Theft of a couple of Anglachel's paragraphs follow. Be sure and read the post and follow its links. Very informative. Anglachel's Journal: Fine Distinctions:
"...With every day that passes, it becomes more difficult to draw the "fine distinctions" Geithner et. al. want us to pretend exist between saving financial systems, which we need and is our proper concern, and saving their rich buddies' asses for their bad investments, which is not our concern even as their idiocy has become our problem. The dire warnings over the "moral hazard" of simply devaluing home loans made during the bubble no longer sound so convincing when we watch the deliberate moral hazard of protecting the prerogatives of Wall Street in lieu of enacting anything approaching a rational fix to the financial system...
"...Thus, we are left with the economic policy (such as it is) being handed over to the crooks and liars who got us into this mess in the first place because there is no reason not to. There's nothing The Precious wants to do with the economy or the financial system (like expand the New Deal), so whatever Little Timmy and Gucci Gang want to do is fine by him. The political opportunity presented by the economic crisis, well documented by people like Krugman and Roubini, is being frittered away for lack of political vision..."
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