> Printing money and giving it to the rich steals from the poor. Exactly. The participants in our tumor-like financial sector collect a risk premium, without a

> Printing money and giving it to the rich steals from the poor. Exactly. The participants in our tumor-like financial sector collect a risk premium, without actual risk. They have responded accordingly. It's Moral Hazard 101. > consistently stepping in as the silent guarantor of last resort Right again. GP's claims about buying are nonsense, and they're clearly projecting about lack of education. Not counting the exceptional last year, the big issue has not been buying but paying off loans (either their own or bailout beneficiaries') with made-up money. Giving made-up money to regular people is comparatively a lot better, either in itself or as a way to avoid worse kinds of collapses, but still not something to make a habit of.