Absolutely yes 100% they should have passed the ballot. It's been known for years that derivatives are poorly understood as a financial instrument so it was pretty fuckwitted to rely on them for risk management -- but it was a mistake everyone made. However, AIG so far underlies the finance markets that to let them sink would deepen and lengthen the inevitable recession. It's not a huge hit to tax payers because remember most of those mortgages won't default and the government has the money and patience to ride it out. In the end it may be a smart investment. There's a reason that a large number of governments are nationalising banks right now and it's not a sudden yen for socialism.
If I hear another person say that they think a laissez faire approach can solve this I may scream. That's what damned well caused it.
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Date: 2008-09-30 12:16 pm (UTC)If I hear another person say that they think a laissez faire approach can solve this I may scream. That's what damned well caused it.