“The Looting of America’s Coffers”, by David Leonhardt, New York Times, March 10, 2009.

Now, it would have been nice if the Fed had shown some of this regulatory zeal before the worst financial crisis since the Great Depression. But that day has passed. So people are rightly starting to think about building a new, less vulnerable financial system.

… and this will be entirely forgotten by the time the effects of The Panic of ’08™ wear off. Even Igor is “dejected.” Well, if nothing else the NYT is great at hindsight. This assertion neatly summarizes one thing we bubble bloggers (and selected mainstream prophets) have been saying for years.

In effect, the bankers had siphoned off this bailout money in advance, years before the government had spent it.

exactly…..we were definitely smart enough in the late ninties and early years of this decade to do away with all those silly regulations that stemmed from the depression.

It looks like a technical information bubble to me. : )

A crash would be a good thing- it would be my only chance to ever catch up!

We seem to be able to build on the technology of past generations, but sadly, we don’t seem to be able to use more common sense than the generations before us.