Ah the sweet sweet smell of corporate welfare wafting through the economy from baked books and over leveraged assets. When will the fun stop?

Oh look the private sector does it so much better then government, why burden the private sector with rules and regulations. But if anything goes wrong to the private investments, lets bail it out with public sector money.

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I think the underlying structural issues need to be addressed. The US economy is looking suspicously too much like the 90's Japanese economy were the big banks and insurers weren't structured for the modern economy.

Has there been no learning from the likes of Arthur Anderson, the Energy Trading and WorldCom?

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At the end of the day transparency and accountability have to rise up. And if the private sector expects handouts, it should expect substantial strings attached. Not just to those who get it, but the entire sector so that the mistakes are not repeated.

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PS How is Warren Buffet and Co. doing? If it is a bear market, he must be in getting some bargins.