Step right up to the bar here in Bailout Nation, 2009 version. Open 24 hours, we never close. No bailout too big, no investment/money pit too dumb. Yes folks, we can handle your bad assets, recapitalize your bank, no muss, no fuss. Yes, here in America, we cannot be bothered with things like plans and strategies and maximizing returns for taxpayers.That’s right, we avoid the planning, and pass the savings onto to you, the home viewer!
Really, how the hell did we ever win WWII?
So the horrific deal Citibank cut with Treasury was a blueprint, an example for the next foolish investment — and here it is: Bank America, a supposed good bank, that couldn’t wait to get their hands on Merrill Lynch, now a bad bank.
Is there any doubt that the black hole of bank debt can't be filled by taxpayer bailouts. Peacenik thinks its time to liqudate failed banks and nationalize whats left. And start charging a few people for any crimes that have been committed. The Dow and TSX continue their downward march towards new lows as Peacenik predicted on Monday. Who would hold stocks in this environment? Would you? Would Peacenik? A new bottom will form. But it will be closer to zero than the indexes are right now. Time to double check if your bank deposits are insured.
