This is why the USA should have let the banks fail in 2008. This is why it is an expensive mistake to allow the very people who created to problem to provide the solution to it. And if you think this looks bad, imagine how the Cypriot employment rate is going to look next month. The chief problem with bailouts isn’t the moral hazard involved, although that is not insignificant, it is that they prevent the necessary reset of the economic system. From Zerohedge:
