Wednesday, October 14, 2009
Martin Hutchinson on Capitalism
Martin Hutchinson (MH) has a 28 September 2009 post attacking: financial alchemy, economists, bad accounting, the Fed, ratings agencies, banks, AIG, Goldman Sachs, phony statistics and the bond markets. He writes heresy, "It would have been much better to allow Goldman Sachs and the other major counterparties to AIG credit default swaps to suffer the full losses, and then send some random collection of CDS dealers and maangers to jail for a couple of decades or so, as was done after the Drexel Burnham and Enron collapses". Off with MH's head. Here's a link: http://www.prudentbear.com/index.php/thebearslairview?art_id=10282. MH says it all.