cooperthedog, the point is it wasn’t necessary. As for the BSC bailout, I think it was a necessary evil. Credit markets seizing up, banks failing, etc. can cause untold damage to all. Credit markets are seizing up anyway.
Socializing the losses is how our market works, or doesn’t. Actually its a large part of why it doesn’t. Acting like a bailout for any firm is necessary is just encouraging more of the same destructive behavior. It isn’t necessary, and yes the damage will be done anyway. Actually the damage was done when the credit was created. All the Fed is doing is re-distributing the pain to all of us instead of concentrating it on Wall St.
In this case patriotism is saying as loudly as you can, fuck this, its theft plain and simple.
