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The way I put it a while ago:
12-01-30 Vistas in Legal-Economic Theory: Perpetual corporate immunity as a major intangible capital asset and adriving force in socio-economic development, or lack thereof
http://www.scribd.com/doc/79912684/
Below is Tabibi's latest Rolling Stone installment.
jz
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Secrets and Lies of the Wall Street Bailout
By Matt Taibbi
The federal rescue of Wall Street didn't fix the economy - it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come.
January 08, 2013 "Rolling Stone" -- It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you'd think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we've been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?
Wrong.
It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.
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