I've largely stayed away from the blogosphere's analysis of the bailout package fashioned by Congress because I feel that there is way too much antipathy towards Wall Street. Aside from working at one of the banks that worked at the credit crisis, I simply think that a great many of you want to see Wall Street collapse, no matter the cost - even if it means that the fallout is going to affect each and every one of you in a meaningful, material fashion.
As I wrote in an earlier diary, Wall Street needs to be punished. Sure enough, the bailout package voted on today had some necessary features in it - limits on executive pay, the ability to take an equity stake in firms that participated, congressional discretion over half of the proposed funding - that made it resemble much more the package put forth by Chris Dodd and Barney Frank than it did Hank Paulson's.
But in one fell swoop, all of that was brought down. And if you think things are going to get better soon, think again.
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