Guest Blogged by des...
Nouriel Roubini, RGE Monitor, who accurately predicted the current economic crisis: "Last week we argued that, with the nationalization of Fannie and Freddie, comrades Bush, Paulson and Bernanke had started transforming the USA into the USSRA (United Socialist State Republic of America). This transformation of the USA into a country where there is socialism for the rich, the well connected and Wall Street (i.e. where profits are privatized and losses are socialized) continues … with the nationalization of AIG."
Atrios: "The entire financial system is practically collapsing and they're lamenting the possibility of more regulation...People who prattle on about 'the free market' are usually too stupid to have a clue how complicated and pervasive the "rules" had to be to to get a well-functioning modern market system: sophisticated concepts of contracts and enforcement, property rights, legal entities, proper accounting, bankruptcy, limited liability, etc... etc..., did not descend from the heavens but were, in fact, created."
Matt Yglesias: "Who knew the 'Washington Consensus' would die in Washington, DC under a Republican President in a mad fit of bailouts and nationalizations?"