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Atrios responds to the latest government plan to restart the credit markets via partnerships with hedge funds and private-equity firms:

They made bad bets when they at least theoretically thought they could incur losses. Now the cunning plan is to hope they make good bets even though…no chance of losses!

This is all going to end really badly.

I have some longer thoughts on this subject that I haven’t quite had the nerve to write and post yet, but the short version is this: everyone in the financial industry made bad bets over the past seven years.  So if you think the government shouldn’t work with any of these guys, it means you think the government should refuse to work with the financial industry, full stop.  That’s just not practical, though.  Even if you think they’re all idiots, we have to work with someone, and the idiots are all we have.

Now, as it happens, I don’t think they are all idiots.  But that’s the post I haven’t written yet.  Maybe later.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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