That should have been the headline of the NYT piece reporting that the Wall Street crew are complaining that the Fed has not done enough to help them out. These supposedly informed investors sunk trillions of dollars in mortgage debt that is going bad at a very rapid rate and they desperately want the government to bail them out. The reporting should make clear what is going on here. People who earn tens and hundreds of millions of dollars a year because of theiir alleged skills are now facing a financial disaster. Rather than be willing to live with market outcomes, they are trying to use their political power to force the Fed and Congress to rescue them.
--Dean Baker
