Wisconsin native.
"The true soldier fights not because he hates what is in front of him, but because he loves what is behind him."--GKC
"Liberalism is the modern and morbid habit of always sacrificing the normal to the abnormal" --G K Chesterton
"The only objective of Liberty is Life" --G K Chesterton
"A man can never have too much red wine, too many books, or too much ammunition." -- Rudyard Kipling
I don't know what's more appalling. The fact that these giants need $90 billion of additional capital to withstand a lengthy recession or the fact that our government allowed these monsters to get to a size where $90 billion of additional capital needed is probably a "low-end bet".
There's another possibility: the fact that The Anointed Masters Of the Universe MBAs couldn't factor in the possibility that housing-values would DECREASE, ever...
Well, the above post is assuming you believe the results of the stress tests...which I don't. No way could that task have been completed in the time frame allotted.
I'm guessing the taxpayer will be on the hook to Citi for a looooong time.
I don't know what's more appalling. The fact that these giants need $90 billion of additional capital to withstand a lengthy recession or the fact that our government allowed these monsters to get to a size where $90 billion of additional capital needed is probably a "low-end bet".
ReplyDeleteThere's another possibility: the fact that The Anointed Masters Of the Universe MBAs couldn't factor in the possibility that housing-values would DECREASE, ever...
ReplyDeleteWell, the above post is assuming you believe the results of the stress tests...which I don't. No way could that task have been completed in the time frame allotted.
ReplyDeleteI'm guessing the taxpayer will be on the hook to Citi for a looooong time.