Corrente

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Too bigger to fail

Housing Wire:

Just six publicly-traded financial institutions have gobbled up $190 billion of the Treasury’s TARP spending power in just three months since the program’s inception.

Big Money, indeed. Why, you might almost think the country was run by an oligarchy, a tiny number of financial institutions, whose mandibles systematically suck the economy dry while they drag their swollen thoraxes over the prostrate bodies of the unprotesting populace. Or words to that effect.

But I'm sure they've changed.

NOTE TARP was sold on the basis of "verbal representations" that it would get the banks lending again. It hasn't, and probably can't, says Yves. Remind me again why we -- and by "we" I mean Leader Nance, Harry Reid, Obama, and Bush and Paulson -- passed the TARP bill NOW NOW NOW NOW? Yves is reminded of the AUMF. And so should everyone be.

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