Larry Kudlow especially. This jack-hole is crying on national television about how the Fed should be lowering rates, buying bundles of mortgage-backed debt and generally rescuing all of the Billionaire Boys, STAT!
What happened to good ole-fashioned responsibility?
–noun, plural -ties.
1.the state or fact of being responsible.
2.an instance of being responsible: The responsibility for this mess is yours!
3.a particular burden of obligation upon one who is responsible: the responsibilities of authority.
4.a person or thing for which one is responsible: A child is a responsibility to its parents.
5.reliability or dependability, esp. in meeting debts or payments. —Idiom
6.on one's own responsibility, on one's own initiative or authority: He changed the order on his own responsibility.
These market geniuses took other people's money, added a healthy helping of leverage and baked enormous gains over the course of many years. Everything was honky-dory as long as the market remained in rocket trajectory. But eventually, that rocket "corrects".
Uh, Wall Street...We have a problem.
Memo to Wall Street Billionaires: TAKE YOUR MEDICINE AND STOP WHINING.
I'm tired of hearing that "There are no bids" for your junk. That's complete bovine-dung. There are bids out there, you just don't like the idea of taking 50% or stronger haircuts. Yes, it is going to be painful. Extremely painful probably. But that's Capitalism.
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