naked capitalism Fri 2010-01-08 19:29 EST
Limiting the destruction wrought by irrational exuberance in a one-party state
I wanted to highlight a piece [Matt Taibbi] wrote yesterday called Fannie, Freddie, and the New Red and Blue. The crux of his argument is this: The partisan rhetoric is on full display in the dust-up over the unlimited liabilities coming from Fannie and Freddie thrust upon taxpayers on Christmas Eve. This rhetoric is not just beside the point, it is specifically designed to obscure the point, namely that both Democrats and Republicans, private industry and the government are culpable in the shambles our economic system has become...We effectively have a one-party system when it comes to investment in the present economic, power, and wealth structure.
destruction Wrought; irrational exuberance; limit; naked capitalism; party state.