He learned absolutely nothing.
Showing posts with label financial crisis. Show all posts
Showing posts with label financial crisis. Show all posts
Monday, October 6, 2008
Saturday, September 20, 2008
Krugman Has A Thought
Paul Krugman, over at NYT, has the best take that I have seen yet on this demented attempt at fixing big shitpile (with apologies to Atrios).
This plan pretty much defines moral hazard while at the same not not even having the desired effect of stabilizing the system. There are still going to be companies that are going to go down the shitter and we are going to end up in the same place as before except for the fact that a trillion or so dollars will have been sucked out of our pockets and put into the pockets of the people that fucked it up in the first place.
If the Dems in Congress go along with this piece of shit they have effectively sold out any hope of substantive health care reform, or much of anything else that requires money, for a generation.
I am just fucking appalled
And there’s no quid pro quo here — nothing that gives taxpayers a stake in the upside, nothing that ensures that the money is used to stabilize the system rather than reward the undeserving.
This plan pretty much defines moral hazard while at the same not not even having the desired effect of stabilizing the system. There are still going to be companies that are going to go down the shitter and we are going to end up in the same place as before except for the fact that a trillion or so dollars will have been sucked out of our pockets and put into the pockets of the people that fucked it up in the first place.
If the Dems in Congress go along with this piece of shit they have effectively sold out any hope of substantive health care reform, or much of anything else that requires money, for a generation.
I am just fucking appalled
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