Quote:
Originally Posted by Tyrone Slothrop
I don't understand why Irish taxpayers should be willing to pay so much to bail out bondholders who made bad decisions, and it seems to me that the inevitable populist backlash is going to be very difficult for the EC to manage, since it doesn't have a ton of legitimacy. Someone tell me why Irish taxpayers should feel so much pain and investors should feel so little?
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Silly Ty... Because bondholders are special people who've made special investments that can never, ever be wiped out.
I understand the difference between bondholders in nations and bondholders in businesses, but I'm really hard pressed to see why bondholders in anything are accorded this special, elevated status we've given them. Fuck them. Investment's investment. It's all a risk, and when you invest in a shit bubble as obvious as Ireland or GM via bond, equity, whatever, tough shit when it fails. Caveat emptor. Cool your pain with a good scotch and shut the fuck up about how aggrieved you think you are. You took a risk, a dumb one. You got burnt. Think next time before you risk you money on an obvious house of cards.
