David Martin

Forget the Moral Outrage: Just Restore the Mortgage Markets

Nothing encourages sin so much as mercy.
It is plain that whilst there is plenty of blame to go around, unless some of the originators of these ponzi schemes are held to account, we are asking for another mess.
Far from being allowed to scarper with fat bonuses, prosecutions should be brought for gross negligence, and in many cases false accounting.
This is a massive transfer of funds from the middle classes to the wealthy.
Hopefully Obama will level this, with large increases in taxes for them.
All that has happened from the ridiculously low effective tax rates the rich pay is that they put their money into bubble after bubble, which are then 'too big to be let collapse'.
Therefore the money needs stopping at source.
Over the past decade the rich have increased their income hugely - in fact they have looted just about all of the increase of productivity for the whole of society - does anyone seriously think that they have improved their performance?