Reply to post: "If the market had been allowed to play out its course after 2008,

Addicts of Facebook and pals are easy prey for manipulative scumbags – thanks to tech giants' 'extraordinary reach'

John Smith 19 Gold badge
Unhappy

"If the market had been allowed to play out its course after 2008,

all of the bad banks would have gone bust "

True.

I always liked Georg Soros's line that "Capitalism without bankruptcy is like religion without Hell."

Where does this "Banks are special" BS come from (apart from banks)?

They are businesses and IRL businesses sometimes fail. Their staff get fired and their assets get sold off to someone(s) else. It's sad, but it's life.

My personal suspicion was a real auction would have disclosed just how much of their supposed "assets" were CDO's or similar instruments and that 95% of their "yield" were expected to come from the the mortage repayments of John and Jane Q Crackhead of "Rundown Sh**hole, USA"

Who turn out to be having some issues keeping up the payments.

But be under no illusions this s**t would not have been possible without the active collusion of the so called "rating" agencies who rated an insturment 5%gold/95% s**t as good as one 95%gold/5% s**t.

For them it's still BAU.

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