Crony Capitalism

Nice ATM

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The Daily Capitalist has a must read posting. Here are some excerpts:

But the days of living off the housing ATM and bank-issued plastic are over for the American people anyway. Creating an honest financial environment where households are required to rebuild their balance sheets and consume within their means isn’t a disservice or injustice to anyone.

And…

The fact is, there are about 78 million baby boomers inexorably heading for their next to final final berth in a nursing home. Given the shambles of the American economy, who is going to buy their over-valued castles anyway? Certainly it won’t be their downwardly mobile children. So why not purge this phony wealth now and let boomers began to plan for their golden years based on reality, not illusions.

And…

But the taxpayers are on the hook for those losses already, and crystallizing huge write-downs now would actually have a very salutary effect. The voters would get in unmistakable terms a reckoning of the massive harm inflicted on them by the congressional housing princes such as Barney Frank and Chris Dodd and their crony capitalist paymasters. Hopefully, the result would be a thorough-going purge of the political system, too.

Read the whole thing.

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