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One way to eliminate moral hazard on the part of the bankers: throw a few of them in jail and start expropriating assets to help pay for the damage they've done.

It won't happen now...one of those very same bankers is at the head of Treasury pushing on the bailout of which we speak.

But if things get bad (and they likely will) we may start seeing some interesting things though given the nature of power in the US this will likely mean one faction of oligarchs (perhaps from the real economy, the automakers, the airlines or other struggling bits of the US industrial bqse) goes after the other in the financial sector.

Could make for interesting times. To be watched from afar.

Fai de bèn a Bertrand, te lou rendra en cagant

by redstar on Mon Sep 29th, 2008 at 04:00:09 AM EST
throw a few of them in jail and start expropriating assets to help pay for the damage they've done.

As I've said before, we could call the crime "financial treason".

Could make for interesting times. To be watched from afar.

Indeed.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid (arvid.hallen at gmail.com) on Mon Oct 6th, 2008 at 10:45:07 AM EST
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