"Yes, that's what they (the Feds) should have done first in the clean up. THROW it all (the toxics) out and THEN when the dust settles, then MAYBE, JUST MAYBE, throw a few bucks at the most critical financial problems..
What's the point of spending billions and billions on bean counters trying to figure out what a horse turd is worth or looking for that elusive pony..
Make no sense at all to me.."
It is amazing to see comment like that after we just lived through one of the most dangerous financial period in our life time. A few weeks ago, we had a run on our financial systems and our credit market is frozen. Today, the run subsided and the credit market is still frozen.. by the time we wait for the situation to settle down, we won't have any banks left.. Remember how the thing progressed. First a run on BSC, then LEH, then AIG, then money market fund. The next target is MS and then GS, then the region banks like RF, WB, NCC, then BAC, and eventually WFC and USB of the world.. With all the banks leverage 10 to 14 to 1, no stand can stand a run if more than 10 to 15% of depositor demand their money back.. And by the way where will the depositor put money to since no where is safe? And once the credit freeze start to hurt business and we start to have massive layoff because no one has money to pay employee, what kind of economy are we settle down to? Given that CR posted here often, I would assume everyone at least read his blog and understand how severe the situation it was. |
