I’ve Been Reading Too Many Blogs

Posted by Barry Strauss under on April 7, 2010

Why does so much of what I read on the Internet read something like this?

Game on! Push came to shove but the other guy doubled down. No matter: they brought knives but we brought guns. What else could we do? We were roiling with conflicting emotions.

Now, skeptics may scoff, but the real story here is the back story. That’s not the inside story, however. They said they were too big to fail, but everyone knows that at the end of the day, it was a case of moral hazard. And that certainly leveled the playing field.

And it was a game changer. But not an eye-opener.

Game on!

They could have spoken truth to power but that would have been incendiary. A fast track to a train wreck. They were underwater and crisis was looming.

For all the hype and hysteria they were bullish until they crashed and burned.

Sadly, the truth is: they caved.

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