Grantham On Moral Hazard Currently ...

Faith in government criminality? Could not resist to quote Jeremy Grantham:

... if you don’t think there is a special, one-off, super colossal dose of moral hazard out there today, you are sadly uninformed. The moral hazard in play today is of a massively larger order than any we have ever seen. (But given how strangely selective the moral hazard or bailouts have been, it is enough to make those susceptible to conspiracy theories think in terms of a financial mafia led by You-Know-Who. Too much seems to depend on which friends you have.)

Well, I do not know what I may add ... I did not expect such market veteran to speak of conspiracy theories!