Prosecute Guppies; Let the Sharks Roam Free

March 26, 2011 7:27am by Barry Ritholtz

Joe Nocera’s last column in today’s NYT (he moves to the OpEd pages) tells a simply ghastly tale of misplaced governmental priorities: In Prison for Taking a Liar Loan.

It tells the horror show story of how the IRS came across one of the 15 million liar loans written during the credit bubble.

An excerpt simply will not do it any justice — go read it in its entirety.

There are few things in the world more dangerous to Liberty than an overzealous prosecutor on a morality binge. I am surprised my Libertarian friends aren’t more outraged by what the banking sector has done to property rights and to governmental criminal priorities.

If only the tea party hadn’t become a subdivision of corporate America — they might have accomplished some worthwhile goals.

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