“Hidden in this frantic search for magic bullets is a growing stockpile of new economic WMDs, widespread “moral hazard” morphing into “moral disaster.” By bailing out Wall Street we protect them from the consequences of their costly incompetence, while dumping the responsibility for their toxic debt and lethal derivatives onto the taxpayers, leaving Wall Street free to do it all over again … and knowing full well they will be replaced by a new generation of greedy bankers who will indeed start the cycle anew.” Paul B Farrell
As the headline says, this is certainly a colourful piece by Paul B Farrell who i am a big fan of. Although a little doom and gloomish, he makes some very valid points as always. Please click here to view the article which is well worth a read.
