If I made a bet with Joe down the street for $100, and we agreed that my neighbor would take $10 from each of us and insure the bet in case the loser couldn’t make the payment, I would be a blame fool for thinking I would ever see more than $10 off of that bet, even if I won. Joe might not pay up, and Harry might not have more than the $20 we gave him. That would be the risk I took.
But, what the hey I’m not a banker with more brains than common sense apparently.
We should have let horse racing officials or maybe some casino owners handle these bets. They would have done better handling bets than these elites.
The bankruptcy code is a political animal skewed to protect deadbeats by pols who want the votes of great masses of deadbeats.
When this bites them, because great masses of voters are *also* bank depositers, and stealing from banks too much all at once threatens great masses of voters, they blame anyone but themselves.
But they are on the hook for it and they will pay.
Today the Fed is paying by buying $1 trillion in securities from corporations. That works.
Not paying doesn't work. Pretending it is all the dang rich banker's fault is an utter lie and a slander. They are approximately the only honest men in the building. The winners among them are approximately the only intelligent men in the building. Everyone else is by comparison a rogue.
Is the congress going to give back all their own pay and retirement benefits and campaign contributions, because the government is running a deficit?
It is all utter class warfare hogwash, start to finish. Nobody (but the Fed right now) is paying any attention to the common good and recovery, everyone is just smearing their neighbors hoping to avoid blame for any of it.
As though blame has anything to do with fixing a particle of it, and as though those casting the stones are the biggest sinners in the universe...