Sandwich of the Day

First, the undercarriage:

Well there was the Basel II standards, which when combined with mark-to-market accounting and the fact that everyone was using the same, regulator-approved models, basically ensured that in a financial crisis, all banks' assets would collapse together (because no-one would be in a position to buy them), preventing a market recovery and guaranteeing widespread contagion.

Next, the beef. It's over there.

Then, the top dressing:

If this crisis is a demonstration of the failure of anything, it certainly is not "deregulation". Indeed I argue that this crisis is a failure of big-state, deficit financed economics. It is a failure of tightly-regulated quasi-state oligopolies who operate as an undiversified government guaranteed cartel. It is a failure of economies which are nearly half state-run. If the people were not taxed so much, savings ratios would be higher. People would have reserves to fall back on, and would not have need of 125% negative-amortisation mortgages.

And finally, some horse-radish:

For mark my words, the Labour party and the Democrats in the USA and the EU leviathan are not interested in you, dear voter. They see this as an opportunity to increase the scale, power and reach of the state into your lives. The system failed; their prescription: more of the system.

Well done, Jackart.