Bailouts – beget bigger bailouts.  Because human nature.

Getting rewarded for doing stupid things – makes it far less likely you’ll stop doing stupid things.

Which means the stupidity continues – and continues to accumulate.

Which means if the last calamity was a 6 on the Dumbness Scale – the next will be an 8.

Well, welcome to The USA 2024.

Remember the 2008 global economic meltdown?

Notorious therein was subprime home mortgage lending.   Loans with exceedingly awful terms – sold to tens of millions of people everyone knew couldn’t pay them back.

The Big Banks – backed by Big Government – then packaged them into toxic assets called Mortgage Backed Securities (MBSs).  And polluted the planet with them.

The results were as predictable – as they were awful…: (more…)