Posted by: Michael Mandel on September 26
WaMu going under…punishment of the greedy (I just hope JPMorgan Chase is getting a good deal)
The so-called bailout deal being submarined by politics? I’m so not surprised. Fighting a major financial crisis requires political legitimacy, because the government has to break contracts and allocate losses coercively. Coming up on a presidential election, our current administration unfortunately lacks political legitimacy.
I’m going to write more on this.
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