Thursday, January 15, 2009

No One Could Have Known!!

My favorite comment?
'after it realized that credit losses at Merrill Lynch & Co, which it bought on January 1, were much higher than expected, a person familiar with the matter said.'

I mean, they're only bankers - who expected them to be good at accounting?
We should have done it from the start, but it's really inevitable at this point. Nationalize the banks. If Bank of America is on the verge of a meltdown, what other alternative is there?


Anonymous said...

Nationalize the banks?
Helluva lot cheaper!
Screw the golden parachutes, fire the overpaid idiots, stop the percs, parties, bonuses.
I'd vote for that!

Ryan said...

It's been done in the past to great effect. By the time the banks are back into good shape and new regulations are in place to protect fiscal sanity, the government then has the option of reselling the assets at a profit, as other countries that have had similar problems have done in the past. Bonus points because we'll be able to break up some of these companies that are "too big to fail."

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