"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."
25 April 2009
A "Daily" Short
By saving bad banks and "spreading the impact", or misery, responsibility, burden, or however else you want to put it, we have also spread the lack of market confidence. Six months ago we had good banks and bad banks. We had justifiably lost confidence is some (CITI), but maintained our faith in others (Wells Fargo). Now that the government has stepped in to "help" the banks all look weak, and the DOW is around 8,000. Why be different and responsible if there is nothing to be gained?