Warren makes a case for an easing crisis. And repents for being caught too late at the ball.
See the CNN Money video here
Raise your hand if you think he's making sense.
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2 comments:
Nope. Too many "toxic" (i.e., worthless) assets in the banks, too much corruption at the top (i.e., Larry Summers and Tim Geithner are wholly owned subsidies of Goldman Sachs), and too many variable-rate mortgages still out there whose rates haven't gone up. We haven't figured any way to deal with any of these issues.
Well, I'll be the first to say that I'm not a big fan of Geithner. But my interpretation of the stress test results (inasmuch as they have been leaked so far) is that we are no longer in a spinning free fall.
http://www.washingtonpost.com/wp-dyn/content/article/2009/05/06/AR2009050602182.html
http://www.nytimes.com/2009/05/07/business/07bank.html?_r=1&ref=todayspaper
We are no where near out of the clear yet. Granted, some of these banks may need more equity assistance, but many are projected to be able to find it privately my moving shares around and selling off subsidiaries. Some of the big daddies are able to stand on their own two feet now and begin the paying off the government.
I'm a fan of the stress tests. I think they will bolster consumer confidence in the long run. There is a long way to go, but compared to where we were six months ago?
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