Tuesday, November 25, 2008

So Failure is an Option....?

Even though outwardly there are being given many compelling reasons why these huge financial institutions cannot fail -- ripple effect, panic etc -- what is really being said is that failure is an option, that their failure to regulate themselves is pardonable in some larger scheme.

So I am sure that when the government officials meet with the top bosses of the financial institutions, nobody is trading imprecations or the most heartfelt oaths for causing the country and the world so much distress, nobody's gold-plated degree and million-dollar paycheck is being called into question immediately. I am sure the tone is more like, ok, you guys are in trouble, we understand, that is why the government is here, ok and here is how we'll handle it...there are regulations called TARP - Troubled Asset Relief Program. Incompetence is sanitised and euphemised by labeling it "troubled."

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