Great Post by Barry Ritholtz

Must read post by Barry Ritholtz.

I especially like this paragraph:

In the US, the Smash & Grab was the world’s greatest reallocation of wealth — first from shareholders to corporate insiders, than then from taxpayers to insolvent Banks. Note that this wealth transfer was not from the poor to the rich, but rather, from the middle and upper middle classes to the Über-rich. The political implications are very, very different.

This is a travesty that needs to be reigned in.