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    we are being eaten alive by our minds..., 2009-02-11 09:25:14 | Main | The predilection of some (most..., 2009-02-12 14:17:27

    the swedes had it so easy:

    At the pace the FDIC is shutting down banks every week, I figure it shouldn't be too long before we're down to a number of banks Obama would find manageable to nationalize, smash apart, and reconstruct into solvent corporate citizens with new boards and management that could possibly have some remote interest in building a future for this economy that doesn't just amount to pumping money into a never ending cascade of asset bubbles.

    OBAMA: So you'd think looking at it, Sweden looks like a good model. Here's the problem; Sweden had like five banks. [LAUGHS] We've got thousands of banks. You know, the scale of the U.S. economy and the capital markets are so vast and the problems in terms of managing and overseeing anything of that scale, I think, would -- our assessment was that it wouldn't make sense.

    Well, by way of invalidation Sweden had seven banks that controlled about 90% of their market, the structure of our bailout has basically amounted to handing 90% of the assistance to the seven largest banks. Most of those other thousands of banks are small enough to fail. I think we can surmise that it's only the like five banks that can successfully lobby for federal intervention to rescue them from the market that are the problem.


:: posted by buermann @ 2009-02-11 11:34:35 CST | link





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