Financial Crisis: Collateral Damage, Collateral Beneficiaries, a Bullet Theory…………….
“Just as in war there are unintended victims, so in financial rescues there are unintended beneficiaries….”
Also Sprach Larry Summers recently.
Except that the collateral damage is not “collateral”: it is widespread and the path was so deliberate we cannot call it “collateral” damage. It was almost deliberate. This is like saying that you aimed a gun at the victim’s heart and fired but her death was unintended.
And the unintended beneficiaries were not “unintended”: they were surely “intended”, very intended.
Except it was the job of Mr. Summers, his team, as well as Geithner, Romer, Henry (Goldman) Paulson, Bernanke, et al to sort these out. They did not, even though they had ample warnings. And it turns out that the perpetrators of the mess are the “unintended” beneficiaries; unintentionally on purpose, of course.
Cheers
mhg
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