Left alone, financial markets usually work out the best possible deals among competing interests. Whenever the feds have gotten involved, by contrast, they've taken sides in the tension between stockholders and creditors - invariably throwing stockholders overboard.therefore, bailouts are bad for stockholders. I would like to read his take on how BearStearns, Lehman, AIG, etc., don't seem to have made very many of those "best possible deals."
Why Cormac McCarthy Stands Alone Among Novelists
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McCarthy, a little before the rest of us, had caught a glimpse of Western
Civilization’s end.
1 hour ago
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