Chris Whalen: "Barnanke and Geithner don't seem to have a clue what to do about the big banks"

[Better Believe It]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8262922

[joeybee12]

1. This is gonna die in the Economy forum, I think, and that's too bad..

Geithner et al seem to think eventually the banks will turn around...they won't...it's throwing money away is what they're currently doing.

1) Nationalize
2) Fix
3) Break-up...many are way too big
4) Sell...get the tax money back.

[dixiegrrrrl]

2. I disagree that they are clueless..

they know exactly what they are doing...trying to hide the ugly truth that the banks are insolvent, and they are bailing out their REAL owners, Goldman Sachs, from whence Geithner came before Treasury.
It is not just me saying this...Keiser, Denninger, Roubini, are saying it too.
They are so far getting away with it...that is the scary part.

[truedelphi]

4. Reading abt stuff in Howard ZInn's great History yesterday

I was not all that shocked to find this about the original person called "J P Morgan"

The first "tranch" of his fortune was made during the Civil War when he was able to get large quantities of rifles for $ 5 and sell them to the US Army for $ 12, all the while "forgetting" to mention that the first time the gun was used, it nblew off the finger and thumb of the user.

These guns maimed many of our soldiers fighting for the Union. And Morgan apparently laughed all the way to the bank.

[upi402]

3. R2J conversion of RGE is great

Road to Jerusalem; the sudden conversion of the Apostle Paul on the road from Jerusalem to Damascus.
Is this fact? I hope there are position changes all the way to the Whitehouse.