Friday, February 20, 2009


The big banks are insolvent.
Worrying about whether we use the term 'receivership' or 'nationalization' is crap.

First we take over the banks - and we fire the executives that were responsible.
Then we take over the insurance companies that are also insolvent.
Then we take over the brokerages and hedgefunds - that are more insolvent than the other two put together.

Talking about what we want to put back into the public sector is a discussion to have AFTER we clean up the mess. Burn that bridge when we get to it.

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