I'm astonished by the subdued public response to the extraordinary events of recent times: we have been, and are being, looted on a scale hitherto unheard of in peacetime.
Two excellent posts from econ blogs do a brilliant job of explaining what's gong on.
First, this is a great post on the AIG situation by Yves Smith. Smith is ex-Goldman, ex-McKinsey and was head of M&A at Sumitomo, so is no pinko:
http://www.nakedcapitalism.com/2008/11/aig-looting-continues.html
Next, Steve Waldmann looks at the implications of the bailout more generally:
http://interfluidity.powerblogs.com/posts/1226367450.shtml
His discussion of what government investment means is superb: the bailout is a disaster for all of us even if it turns a slight profit. And the distributional consequences - bad as they already are - may get a lot worse.
I don't really have anything to add except a question: why aren't people enraged by all this? It's not hard to get a sense of roughly what's going on, is it?
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