If only one CDO went bust, then the banks wouldn't have extorted TARP money to cover the leftovers from their fraud and crime spree.
The best place to leave those assets was right where they were, on the banks' books, but the sellout politicians chose to buy the rotting remains of their con game.
The banks are the easiest piece of the economic equation to replace if they fail, so their claim to be this giant domino is false, in my opinion. All they do is repackage debt they invent out of thin air with a computer that adds zeros. They produce nothing. They are a net drain on the economy.
Banks aren't a critical link in the economic chain, they're the rust on the chain.
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Friday, January 15, 2010
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