International Law

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.

Full post as published by Misleading Advertising Law on September 23, 2008 (boomark / email).