The final word on this whole financial catastrophe

The reason I am angry about this whole financial mess is that there seems to be no accountability, all I hear about in terms of accountability is that people get fired and get fat severance packages too to boot. I would like to see some punitive measures out there, you know some more frog marches or atleast make these guys pay some of the money back.

Here's a much better take on this whole unjust immoral situation. 

I don't see it. To my mind, the individual actors -- brokers, bankers, appraisers -- the human beings involved -- were acting completely rationally and that's the root of the problem.

These people all made a shitload of money over the last decade. And they're all going to get to keep it. Mortgage banks may be failing and mortgage backed bonds may be defaulting, but nobody is asking the mortgage bankers to pay anybody back.

There is absolutely no penalty for the people who created Big Shitpile. The long term perspective -- and the negative consequences we're seeing now -- affect the institutions, not the people. The banks are out of business; the bankers are still sitting on their cash.

And as long as there are no penalies -- serious financial penalties -- involved in being a human agent of a Big Shitpile, there will continue to be Big Shitpiles -- again and again and again..

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