Words of Advice:

"We have it totally under control. It's one person coming from China. It's going to be just fine." -- Donald Trump, 1/22/2020

“We will not see diseases like the coronavirus come here..and isn't it refreshing when contrasting it with the awful presidency of President Obama."
-- Trump Press Secretary Kayleigh McEnany, 2/25/20

"I don't take responsibility for anything." --Donald Trump, 3/13/20

"If Something Seems To Be Too Good To Be True, It's Best To Shoot It, Just In Case." -- Fiona Glenanne

"Flying the Airplane is More Important than Radioing Your Plight to a Person on the Ground Who is Incapable of Understanding or Doing Anything About It." -- Unknown

"There seems to be almost no problem that Congress cannot, by diligent efforts and careful legislative drafting, make ten times worse." -- Me

"What the hell is an `Aluminum Falcon'?" -- Emperor Palpatine

"Eck!" -- George the Cat

Tuesday, March 10, 2009

Underwater Like a Sunken U-Boat

America's five largest banks, which already have received $145 billion in taxpayer bailout dollars, still face potentially catastrophic losses from exotic investments if economic conditions substantially worsen, their latest financial reports show.

Citibank, Bank of America, HSBC Bank USA, Wells Fargo Bank and J.P. Morgan Chase reported that their "current" net loss risks from derivatives — insurance-like bets tied to a loan or other underlying asset — surged to $587 billion as of Dec. 31.
I ought to stop reading shit like this, for there is really not a damned thing I can do about it. It's just depressing as all hell.

Which gets me back to this point: If these banks are "too big to fail," are they also too big to be allowed to exist?

3 comments:

Marc said...

That is a question I've been wondering. May as well just take 'em over - they're going to drag out the reports of how much shit they own that is worth, well shit, and continue to dribble out the 'news' that what is written in the books as to its 'value' is pure fiction. Cauterize or put a tourniquet at the source of massive bleeding, then we can start working on rehabbing the patient.

Anonymous said...
This comment has been removed by a blog administrator.
Nature Concern said...

Thanks for promoting Earth Hour! Another way you can recruit people to the cause is by creating a Earth Hour group on Commit21.com. Simply create a group about one action that you will commit to do for Earth Hour and recruit your friends, family, and co-workers to get involved in that action as well. When it comes to climate change, simple actions can make huge differences and Commit21 leverages social media to influence networks of friends, family, and co-workers. Check it out at www.commit21.com