Thursday, February 19, 2009
One man's view of the viability of the 12 largest American banks. Interesting, but I have no idea whether or not he is right.
The Corner points to my personal favorite, Rick Santelli, this morning. It's worth a listen. The problem with banks is the walking wounded, just like the foreclosed homeowners, aren't being allowed to liquidate. They can't move on, and our national nightmare just gets worse with every stupid dollar thrown their way. There must be a better way.
Great comments from the CEO of US Bank, on the TARP. He thinks it's ham-handed, ineffective, and generally sucks. Why does Obama want to do more of the same?
I was out tonight where I saw a crony who is a senior exec at Merrill and still there. What he said is consistent with the thesis that Merrill screwed up but that the writedowns have been so big in relation to the underlying problems that it shouldn't be the end of the world. In his view, the market melted down but the underlying mortgages are -- today -- delivering cash in excess of where they've been marked to. Unfortunatley, BoA / Merrill are in the government's roach motel.