Follow up to Bubble post:

24 03 2009

In a post on Mark Thoma’s blog, Steve Waldman comments that while Thoma’s assessment of the current crisis is probably financially correct (it may work in the end) he is absolutely embittered, as I am, by the fairness and equity of the situation:

Unfortunately, I have a darker temperament, a spirit less generous and optimistic than Mark’s. I am filled with despair, not because what we are doing cannot “work”, but because it is too unjust. This is not my country.

I mean really – what kind of country are we building?  I really hate to sound like an anti-american nutball who sees evil lurking under every policy or include the picture to the right with its stupid slogan….but fucking hell, this is beyond ridiculous.

My only hope is that Waldman is right when he says this (and that Geithner and Summers are serious when they say they want real regulation after all of this settles):

My guess is that behind the scenes, Geithner has arranged a kind of J.P. Morgan moment. You know the story. During the Panic of 1907, J.P. Morgan locked a bunch of bankers in a room and insisted they lend to stave a panic. We’ve already seen one twisted parody of this event, when Henry Paulson locked a bunch of bankers in a room and insisted they borrow money from the Treasury. This second one is more clever. I don’t think the scandal of the Geithner plan is going to turn out to be the subsidy to well-connected investors embedded in the non-recourse loan put option. On the contrary, I think that Treasury has already lined up participants for the “Legacy Securities Public-Private Investment Fund” and persuaded them to offer prices so high that despite the put, investors will expect to take a major loss. My little conspiracy theory is that the Blackrocks and PIMCOs of the world, the asset managers who do well by “shaking hands with the government, will agree to take a hit on relatively small investments in order first to help make banks smell solvent, and then to compel and provide “good optics” for a maximal transfer from government to key financial institutions. …

But really I say hang them all.  They made off with the bulk of the profits the last ten years so they should now pay with clawbacks and their jobs because their bets not only lost but they took down the US fiancial system with them.  Time to reset the entire industry….without them.  They are losers in every sense of the word….a word I am sure they used quite freely for people like you and me.

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31 07 2011
GlaliDep

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