From the original article on September 19, 2008. Author: Chateau Heartiste.
Bailing out these big financial firms may be the right move for a short term fix, but it was a mistake in the long term.
Pop quiz: When a person is shielded from the consequences of his failures is he
a. more likely or
b. less likely
to repeat the same mistakes?
Nevermind the current fluctuations of the market. The rot has metastasized. Coercing or otherwise easing the way for these lenders to approve loans to huge swaths of heretofore unqualified buyers was bound to ricochet. Expect to see another crisis of even greater magnitude in the near future.
Lesson not learned.
One of the ugly universal truths of humanity is encapsulated in the stark equation proximity + diversity = war. Increase the variables, increase the carnage.
The weapons of this war are not always guns. Sometimes they are backroom dealings, status saving lies, ideological purges, redistributive taxation Danegeld, and deliberately arcane financial instruments.
Begun, the clone wars have.
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