life.

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The Madoff Generation

By Jim Hoagland Sunday, December 21, 2008

Bernie Madoff had his fun with the $50 billion entrusted to him by investors. Now the media have their fun chronicling the downfall of the financier once affectionately known as "the Jewish T-bill" for his ability to generate guaranteed returns -- until his Ponzi scheme collapsed.

Bernie isn't the story, or the Madoff, that interests me the most. Andrew and Mark, his sons and business associates, are. They reportedly went to the prosecutors after their dad confessed to them what he had done. If that version is accurate, the younger Madoffs' reactions, and emotions, might tell us a lot about a huge problem the entire world now confronts.

That problem is the awakening of the world's youth to the raw deal their parents and grandparents -- my generation, in toto -- are handing them, and the growing anger the young feel about the fetid stables of debt, scandal and corruption they are being left to clean.

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