Sunday, February 17, 2008
It’s their mess – let them sort it
“PLEASE, SIR, can I have some more,” whinge the Oliver Twists on Wall Street. More interest-rate cuts from the Federal Reserve Board, a bigger portion of stimulus from the president and Congress, more direct relief for the housing market, a bail-out of bond insurers – you name it, and investors and bankers want more of it. Except for write-downs: the increased recognition of losses that nervous auditors are demanding is the one thing the bankers don’t want any more of piled onto their plates.