We are closing in on a year since Bernanke and Paulson came on TV declaring that there was an emergency and that the only way to solve it was to cut them a 700 billion dollar blank check to buy up toxic assets. Of course they didn't use a dime of that money to buy toxic assets, they thought it would be more prudent to just give the money to Goldman Sachs and large banks both American and International. It came down to that the banks were just too big to fail and that to do otherwise would result in a complete disaster. The disaster wasn't prevented, just delayed and we got fleeced for 700 billion. Them's the facts.
So in the year following this "crisis" we reduced the size of the banks and re instituted Glass/Siegel (you know the act that makes a clear distinction between banks and investment houses, sort of like Bank of America and Merrill Lynch) like we should have. Well at least it's all transparent, I'm sure they're just waiting for....ummmm....not sure what they're waiting for.
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