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Dark musings, 2009-03-24 | The Big Picture

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Dark musings, 2009-03-24 | The Big Picture
Topic: Business 2:48 pm EDT, Mar 24, 2009

Of course the whole notion of repairing bank balance sheet is a lie and misdirection. The balance sheets we should want to see repaired are household balance sheets. Banks have failed us profoundly. We want them reorganized, not repaired. A world in which the banks are all fixed but households are still broken is worse than what we have right now. Too-big-to-fail banks restored to health are too-big-to-fail banks restored to power. The idea that fixing legacy banks is prerequisite to fixing the broad economy is a lie perpetrated by legacy bankers.

Dark musings, 2009-03-24 | The Big Picture



 
 
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