We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Greed and stupidity. These outfits should never have come public. During the bubble time, a competitor's positive stock price action made these guys throw common sense to the wind. They piled on the MBS gravy train and rationalized a market that seemed to only go up. Money was cheap and they needed a return justifying their market caps. If anyone should have known better, it was these guys. Smart? No, shortsighted and focused on the daily stock price rather than market history and fundamentals.
I remember reading warnings about the risk from all of the trading on their own accounts and how all the earnings were driven by this highly risky activity a couple of years ago. Where is the adult supervision??? I say good riddance to this sort of excess. If no real value is getting created than eventually the activity will fail, unless propped up by the tax payers. This is the kind of crap that gives the otherwise superior model free market economy a bad name and convinces the envious and uninformed to elect 'change'...socialist, economic depressing 'change'.
Spengler has a good one on this topic at atimes.com.