Ah Chris thanks for parachuting in from on high and sharing with us your proverbial wisdom. I truly feel for you buddy. It must be downright scary to be forced to write such gems as
I do not like being in agreement with so many amateurs who think we are going way lower.
I can only imagine the sturm und drung you must suffer to so successfully ascend from the lofty hights to wallow with us commoners.
As to daveljs comments, I don’t happen to agree with his line of thinking but he is technically correct in that no matter which path we choose its going to be expensive. The problem is we can pretty accurately know what it will cost to make depositors whole, but the stealth bailouts with no transparency have no practical upper limit. Leaving out the moral and fairness issues, we still as taxpayers don’t have any idea how big the CDS books of these banks are, or how many banks the Fed is going to bailout. We do know that regulations don’t seem to apply to the largest banks and that there is a blank check written on all Americans accounts to bail them out.
So since I haven’t seen anything from our political leadership that shows they actually understand the problems, and are willing to confront them (Like defang the CDS monster). I’ll just go on assuming that the money is being poured down the rat hole to bailout politically well connected institutions, without a real plan to de-zombiefy them.
