(Freddie Mac and Fannie Mae have only recently valued their derivatives losses.)
Meanwhile Treasury Secretary Henry M. Paulson, Jr. during his first on the job test--and pretending Goldman Sachs is someone he met once at a party-- took a good/news bad news stance.
"The genius of our system is that it recognizes that if you're going to give entrepreneurs and investors the chance to succeed and reap the benefits of their risk-taking" he said, "they also need the freedom to fail."
Yes, but you see, such practices are legal and even 'genius' when 'the elite' do them. For you and me they are only a swindle if we try them, and they make your ribs show.
That's Shamocracy at work.
So who needs Shamocracy?
by
amazin (31 articles, 0 quicklinks, 10 diaries, 377 comments)
on Monday, August 20, 2007 at 8:43:04 AM
