[quote=UCGal]It’s very frustrating.
There’s moral hazard everywhere around us.
There are no consequences for bad decisions.
From the banks who gave out crappy loans to the buyers who bought more than they could reasonably afford. Neither side is paying the price for these stupid transactions.[/quote]
I am afraid that the obvious is true:
– Most of the top Wall Streeters kept their ill-gotten gains, and are still doing very nicely compared to the rest of us
– Many homeowners who did the most irresponsible things – and who drove up the price of houses for the rest of us so that we had to remain renters – are getting lots of free breaks now that are worth far more than the average renter gets.
