Extraordinary action by the Fed might have been desirable and necessary, but I'm not sure why "moral hazard" is not a concern when it comes to the rich assholes who have the power to destroy the world, but a 10 grand principal reduction on your Uncle Jim's Riverside tract home might destroy the foundation of the market economy.
If it was best to save the institutions, the people who ran them should have been escorted out of the building. If it was necessary to give massive amounts of free money to rich assholes, massive amounts of free money should have been given to the rest of us too. Not just out of fairness, but because it might have saved the economy. Not that the people in charge give a shit about that.
