Friday, January 16, 2009

Wake up Washington!!!

This is a short entry as I sit and stew in frustration. Bank of America just got $20 billion more in federal funds and guarantees of support on $118 billion of assets. These bailouts will go on and on and on and on until Washington understands a very basic fact about this financial crisis:

The major banks in the U.S. are insolvent.

One more time: insolvent.

That's spelled I-N-S-O-L-V-E-N-T.

Nationalize them. Or let them perish. Just stop, please stop, dumping money into these bottomless pits.