Saturday, October 4, 2008
Is the Paulson bailout itself a bigger fraud than the leveraged subprime mortgages?
As one reader put it,“We have debt at three different levels: personal household debt, financial sector debt and public debt. The first has swamped the second and now the second is being made to swamp the third. The attitude of our leaders is to do nothing about the first level of debt and to pretend that the third level of debt doesn’t matter at all.”