The Dukes Of Fascist Moral Hazard

clipped from pajamasmedia.com Nice odds if you can get them. But now you can. The Washington Post reports on a new, trillion dollar scheme to save the economy and boost demand. The government is seeking to resuscitate the nation’s crippled financial system by forging an alliance with the very outfits that most benefited from the bonanza preceding the collapse of the credit markets: hedge funds and private-equity firms. If the value fell below $9 million, the hedge fund would lose its down payment but nothing more. The Treasury, using bailout funds approved by Congress, would cover the next set of losses, with the Fed ultimately on the hook for anything more. Megan McArdle, writing in the Atlantic, thinks we’ve seen enough. Geithner should go.

Bush. Fascist. Now. Relegated. To. Piker.