Remember the 1930s film American Madness (dir. Frank Capra), about bank runs and financial collapse at the depths of the Grate (sic) Depression?
Of course you don't. Neither do I.
Yet again Amerikan madness prevails as the federal government moves to "conservatorize" (i.e. nationalize) Fannie Mae and Freddie Mac, and moves to forestall the latest Wall Street collapse - Lehman Brothers and Merrill Lynch, a couple of failed financial chickpeas in a pod.
(Dey don't call it "nationalization" anymore since that rings of failed policy. Of course here then goes the State doing the exact same thing. Newspeak, anyone?)
The protection racket never ends for the elites who were caught short and lent long in this greatest of fiat money orgies.
As for those poor suckers on Wall Street who have lost jobs and livelihoods due to this mess...well, if I could feel any sympathy, it would have to contend with my burning desire to roll around on the floor laughing. I just cannot make myself to feel any shred of compassion for the dickhead playerz and boyz who thought the good times in the fiat money regime could last forever.
I would seriously hate to be an investment banker right now. Especially an out of work investment banker.
Actually, I would hate even more to be a bright young dickhead just coming out of Princeton or Harvard with a fresh piece of parchment, just raring for that lucrative career as an investment banker. (Only dickheads would aspire to such a pissy-ante paper pusher careers as an investment banker.) What pleasantry that must be, to think you have entered the height of assured success, captured the golden ticket to the gilded gliteratti class whose dicks are only meant to be sucked by others (according to conventional rules of caste and class), to suddenly find that your planned world is in tatters, that investment bankers are suddenly a redundant species bordering on extinction, that your entire educational process was a serious, massive malinvestment of time, money, and resources.
Sic semper dickheads.