I agree we’ve got too much debt, generally (as a society), and that these LBO shops (and the banks that enable them) are not helping things… [/quote]
This is systemic, too much debt – the process of capital accumulation and reproduction demands it. This contradiction, of needing ever more amounts of debt to keep the capitalist game going, while, at the same time,
having increasingly and systemically detrimental amounts of debt, will keep you guys arguing until final collapse. If the population is not going to take on debt, the government has to. The only other options are forced contraction via “auserity” or letting the market work and having a revolutionary deflationary collapse. We know the latter is not going to happen(not on purpose anyway). hehe – being a liquidation and bankruptcy expert, Rommey appears to be more quailified to be president for what is coming up. btw- RS and Taibbi concedes that the FDIC bailout did not cost tax payers money.
[quote=davelj]
but “reckless” should be judged in totality rather than one single, or even just a few, transactions.[/quote]
On second thought, I mostly agree with this. Taibbi was probably reaching a little bit to make that point at least with the information presented. Still, the story is enlightening in many ways. Bain was like an underwater homeowner that demanded a writedown or they they were going to strip all valueable assets and pocket the proceeds then burn the place to the ground(which apparently was uniquely contractual on this deal). Somebody slipped a mickey in the loan docs through “government intervention” that seemed to work out for Romney and Bain. How convenient, eh?
