We wuz had

Wall Street's meltdown was the result of massive fraud, incredible corruption, and endless incompetence. As I explained in many other posts, these guys were pulling money out of their butts. Anyone who knows anything about Wall Street knows that the people running it are pretty much a bunch of asshole Ivy League jocks who fell into their lucrative stations in life without knowing dick but knowing Dick, their dad's tennis buddy and fellow Princeton alum. (See -- proper capitalization does matter.) If you haven't read Liar's Poker: Rising Through the Wreckage on Wall Street, you really should.

We should not be bailing these scumbags out. We should be setting their bail -- really high.

It's going to be OK, though. The economy will become more granular, more distributed, with lots and lots of local nodes. Instead of one big stinking hive of parasites esconsed in a ten-square-block area of Manhattan stealing from everybody, a truly free market in which people build electric cars in their garages and plant fields of windmills in vacant lots can now emerge. I will blog on this concept -- one that I have been developing for over a decade -- at length soon so you'd be well advised to bookmark or subscribe to the feed so you won't miss it.