Tuesday, February 24, 2009

Welcome to the Casino at the End of the World

This is the best explanation for all the quasi-magical economic terminology that's been flying around for the last couple of years. Too bad it all boils down to bad gambling debts that we get to pay off.

So welcome to the Casino at the End of the World. Where you’re now backing every remaining wager and paying off the winners. In bailout bucks.

Why, instead of doling out trillions of taxpayer dollars through the Fed and Treasury Department, didn’t our government simply nullify these crazy bets that never should have been made — thereby averting the present crisis? It can’t be that contracts are really all that sacrosanct. Credit card companies change terms on us all the time.

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