Following up on numerous posts around the blogosphere this week-end about the banking crisis, here's a couple of other interesting tidbits to fill some gaps. There are far too many dots for my meager mind to connect at this point, but the picture is starting to get a little bit clearer. We be screwed.
Josh Marshall discusses the fact that apparently the already outrageous bankruptcy bill of 2005 was even more outrageous than we knew and has contributed greatly to this current crisis.
And here's Dan Froomkin talking about what we still don't know about the billions that were already spent on the TARP I.
Masaccio at FDL on AIG.
Marshall again, on the utterly braindead Richard Shelby's idea that we should just "close" the banks rather than "nationalize" them. I guess he thinks the banks are like GM and should just go bankrupt. Maybe we should close the FDIC too. This is why financial lobbyists are able to run rings around the congress and set themselves up years ahead of time, as they did in the bankruptcy bill.
And if you missed dday's post yesterday about the media financial complex and the greedhead pigs at CNBC who made millions lying to the public for their own gain, do it. I honestly knew nothing about this and it's a shocker.
I just saw Erin Burnett on Bill Maher and I honestly think Britney Spears could do as well. She said that nobody on the left and nobody on the right wants nationalization. And then she said,"At the end, the taxpayers will probably get a check and it will be used to save social security."