Leave Timmy a-l-o-o-n-e!
Booman, bien sur. Hamsher can take care of her arguments and herself, so I'll focus on this delicious morsel:
There is a limited universe of people with both the experience and the capital to buy up and manage the toxic assets. The more money people made off creating this misery, the more likely they are to be flush enough with cash to take risks on fixing it.
Let me try a simple, simple parable here. (Has anybody noticed how Timmy's defenders get bogged down in obfuscatory detail?) And readers, RL calls, I have to go, so if you can imprive on this parable, please do so.
1. A meth freak breaks into my house and rips all the copper pipes out of the walls, and steals all the loose cash I've been saving for a rainy day.
2. I catch the guy red-handed when I come home; his pickup's in the driveway, all the pipe's in the back, and the loose cash is there on the dashboard.
3. Does the meth freak offer to return the copper and the cash? Of course not! (We're not even talking repairing the damage.)
4. What the meth freak -- now "flush" with "capital" -- does do is offer me "experience." If I don't go to the police, he'll go sell the copper and launder the cash, then move into my house, and pay me rent with the money!
5. "But it's my own money!" I say.
6. "Not now!" says the meth freak.
Then again, as BooMan remarks:
... rather than get bogged down in the fairness of this whole thing...
No, indeed. Plus ca "change," plus c'est la meme chose....
NOTE And if BooMan's not going Galt, he's at least turning Galt-eseque: Every blogger their own Hank Rearden!
In reality, any of us can start a hedge fund and be eligible to participate [in the auctions] if we can convince other people to let us manage their money.
Actually, that's so stupid it might just be brilliant. Maybe I should take up a collection in PayPal for seed money?