From a real economist.
- “Failure” only means that corporate bondholders don’t get every penny
- The Federal Reserve’s purchases of Fannie Mae’s and Freddie Mac’s debt obligations were illegal
- Creating shell companies to buy Wall Street’s bad assets is not “discounting,” and was therefore also illegal
- The skewed distribution of wealth in the U.S. is worsened by policies that misallocate capital and divert public funds to bail out investments that have already gone bad.