Thursday, April 02, 2009

Stop Speculation Now!

"What the Obama administration is doing is far worse than nationalization: it is ersatz capitalism, the privatizing of gains and the socializing of losses. It is a "partnership" in which one partner robs the other. And such partnerships - with the private sector in control - have perverse incentives, worse even than the ones that got us into the mess."
-- Joseph E. Stiglitz, 1 Apr 2009, New York Times

The financiers and bankers have built a speculative bubble. It can't be unraveled by the bartering of politicians. Speculators are far better at their own game. We cannot win. Don't throw good money after bad. Don't re-fund the same semi-skilled scum who've caused the problem.