WTF?
So, the government takes over the mortgage industry. The government takes over the insurance industry. And now the government makes sure that the banking industry, the ultimate source of all the troubles, is given a "get out of jail free" card? Their bad debt is now my bad debt? When their balance sheets are sanitized are they then going to go back to making outsized loans to people who can't afford them and pocket the profits while making me take all the losses?
This is insane. At some point I hope the bond market gives a giant vote of "no confidence" to Uncle Swindler. Really, I don't know why the ten year bond is not at 8% at this point. The number one function of government would seem to be thievery.
2 comments:
"The number one function of government would seem to be thievery."
You seem surprised. Someone has neglected your education.
Not surprised at all. It's just kind of jarring and appalling to see it done so shamelessly, lawlessly, and egregiously. Also, that sentence was a simple rhetorical flourish, stating the obvious.
This result was baked into the pie in 1913. It's sort of astonishing that the whole corrupt John Law-esque system has lasted this long before melting down...
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