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Strategies & Market Trends : Value Investing

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To: Dale Baker who wrote (33896)	3/25/2009 3:57:52 AM
From: Madharry	Read Replies (1) of 78751

this from an editorial in Barron's Dale- which pretty much makes my point: The AIG problem is a result of two administrations' cowardly belief that bankruptcy for AIG would sound the death knell for the world financial system, and their timorous refusal to admit that a generation of government subsidies for credit, especially housing credit, created the problem. Secrecy is the real problem here: In good times, regulators and investors never demanded adequate disclosure of financial wizardry as long as the fees and profits flowed. In bad times, they tried to kid the public to avoid loss of confidence in government and the banking system. Bankruptcy would have been far preferable to the current mess, which justifiably erodes confidence. If officials come out of the darkness and speak in the light, and if they proclaim the state of banks on the housetops, there will be plenty of confidence. In order to solve problems, we must properly identify them. For those who claim that their secret knowledge will keep confidence intact, there should be no bonus payments and no bailouts.

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