Moody and I have commented numerous times on the GSE mess, the latest by Moody just before Christmas. Marla Singer at Zero Hedge currently has a good post pointing us to Matt Taibbi’s lengthy rumination at the True Slant blog. Bottom line, there’s plenty of blame to go around:
For what we’ve learned in the last few years as one scandal after another spilled onto the front pages is that the bubble economies of the last two decades were not merely monstrous Ponzi schemes that destroyed trillions in wealth while making a small handful of people rich. They were also a profound expression of the fundamentally criminal nature of our political system, in which state power/largess and the private pursuit of (mostly short-term) profit were brilliantly fused in a kind of ongoing theft scheme that sought to instant-cannibalize all the wealth America had stored up during its postwar glory, in the process keeping politicians in office and bankers in beach homes while continually moving the increasingly inevitable disaster to the future.
Read it all.
As Taibbi observes, I think we’re well beyond party politics or blue-red divisions. It looks like the entire political class has been – and continues to be – complicit in robbery.
More at Instapundit, who observes that he’s seeing a “an overlap of themes” on the right and left regarding this issue.
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