CM in MA

Henry Paulson Could Have Done Better

"Predicament we're in" We? Do you have a mouse in your pocket? This predicament, touted by the same people who created the mess, belongs to those who took on credit when they couldn't afford to (addicts), those who sold them that credit (street dealers), those who encouraged sub-prime borrowing (ring leaders), and those who failed to set and enforce regulations and standards (feds). Now they pass along the bill for their collective malfeasance to others while simultaneously destroying any remaining confidence in the markets. And all this for the very worst of reasons--because they can.

I am not in any predicament, except for the one being foisted on me by Wall St and Washington. Like many others, I pay my mortgage on time (in fact, I prepay on the principal). I pay my credit card bill in full every month. I save and invest (ha!) for retirement. Who are the fools in this game? All the folks like me, and our kids and grandkids, who will have to foot the bill for those who took on too much risk while pretending they didn't know.

So what's the answer. Quit claiming that those who made the mess can clean it up. The need to just stop and leave the scene of the crime. Let the market sort out the winners and losers. And let the losers take their losses. Capitalism, plain and simple is what will purge the system. All we're doing now is prolonging the pain.


On Nov 24 02:23 PM Gene Chan wrote:

> "Are there any capitalists left?"
>
> Well, I wish we didn't have to go down this path of the bail-out.
> But given the predicament we're in, and that they've already decided
> to do it, might as well do it right and make it count.