The banking crisis: My Theory

It seems to me what happened is a bunch of well-connected fellas were handed the keys to the kingdom by the government agencies tasked with overseeing them – and hired to staff same – and they did what people handed power always do. They abused it. They fucked around and took big risks because A) it made their dicks hard and B) they knew they were in no-lose positions. Worst-case scenario and the gig goes tits up, the government bails their organizations out, plus they’re already rich and usually have “golden parachutes” to cushion the blow of being demoted to civilian billionaire from banking titan.

That sounds a hell of a lot like a Socialist architecture to me. The bail-out was built-in. Why would these guys act responsibly – any more than the schmucks who took the suspiciously no-strings loans – when there as no incentive for them to, and all the incentive in the world for them to be cowboys? Risk-takers and heart-breakers. Yee-haw.

I have no idea if the bail-out is a good thing or a bad thing. Oh, it came out of Washington. That makes it most likely a bad thing, huh?