“Thank God for the bureaucrats, the economists, the Wall Street pros,” Bill Bonner spake, on behalf of investors everywhere this morning. “They’re going to ‘rescue’ us.”
“But wait a minute: Wasn’t it the U.S. government that set up Fannie and Freddie with an implied guarantee? Wasn’t it the SEC that was set up to regulate Wall Street and prohibit the sale of slimy ‘investments’? Weren’t these same economists the ones who thought the U.S. financial system was the best in the world... because it was so ‘dynamic... inventive... and flexible?’
“Isn’t it the Fed itself that has been lending money below the inflation rate since 2002? And wasn’t that the major source of ‘liquidity’ that created such a huge credit bubble? And wasn’t Hank Paulson the head man at Wall Street’s most go-go firm when all this stuff was going on? Do you remember hearing him warn investors or lawmakers that the whole Vesuvius of hyper credit was going to blow up? We don’t...
“Yes, dear reader, as predicted in these pages ... we are witnessing an epochal shift -- from capitalism to socialism... from markets to politics... from subtle swindle to naked larceny... from white-collar grifters to stickup men... from slick fraud to brute force.
“And then... who will rescue us from the rescuers?”
“But wait a minute: Wasn’t it the U.S. government that set up Fannie and Freddie with an implied guarantee? Wasn’t it the SEC that was set up to regulate Wall Street and prohibit the sale of slimy ‘investments’? Weren’t these same economists the ones who thought the U.S. financial system was the best in the world... because it was so ‘dynamic... inventive... and flexible?’
“Isn’t it the Fed itself that has been lending money below the inflation rate since 2002? And wasn’t that the major source of ‘liquidity’ that created such a huge credit bubble? And wasn’t Hank Paulson the head man at Wall Street’s most go-go firm when all this stuff was going on? Do you remember hearing him warn investors or lawmakers that the whole Vesuvius of hyper credit was going to blow up? We don’t...
“Yes, dear reader, as predicted in these pages ... we are witnessing an epochal shift -- from capitalism to socialism... from markets to politics... from subtle swindle to naked larceny... from white-collar grifters to stickup men... from slick fraud to brute force.
“And then... who will rescue us from the rescuers?”
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