mdmrjsds

Covered Bonds Are Indeed Covered - By You

It isn't clear to me *why* we want to bail out the financial firms. Well, other than the fact that they make massive donations to the two main political parties.

They have demonstrated that they are incompetent in their area of business. Rather than propping up such useless institutional knowledge, the government should be abetting their liquidation. As they fail, sell their assets to the second tier of financial institutions. Those second tier institutions can't do much worse than the first tier has done, and they have the advantage of no entrenched dysfunctional behavior, no institutionalized stupidity and larceny.

When the middle class was being destroyed over the last fifteen years by free trade and offshoring and outsourcing and H1-Bs and illegal immigration and downsizing and liquidation, these firms were all in favor of it. They argued it was just capitalism at work, the natural creative destruction of the marketplace. Now that it's their neck in the noose, they have changed their tune. Are they not capitalists?

Too bad we can't creatively destroy congress in the same manner.