Joe weighs in on stuff he barely understands
Sorry I've been such a lame blogger lately. I wish I could blame it on my paranoia over the crashing financial markets, but I don't own anything, so that would be a lie.
Along that thread, I just want to take a moment to acknowledge the heroic efforts of CEOs across the country, who bravely invested in junk mortgages in a herculean effort to make as much money as their peers, creating a frenzy of "irrational exuberance" (Greenspan) and a giant housing bubble. I'd like to further thank them for their courage in taking our money to salvage their retirement plans and caviar-filled swimming pools. For nothing says "Free Market" like begging the government to backstop your bad decisions. I've always liked income transfers; who am I to complain when it goes from the people to the rich instead of the other way around?
Seriously, I don't mind paying it, but goddamn, no blank checks to former Goldman Sachs CEOs. If you're gonna live under our roof, you gotta accept some new rules. No taxation without regulation! Regulate, baby, regulate!
posted by Joe @ 6:53 AM
3 Comments:
What about the clear moral hazard created in 1968 when Fannie Mae and Freddie Mac were spun off of the US Government making them the ONLY for profit, publicly traded companies without SEC oversight while retaining the full financial backing of the Federal government?
If you're gambling with daddy's money who cares how many crap hands you try to bluff on even if the pot is equal to 46% of the national debt.
I think you'd be surprised with which party created, loosed and repeatedly refused to restrain this beast.
Populist nonsense is the problem, not the solution.
http://www.youtube.com/watch?v=H5tZc8oH--o
while I agree with the sentiment, you shouldn't forget that a lot of rich people went very, very broke in this disaster. Doesn't make it right, but still ...
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