NakedShorts: A nation of morons, led by idiots
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I have to most of reprint Greg's post on the current financial problems.
A nation of morons, led by idiots
Problem: Too-big-to-fail financial institutions Solution: Bigger financial institutions (BAC+CFC+ML/JPM+BSC/BCS-LEH ad nauseum).
Problem: Lack of control over government spending.
Solution: Spend more, a lot more, borrow more, a lot more.
Problem: Fred and Treasury create serial bubbles, ending in tears.
Solution: Give Fred and Treasury more power.
Problem: Lack of price discovery and/or transparency in financial asset values.
Solution: Bury mortgages in government entity with neither accountability nor transparency.
Problem: Archaic and incompetently-implemented regulation creates over-levered institutions run by Jeff Skilling wannabes.
Solution: Bail out Skilling wannabes, witch-hunt the (relatively) innocent, and promise to regulate the already failed Ponzi scheme out of existence.
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