This is how the world will end

In Financial Food Chains, Little Guys Can’t Win – Ben Stein

Ben Stein says it like I see it. Actually I think I am a bit more radical on this issue than Stein, but he is clear on this one issue – the rich have to be allowed to win. They insist that we privatize rewards but socialize losses. No matter which way it goes, the working man gets worked over. I have no sympathy for the person who buys a home and gambles that the adjustable rate will not rise or that the rise in home equity will protect him. On the face of it, this is stupid and requires no high school education to recognize. But this is not essentially what went wrong. What went wrong was the ability of financiers to package bad paper so that the gambles being made were hidden, hidden at least for long enough to make some quick money. If they could not have done that, the bad loan practices would have been more immediately visible and more quickly rejected. And now the very people who have lost homes, lost equity in homes and now have to extend their working lives by at least five years have to stabilize the very institutions that knowingly hid bad paper. There ought to be some perp walks, people.

In Financial Food Chains, Little Guys Can’t Win
By BEN STEIN
IMAGINE, if you will, that a man who had much to do with creating the present credit crisis now says he is the man to fix this giant problem, and that his work is so important that he will need a trillion dollars or so of your money. Then add that this man thinks he is so indispensable that he wants Congress to forbid any judicial or administrative questioning of anything he does with your dollars.