Bail out the duped and you reward misplaced trust
Bail out the expert and you reward incompetence
By bailing out Wall Street and not the individual homeowners we will cause long term damage by both eroding trust and encouraging incompetence.
Wall Street, with Jim Cramer as its spokesmen, whine that these tactics are necessary to avoid a greater calamity. As I mentioned previously, these same tactics in 1998 are what caused today’s greater calamity.
Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat. – Sun Tzu