“They’re in fundamental denial about their insolvency . . . . The financial sector wants to get as much for itself as it can.”
Translation: The banks are lying to themselves and to us. And we’re screwed.
They are not “too big to fail.” They have already failed.
Proposal: Nationalize them, liquidate them, and dress their executives in orange jumpsuits and have them pick up litter along the highways.
If they miss Greenwich and the Hamptons, let them pick up litter in Greenwich and the Hamptons.
Video via TPM.