Yesterday's lesson was long, messy and simple: BANKS LIE.
Yesterday's best line (William Black via Yves Smith) went to the heart of the matter:
Very few folks earning $60K are willing to get in the face of the CEO and CFO making $25 million annually and tell them that they are running a fraudulent bank and they are liars.
Which means the big shots have everybody by the jewels.
Since banks don't tell the truth about their assets, and since little shots don't tell big shots what to do, Treasury has little choice.
Today the lead story on the evening news was preparing everybody for nationalization of the banks.
When the guy making sixty grand is telling, not asking, the results are different.
And more credible.
Today's best lines are from Robert Reich.
The truth is that no one has any idea how long this crisis will last or exactly how to reverse it. Anyone who says differently cannot be trusted. And because restoring trust is so central to mending the economy, our leaders must be extremely careful not to indulge right now in the audacity of hope.
Credibility is the only asset that makes any difference. This is not the time for anyone to be blowing smoke. Not anyone.
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