One more down lots more to go. I cheered when MF Global went bust as this is very good news for Europe as they now have less money to pay back to investors. This should be the strategy for paying sovereign deficits down. I know this is a personal tragedy for all the people that loose their jobs. But, it is as a direct result of these very people that I have not worked for two years and so excuse me if I do not have much sympathy for them.
See latest news about MF Global from yesterday:
http://www.bbc.co.uk/news/business-15829529
People working in finance need to understand the mantra they keep forcing down their customers throats "the value of your investments may go up as well as down". Well, they are currently going down, so get over it.
On the other side though, idiot European Governments continue to Nationalise debt. I am talking about the recent bail out of Dexia by the Belgium Governement. This is just going to prolong the recession/recovery process and until big investors are made to loose, the problem will continue for decades as it has in Japan.
No business is too big to fail. If it is broken then fix it but if it is broken beyond repair, scrap it. Anybody ever heard of the expression to "throw good money after bad"? Well, propping up failing financial businesses is doing just that.
