Sunday, September 21, 2008

Titans Falling

Well, that's it. There are no more major private investment banks in America. So long, free enterprise. Welcome to the New Capitalism.

How much will it cost taxpayers? We don't know. This is a particularly thorny issue. Putting a specific value on the fallout requires pricing the securities that are collapsing, and the securities are collapsing precisely because their value is difficult to determine.

Expect more updates.

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