(Just One Minute)
Also, Richard Shelby is right and Tom Maguire is wrong. We need to take some of these banks out behind the FDIC barn and put them down like Old Yeller, or we're going to wind up surrounded by zombie banks and zombie companies. While we're at it, we might want to start leaning harder on these big interstate banks - I notice that most of the trouble seems to stem from the asshat behavior of those idiots at Citigroup and other banks that got stuck in the CMO/CDS meatgrinder when house prices started going through the floor. Last time this happened, during the S&L crisis of the 80s, we liquidated a shitload of banks and S&Ls and the economy wound up better off. I find it hard to believe it would be any worse if we did the same to Citigroup. People would buy the valuable parts and the rest would just be shoveled into the dumpster of dead companies. As for panicking the market, at the rate we're going now peoples' 401(k) accounts are going to be 101(k)s pretty soon. Geithner needs to quit screwing around and get the pistol out. Take the TARP money back from banks that don't need it (Wells Fargo, frex) and use it to set up the RTC again.
Oh, and while we're talking about the Administration, Camille Paglia calls out whichever moron in the White House that came up with the idea of going after Rush Limbaugh. Bonus: Brazilian carnival coverage! (AmSpecBlog)