contrariwise

The Bailout's Pathetic - Here's Who To Blame

To the soon-to-be destitute American Indian who dropped 100k on Bear Stearns on Friday - Elliott Spitzer screwed 1 woman, Henry screwed orders of magnitude more people out of their money. There is a difference of scale. The people who were prosecuted by the disgraced governor got their punishment from judges and juries for crimes they had committed. What crimes had Mr. Blodgett's victims committed?

PS - was that your own $100k, or the tribe's?

Thinking About the Bear Stearns Bailout

David, I am praying for 2 things: that the elites in the financial and political world do the right things, and that the little people (99.9.% of humanity) don't get hurt too badly. I've heard stories of a tent city ( in the spirit of Hoovervilles), now called Bushville, in Ontario, CA.
If we are on the downslope past the inflection point of a multi-decade credit cycle then there will be people who didn't forsee these troubles, who did what they thought was right, perhaps bought a home to shelter and protect their families and not to get rich, lived within their means and worked hard, who are going to get hit with a ton of bricks.

I read Pierre Berton's book about the Great Depression, as seen through Canadian eyes, but equally and perhaps more nasty as conditions in the USA at that time.
The utter desperation of ordinary people who weren't greedy speculators, struggling to stay alive. The destruction of credit that precipitated that time has eerie parallels to today's situation. Only we are talking about a vastly greater loss of confidence due to the globalization of finance.



www.amazon.com/Great-D...