Friday, May 02, 2008

Different rules for different tools

Atrios reports a scam in which Bank of America has bought Countrywide and rigged it in such a manner that it can keep the good assets and form a fake company to declare bankruptcy on the bad.

That is the kind of textbook example of why most companies don't want to do business in third world countries. There simply is no meaningful rule of law.

You know that I am sometimes mildly critical of Atrios, like when he tells other writers to shut up or like the other day when he told me and everybody else that we had to move to Manhattan, but I really give him credit for his relentless reporting on the housing mess.

As far as I know, he doesn't get anywhere near the credit he deserves for persistently reporting that story, which in a sane, first world country would be leading the news just about every minute of just about every day. And truthfully, as far as I really know, he has never gotten any credit whatsoever. I've never actually seen anybody give him any. If I'm the first and only, that's sad. It's very good work.

Someone asked me what the photo is and why I used it to illustrate this little essay. So FYI, it is a a prominent New York bank that is in danger of imminent collapse. I thought it might kinda symbolize the entire mess.