moonlog - We’re nationalizing these [troubled] institutions....

Sep
18th

Thu

We’re nationalizing these [troubled] institutions. This is now your problem and my problem…we privatize profits; we socialize losses. If AIG were booming nobody would ever say you and I have the opportunity to take it over. But when it collapses and threatens the entire economy, it becomes our problem.

— Michael Greenberger, speaking on Fresh Air (again) about this round of the ongoing economic [insert word that kinda means crisis but doesn’t sound so scary].