It would be cheaper to Nationalize the entire banking system ... President Obama had better be very careful with this "Bad Bank" nonsense, because there are 68 Trillion Dollars of Credit Default Swaps and an estimated 1.144 Quadrillion in Derivatives and no one can say what the actual value of any of it is. So the American Taxpayer starts swallowing bad assets thinking they are only mortgage related CMOs ... then it is the CDOs ... then it is the CLOs ... then it is the CBOs and all of the sudden generations of Americans are on the hook for the debt, because I have no confidence at all that the Banks have fully disclosed the extent of their exposure.
Stupid ... Stupid ... Stupid ...
Call this mess what it is ... Massive Institutional Fraud ... Nationalize the Banks ... Identify the individuals responsible and prosecute them either in the US or the World Court. But do not pretend that the US can create a "Bad Bank" to eat the losses generated during over a decade of Institutional fraud. The approach will fail. 100%
About The Bailouts
Read the Article at HuffingtonPost
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