The mystery all along throughout all of this is who would be missing the seat when the music stopped, who would be left holding the bag.
This is not a liquidity crisis. It’s an insolvency crisis. People made bad loans, and other people made hugely leveraged bets on those loans, and still more people insured those bets.
And now the taxpayer gets the bill.
2 thoughts on “Privatize profit, socialize risk”
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And it is a mixture of crickets and cheers from everyone rightward from Kucinich, yes?
Of course, at least until a few of them start to get the idea that the public really doesn’t like this plan. Then some of them will start to make noises about it, though they won’t actually do anything.
After all, they are bought and paid for.