Tuesday, October 27, 2009
"Clearly, the nation's attention is focused squarely on a question few presidents want to answer just nine months into their term: What has your administration accomplished? ... The president's critics complain that his only real accomplishment is the $787 billion stimulus bill--which they deride, somewhat contradictorily, as either budget-busting, ineffective of both. But is that all there is? I think not. ... The administration's chief accomplishment to date surely is devising and executing--with huge assists from the [Fed]-- a comprehensive program is pull us back from the abyss. The stimulus was just one component. ... When the Treasury secretary finally did release his plan, in stages, he wisely resisted the siren songs soming from both the left ('nationalize the banks') and the right ('let 'em fail), opting instead for the high-risk 'stress tests' of 19 big financial institutions. Today, all 19 are alive and breathing. ... And many big banks have repaid their money from the [TARP], earnings taxpayers a profit", Alan Blinder (AB) at the NYT, 18 October 2009, link: http://www.nytimes.com/2009/10/18/business/economy/18view.html.
AB is proud the 19 TBTF's are "alive and breathing". Why? I say kill them. Profit? AB must not read Yves Smith's Naked Capitalism, my 15 September 2009 post: http://skepticaltexascpa.blogspot.com/2009/09/uncle-sam-speculator.html. Nor her jabs at the "stress tests", my 21 May 2009 post: http://skepticaltexascpa.blogspot.com/2009/05/casablanca-and-stress-tests.html. What big accomplishment is getting Zimbabwe Ben to print money? He likes doing that. It's as big an accomplishment as getting a seven-year-old to eat an ice cream cone. Apparently AB would call me a "rightist". I say and have said, kill the banks. I last poked Princeton in the eye on 6 July 2009, link: http://skepticaltexascpa.blogspot.com/2009/07/princeton-circles-wagons.html.