Keep your damn hands off my money. I didn’t chose to ‘invest’ in these failures.
Why is it so hard for Washington to get it?
Washington Mutual’s holding company “basically got cut loose,” said Sterne Agee & Leach Inc. analyst Adam Barkstrom. “The way WaMu and JPMorgan Chase worked, that’s the way the system is supposed to work. The banks that made crappy loans and have crappy portfolios need to pay.”
(emphasis added)
(From bloomberg.com)
The existing oversight is in place, and working. The foundations of our banking system are operating just fine under the existing oversight and regulation controls. The market will correct appropriately, albeit sharply, painfully, and swiftly. The over-expansion of the money supply we’ve been sticking our heads in the sand and trying to ignore is going to result in a contraction of the money supply — one I’ve been expecting for over a year.
As they pointed out elsewhere in that article, this is going to suck for a lot of investors, but at least it’s isolated to the people who had money to invest (all investments carry some risk) and voluntarily put money into those investments.
Don’t rape the taxpayers (unwilling people who didn’t agree to invest) to make it a better day for people who had money (and chose) to invest and lost on the gamble.
I’m getting a new appreciation for how the founders of this country felt. They were being raped (taxed without being consulted) to prop up the English systems.