Wall Street

Under the title "Rich man's capitalism", a blogger I visit now and again, writes :

"Market is up 400 after the Fed agreed to knowingly back bad debt.
Hoping to ease the credit crisis, the Fed -- acting with the European Central Bank, the Bank of Canada and the Swiss National Bank -- agreed to loan investment banks money in exchange for debt, including slumping mortgage-backed securities."

"Wall Street's version of capitalism: privatize the profit, socialize the cost. No consequences for bad risk taking -- the rich get richer and the rest of us pick up the tab. It's not like the Fed is loaning money against good paper... the Fed is loaning money against paper they know is bad."
See : http://think-dammit.blogspot.com/.

I do not often agree with this lady's writings, but for once she is absolutely right. Except for one small detail : rich man's capitalism is a pleonasm.