It's sad but true: not a day seems to go by without fresh examples of how the Failure Of Elites is sinking American society. The Bernard Madoff scandal is the latest. Here we have a respected Wall Street player who once served as chairman of the NASDAQ busted at 70 years of age in what turns out to have been a long-running Ponzi scheme. He may have defrauded investors of $50 billion, which has to make it the biggest Ponzi scheme in human history. It looks like he was already a very rich man when he hatched it. What's the matter with these people? Guess we'll have to wait a few months now for the definitive Vanity Fair profile or Michael Lewis assessment. See original lament on the Failure of Elites here.