Excellent rant....this point "bears" repeating, over and over again:
America faced one of these tests the other day, and America, as a nation, failed.
Those of you who tried to talk to your friends and neighbors were called nutcases, conspiracy freaks, fruits and all sorts of other nasty names. I've seen it, you've seen it. Yet now we have in Jamie Dimon's own words that JP Morgan, the firm "most" intertwined with Bear Stearns, had no systemic risk from a Bear Bankruptcy and would be, in his words, "just fine."
In other words, we are to believe that JPM could absorb ALL of BSC's obligations without catastrophic consequences, yet the financial system of the entire globe could not (via bankruptcy)!!?
Denninger's right, it's robbery plain and simple.
Any clown in Clowngress who does not oppose this forcefully deserves to be booted out of office in November. |
