Sunday, September 21, 2008

Bailout greed

I know we need to act quickly to 'bail out' Wall Street, but not without ensuring govt control/regulation that will prevent this from ever happening again. It's not mortgages the govt is buying, most of the debt is derivative instruments whose value is ZERO. These companies played for big money and fucked themselves up with their own greed, now we're supposed to leave them all profitable debt and take all the crap off of their hands. Sounds like someone telling me BOHICA: bend over, here it comes again!

We may have to do some of this, but not without CONTROL over these greedy bastards.

Read this: http://www.thenation.com/doc/20081006/greider

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