Jonathan Weil says of the impending $700 billion bailout in his Bloomberg column today:
Whatever it takes to save our financial system from descending into oblivion, it will be tried, even if it all but guarantees we’ll have a bigger meltdown later. It’s not about principle. It’s about the money. And it’s about people like [Morgan Stanley CEO] John Mack protecting themselves from people like you, by whatever means necessary.
Heaven help us all if it doesn’t work.
