[6:25am ET] US taxpayers can read this and weep. Bloomberg just put the cherry on the layer cake I have been baking for the past two years.
With the Treasury Secretary, it started with Paulson Folly, which used excessive dividends and share buy-backs to purposefully delay the start of a normal Bear cycle while the Financials were being pumped full of hot air. Then, as the Financial and Consumer Discretionary Spending sectors crashed, Mr. Moral Hazard denied there was a credit market collapse underway, and, rather than try to save a collapsing US financial system, he pointed his critics in the direction of China. Finally, the Bankers