|McArdle on the bailout proposals
||[Sep. 24th, 2008|03:26 pm]
post from Megan McArdle on the bailout proposals.A particularly excellent |
I feel bad for the homeowners, and outraged that so many people got gigantic sums of money for screwing up the financial system. But that money's gone. The mortgage bankers have already mostly lost their jobs, because their market (and often their firm) collapsed. Much of the outrageous compensation was in now worthless (or nearly worthless) company stock. And even if we dun, say, the top executives at Bear, Lehman, and AIG (I'm not opposed to doing so if it's legal), we will get only a trivial fraction of the money lost in these markets. You know who made most of the money on the subprime bubble? Anyone who bought a house in the last ten years. Yes, that's right, you, with your low fixed interest rate on a reasonably sized house. You're the profiteer who laughed all the way to the bank.