That’s the trial balloon being floated by the amateurs running the Barry Hussein Show. No ideas, so they guage public reaction by dint of the hint (or a peak at the leak, if you prefer) before actually committing to anything.
Sounds fabuloulsy similar to Hanky Panky Paulson and Benron Bukkake’s “Super SIV” scheme. (The only thing super about it was its burgeoning resemblance to a superova). Ho yuss, and what a great idea that was, coming from a great (legend in his own) mind, a great and all-powerful “financial genius”- someone deserving of a place up there on the Mt. Rushmore of Financial Fraud.
Especially when we already got ’em. Bad banks that is. We got loads of ’em, insolvent to a tranche. Just take a gander down Main Street and look for signs. Shitigroup. BofA. Wells. Fifth Third. USB. WaMoooo- and don’t forget your local credit union loaded to the gills with rapidly devaluing GSE debt.
Why create a single new “bad bank” entity? Choosing one of these turkeys saves time, and plus taxpayers get the super extra double benefit of seeing a few captains of high-finance going down with their chosen vessel. This might even save the taxpayer a few sheckels in the bargain (not that anyone will notice; the gummint to my knowledge has never returned a single red cent in change to anyone once it’s instered it’s bony paw and lifted FRN’s from your wallet while you are were working).
“Banking bailouts were sold to us as a “necessary evil” because we were told only our existing network of banks could irrigate the economy with cash and so rescue industry. Now we know they can’t do that because their legacy absorbs all the resources, it would appear more sensible to let the old banks fail and start a new generation of banks. After all, the best credit risk is the institution that has no debt. So you could say the error wasn’t to let Lehman collapse, but not to have allowed all the banks to collapse in order to have a fresh start. And right now the job market has plenty of bankers available to set up and run new institutions. With just a quarter of the $800 billion or so already splashed about you could start a whole new Wall St. It’s not a matter of saying “no more banking system” but “no more fatally compromised old banking system burdened with structural insolvency.” (Ban)king is dead. long live (ban)king.”
I suspect people wanted some fresh blood inserted into the polictical spectrum so they decided to elect Barry Hussein and Comb-over Biden by a slight majority. That they’re little more than warmed-over Clinton (and you know how downright mighty tasty that’s gonna be after eight years in the deep freeze) is starting to catch the attention of a few of us with the power of the vote.
Shouldn’t the marketing analysts managing White House policy recognize by now that perhaps some new blood in banking might also be expected? Hell, you could even us my favorite three-dollar word if it’ll help you sell it: synergy.
In our informal poll, nine out of ten voters for Barry Hussein actually see a New Bank solution as the more decisive and responsible path toward healing some pretty deep self-inflicted wounds. And perhaps a dignified, decent, and effective way out of this moribund morass.
As opposed to keeping the same crooks in charge of the world’s biggest and longest-serving Ponz (“the full faith of the United States Government”).
Of course the status quo might have a thing or two to say about that…