I will be in Geneva next week making the case for the financial crisis as a crime against humanity, an international offense that the U.N. was set up to prevent and now even prosecutes, however sparingly, in the International Criminal Court.
Anyone can talk tough when markets are calm. But in the middle of a financial crisis it takes a special breed of hard-ass to insist on haircuts, since no one can be sure that squeezing creditors won't shut down the entire bond market.
Wall Street is our secular religion. As with more traditional beliefs, faith trumps reason. That explains our willful blindness to the obvious scam, the fantastic story told to us by billionaire bankers.