I don't usually lift whole cloth from other bloggers but the uncompromising Billy Beck has just posted something that I feel needs to be widely seen. I envy his clarity and directness of expression. The post is entitled "Some Are In, Others Aren't" and is reproduced here for the edification of those who drop by. I would include myself when I say that his Two--Four blog is quite often "caviare to the general."
On CNBC just now, Charlie Gasparino is reporting that the New York Fed meeting in progress right now is considering some form of federal bailout for American International Group. This, of course, is the thing that they were saying would not happen only yesterday.
Through all this, bear in mind that they let Lehman Brothers sink without a trace. The point here is about arbitrary power. These are people who produce nothing, but who are able to dictate survival or doom to those with authentic responsibility for their own actions in markets.
There is nothing reasonable about this, and none of it should be mistaken for "capitalism."