The best article yet on the bailout

This article(thanks, Tom!), in the latest issue of Rolling Stone magazine, is the best explanation I've seen yet about the 2 sides of this latest financial mess: The demand for the mortgage securities AND how it was allowed to go unchecked, due mainly to how AIG was insuring the swaps. It's a great read, even if you only get half-way through it.

It then goes on to make a more political point about how this is really a power play. That second part is interesting, if not quite as convincing and clear as the explanation. It certainly plays to my feeling that Washington stands ready to bail out Wall Street, but not the auto industry (and by extension, Main Street). Interesting that the community banks are being screwed in the process too... My biggest gripe about all this bailout stuff has been that if these companies are too big to be allowed to fail, we need to break them up. The article makes this same point towards the end, a lot more eloquently... and leaves me pretty sad about the shape of the country going forward. I had no idea about Giethner's connections. I knew Obama wouldn't fix it all.... I'm still glad it's not getting even worse than it could have been.

Where art, thou, Oh second coming of Teddy Roosevelt?! We need some trust-bustin'! (GM included!).