Remember too big to fail? The 2008 government bank bailout? That worked out really well. And today? 6 banks still run everything. Determine the global markets. Shape the American economy. Citibank, Bank of America, Goldman Sachs, JP Morgan Chase, Morgan Stanley and Wells Fargo. Their CEOs say that they have ample liquidity available for lending this time around in a strange set of calls from Treasury Secretary Mnuchin. And we should believe them?
Mnuchin is forming a group including these six banks, the Fed and the SEC, the same assemblage as in the financial crisis of 2008. Calling it a “Plunge Protection Team”. Danger. Danger.
And. Oh yeah. Merry Christmas!
If we are all still here after Saturday, we can rejoice in the emergence of Mike Bloomberg’s Global Business Forum. The New York billionaire who should be President. Don’t blame me. I voted for him! Rational. Professional. Ethical. Brilliant. And. He really does have a macro economic vision. Unlike. Well. That other New York billionaire (ish).
Then. Find Conan O’Brien’s trip to Israel. On this Jewish New Year. An hilarious and heartbreaking synopsis of what a world at peace could be. Good people on both sides of the Wall. And beyond. Must see.
Follow the money. Mueller will subpoena Trump’s tax returns. They may well reveal shady dealings. Loans from Russian banks? Deutsche Bank can’t be the only source of funding. Donnie Jr. already admitted as much. And. Kushner comes from a sleazy clan with a history of crossing legal and ethical lines. So. Here we go.
Pence has lawyered up. He must have been witness to compromising discussions of at least obstruction. He’ll have to tell the truth. Or resign. Next in line. President Paul Ryan.
Glass-Steagall resurrection won’t heal the banking system. Segregating commercial and investment entities never worked. Senior executives were always able to peer over the so-called Chinese wall. Amalgamations have caused unwieldy national behemoths.
Incompetence at the top. Incestuous Boards. Obscene compensation assured. Cue Stumpf. Wells Fargo’s dufey CEO. Typical of the genre. Isolated from business units. De-centralized disparate cultures left to their own devices. By the time the OCC gets involved at least 5 years of fraudulent practices to rein in. Fire a bunch of low-level guys as a PR stunt.
Too big to manage. Too big to fail.
Trump has broken everything. A one man show. That’s bad. If you are a fundraiser, political consultant, communications director. No more jobs for you. Fat cats, too. No more influence peddling. K Street dark. Vacant offices galore. Middlemen dead. SuperPacs whacked.
Sanders refused established cash as well. So. Something good has come of this chaos season.