The inimitable digby has a post uphttp://digbysblog.blogspot.com/ that reports some of the internal emails and opinions of the traders, bond rating agency poobahs and related participants in the ongoing financial meltdown. Which, by the way, is not, if one looks at the so-called "markets" exactly showing signs of robust recovery. At the time of this writing the DJIA is only off 400+ points (4.5%) http://www.marketwatch.com/
What the memos and evidence make clear is that what was/is going on is the predictable and predicted outcome of our two decade dive in the decadence of tort reform. As the mounting evidence shows - the underlying rationale of tort reform aka Republicanism is this - if one does well, one reaps the reward. If one does wrong, government is there to bail you out - at first by using the heavy hand of government to shiled you from those awful, evil, trial lawyers - and, as we now see, by diverting billions, possible trillions of dollars directly to the wrongdoers.
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