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Average Joes and Janes are not the holders of the other side of complicated, over-the-counter derivatives contracts. Rather, hedge funds are the main holders. The bailout will involve a transfer of wealth — from the American people to financial institutions engaging in reckless speculation — that will be the greatest in history.

This is one of the few articles that treats “toxic” waste for what it is, not loans, but structured products and derivatives, most of which is not risky any more on account of it being worthless. The bailout is a handout. You want liquidity – capitalize new banks.