some real economic journalism for a change

[tedivm]

If you're looking to understand how this country got into the mess its in, I highly suggest you read this article from Rolling Stone.

If you read just one thing I link to all year, make it this one. Right now there are a lot of people trying to act like this is some big, unforeseeable event, and not the result of anyone's wrong doing. These people

Comments

[tonysalieri]

At this point, I think I'm ready to try our luck in letting AIG and groups like it just fail, and deal with the shitty fallout for a few years, than keeping it propped up because "if we let it fail, the rest of the world banking system will be ripped apart."

[tedivm]

I agree- I wouldn't have complained so much about a controlled ripping apart of the company, using some tax payer dollars, but at this point I simply don't trust our government not to give into the 'special interests'. We should be arresting these people, not giving them unprecedented amounts of power and money with no oversight.

[tonysalieri]

Very clear and informative article.

Everyone is calling for more "regulation." Regulation isn't often effective -- except for employing lots of bureaucrats -- Madoff's business was heavily regulated. I say the "regulation" with the most effectiveness is to "let them fail." People will have more caution in their mind after that, than after constant bailouts of whatever they do wrong.

"Too big to fail?" A bunch of people in and out of government, all friends and colleagues of each other, came up with that one.

Terry F.