Eugene Lawson reminds me of Anthony Mozillo, the CEO of Countrywide Financial. He made it a point to figure out how to make home mortgage loans to those who were unworthy. He never seemed to realize that making loans to those who could never hope to repay them was only setting the poor into bankruptcy.
There was no down side when the government said write and we will back it up. Until, they wrote more than the country could afford. Congress couldn't be bothered with overseeing, what, with all the votes bought with others people's money. Congress stills does not see a problem. They see a solution that is the problem. Obozo makes the claim that the deficits are not that large compared to GDP, not once, realizing the GDP is getting smaller. They are playing a numbers game that a Dow 15,000 is better than Bush had, but, those dollars are worth less than when Bush was there. Obummer's treasury is, probably, planning a million dollar note with his picture. They can be used as toilet paper in Zerovilles.
I am struck by how far they can drive in desolate Wisconsin.
And the only thing Mozillo didn't say was that he was proud that he had never earned a profit.
More likely just didn't care. The market has gotten distorted enough so the consequences for bad or short sighted decisions fall upon others, so what the heck?