What makes stories like this tragic, though, is not that a bunch of fraudsters defrauded themselves and a bunch of marks. What makes this tragic is that the bill ends up getting paid by the third parties who didn't participate in the fraud. The reason is simple - the really guilty, the ones who cook up these schemes, never pay a price. Ever. You want to prevent stuff like this from happening in the future, its simple - prosecute the former heads of every investment bank and every other organization that participated in this sort of nonsense.Richard Berry at The American Thinker sounds a similar theme.
The unwillingness of the rest of us to underwrite the moral excesses of the Boomer Elite perfectly enrages them. So, today, the rest of us are being screamed at. In fact, the barrel of a gun is being pressed to our temple. It is demanded that we play our accustomed role of sheep to the slaughter. We are told we must funnel the better part of a trillion dollars to the fantastically imprudent, self-dealing Wall Streeters that gave us the mess, and that we must also chip in the odd tens of billions more on pet lefty projects with which the Boomer Elite, with characteristic cynicism, lard up the package.The politics of the two posts differ. The disgust at having to pick up after others is similar.
I suspect that the current bottom-testing in financial markets, and the upcoming election, are only the beginning of the recriminations.