John Hussman Reports on the Negative Aspects of the Bailouts
John Hussman, who has proven to be a superior manager of risk this decade, writes about the scandalous bailouts doled out to inept banking institutions.
An excerpt:
“The bailout is not something “neutral” that cancels itself out, but instead amounts to a transfer of trillions of dollars of purchasing power directly and indirectly from those who didn’t finance reckless mortgage loans to those who did. Farewell to the projects, innovation, research, investment, and growth that might have been financed by the savings and retained earnings of good stewards of capital. Those funds are being diverted to the careless stewards who now stand to be made whole.”
Source:
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