Wednesday, March 11, 2009

Going Long on Torches & Pitchforks

Barry Ritholtz takes a bite out of faux capitalists who love "free" markets when their levered profits are huge but run to the taxpayer when the house of cards tumbles.

The fear of 'nationalization' (which can mean about 10 different things) is both too late and a non sequitur. Not only are the big banks currently being nationalized in fits and starts, we already nationalized their potential losses (which are now be realized) years ago when we allowed them to gamble with more credit-money than the entire financial system could support.

(end of post; ignore continue reading statement below)


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