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This seems like extending mass amounts of debt in the balance sheets of the real "lender of last resort", i.e., the state.

While there is of course the obvious issue that public debt was bad to finance health, education, public infrastructure and so on but is suddenly good to bail out banks, there is also another issue:

If the states get buried in debt, and the system is not corrected to stop the credit binge (and accumulation of wealth at the top) who will save us in the next crisis? god?

To put it in another way: Are we creating the last possible bubble?

by t-------------- on Tue Oct 14th, 2008 at 08:19:11 AM EST

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