I haven’t yet taken the time to read this article with any attention to detail – but on the whole it seems to capture my understanding of our current financial situation.
To wit: Our initial attempts at saving the financial industry have failed because they assumed that the bankers and wall street types would act altruistically in order to save their own system. We acted as if they were trustworthy stewards of taxpayer money … which of course they are not now and have never been. They are profiteers. They took our money and put it in their own pockets.
It’ll be near impossible to outplay wall street in terms of writing rules and regulations that will cause them to act for the common good so long as they are not motivated by any desire to advance that common good.
We took the wrong approach trying to work with them as partners. They simply need to be driven into bankruptcy. Yes, this will suck for everyone, but it sucks more to give handouts to these jerks.