Friday, January 22, 2010

OK Obama, One Chance to Pull A "Jackson"!

Obama spoke these words recently: "If these folks want a fight, it's a fight I'm ready to have," Obama told reporters at the White House on Thursday, flanked by his top economic advisers and legislators."

Now we'll see what his follow through is. If he breaks up the banks he's bound to make an awful lot of folks mad. Maybe they'll get over it quickly enough sunbathing on their yachts watching the US Military clear off all that beachfront property for them that they will soon be developing. That should cheer them up!

Anyway. Look at Geithner in the back. Does he look scared to you? He doesn't to me. He looks mad as hell. You know what he must be thinking, "Ohhhhhhh no. What am I going to tell my masters? They wanted an inside guy in the White House and they'll blame this on me for not "advising" "him" properly....(sneer). Throw in a hiss for good measure?

Seriously though, when any of ANY of these guys speak I just can't believe them. What will busting these banks up do anyway? I have an idea....that Shadow Banking system we used to have before the market blew up...yeah that one. They're going to reinvent it. Overnight. JPM and GS et al, are all right now spinning companies off to handle all their trading for them. They'll remain "banks" doing "bank" things like taking in boring deposits and giving out small loans...YAWN! But the beast they'll spawn off on us? Well, what else can they do to prop the markets up? The Fed needs a faucet to pour money out of and the banks have a cup that ne'er over-floweth.

One big problem they'll have though is it might be a good political stunt for Americans but the rest of the world might see it differently. Already the markets are off all over the world. Now world leaders get to see politicians duke it out with the banks in the media circus so the Democrats can toughen up their look after the health care debacle in an election year. Maybe they'll even accidentally accomplish something.

I just hope they take off the gloves. Hey, do we get free bread at the match?

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