I posted this article late last night / early this morning. Then, Naked Capitalism goes and reports that my suspicions are confirmed a few hours later. Awesome!
One of the premises of the bailout bill is that the banking industry must have government help to get back on its feet.
A banking industry expert, Bert Ely, who has a stellar track record in predicting crises and calling false alarms says that the banking industry can handle this mess internally and does not need subsidies.
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Meaning the administration is being foolish or corrupt? Or some other explanation?
ReplyDeletePossibly both foolish and corrupt. My guess is foolish though. Personally, I think at this point it's more of the "well, we must do something" problem than anything else.
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