[wjp3]

>(He didn't make this argument as well as he could have, but Chamath himself points out that when Goldman or AIG played stupid games, everyone else was conscripted into being the "bag holders.")

This - this is the point that seems to keep getting lost. The Big Guys get bail-outs constantly - hell Melvin got a float of $3B over this mess.

[maest]

Conflating sell-siders (e.g. Goldman) with buy-siders (Melvin) betrays a lack of understanding of the financial markets.