One Amazing Meme

Via Mark Thoma

It is truly amazing that right now everyone in the country is deferring to Paulson and the heads of Countrywide, JPMorgan, Bank of America and others as the best group to work out a solution to this problem. No one is talking about the fact that these people created the problem and profited to the tune of hundreds of billions of dollars from it.


One of the most resilient memes in the western (if not human) conscious is that of the ever profiting powers that be. Its one thing to argue that Countrywide, Citigroup and others created the subprime mess, its another to think that they are profiting from it.

Since, when is facing a 10 Billion dollar write down and widespread rumors of bankruptcy profiting to the tune of hundreds of billions of dollars.