9.19.2008

September 19, 2008: The Day Capitalism Died

I am stunned.

1) Paulson is making taxpayers bail out the banks for the bad mortgages they made. In a matter of days, we've gone from "Paulson adamant no taxpayer money for Lehman" to "Paulson adamant taxpayers to bail out every bad bank on Wall Street."

2) SEC Chair Chris Cox is banning short-selling in all financial companies, scapegoating short-sellers for the the self-inflicted fundamental problems of financials. So much for the most open, liquid, and transparent financial markets in the world.

More at Mish.

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