It would appear that our fine "politicians" have no intention of removing (or even tempering) any part of The Bezzle in our financial system.
As a consequence, the market will do it for us.
The bad news is that we've chained our ship to Europe, and they're in bigger trouble in this regard than we are:
"European banks face a US dollar “funding gap” of almost $2 trillion as a result of aggressive expansion around the world and may have difficulties rolling over debts, according to a report by the Bank for International Settlements. "
Bernanke, without the consent of Congress, has essentially guaranteed this rollover capacity through his provision of what amount to unlimited "swap lines" with the Europeans and others.
Peacenik risks more negative votes in Punditman's poll with this post. But Peacenik thinks a grasp of reality is more important than complimentary poll numbers. Denninger senses that yesterday's tiny rally in the DOW will lead to a big drop today....is leading to a big drop today. The Obama team continues to refuse to say who is getting the bailout funds. The market wants the truth. Obama thinks the market can't handle the truth. That's right folks. If you have any money in the markets, it is pure gambling. Peacenik has 5 lines on a Super 7 for Friday. Peacenik has more confidence that that ticket will provide for Peacenik's retirement than a bunch of bank stock would. That's right. Peacenik will not trade Peacenik's Super 7 ticket for a million dollars in Citi and Bank of America stock. Has Peacenik gone nuts?
