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By Owen Paine on Friday January 23, 2009 01:00 AM

"Recent news reports suggest that many influential people, including Federal Reserve officials, bank regulators, and, possibly, members of the incoming Obama administration, have become devotees of a new kind of voodoo: the belief that by performing elaborate financial rituals we can keep dead banks walking."
Recent reports of continuing CITI litter give our man in the Big Bagel, Paul Kibbler Krugman, fits -- because the new top team inside the beltway looks like they want to keep these big-time zombies going indefinitely.

The Babbits of Bumble Creek never tire of telling Uncle that he better not get into the "pickin' winners from losers" business -- and yet he keeps doing it, though he wants to believe, or wants us to believe, that he's not doin' it Hizz-seff.

Hence the zombies: Uncle will rebuild the credit conduits by working through allegedly animatronic Wall Street middlemen.

But... what if the animatronics are actually the pokes operating from inside the beltway and not the boardrooms of Wall Street?

Note this take by one James Surowiecki:

"I think that as the “nationalize now” meme has taken hold in the blogosphere, people are talking about nationalization “awfully casually" -- I think people are skeptical of it for two big reasons:

1) -- the general principle that private enterprise is typically better at efficiently allocating resources than government;

2) the idea of the state literally determining which companies and individuals do or don’t get credit is, even to a non-libertarian, at least a little troubling."

But! Brother Surowiecki -- just look at where we is at, by their guiding lights, right now.

Obviously, "efficiency allocating resources" -- right now -- must mean "stop allocating resources" -- eh? Yeah, go ahead, send us the 2 trillion in cash and 12 trillion in guarantees, but stop the music -- stop the system -- stop production -- time out -- you 15 million more jobblers, go sit in 15 million little corners somewhere, anywhere -- and wait till we get our balls back.

And damned if, despite the efficiency of idleness now, Uncle still wants his good hi-fi zombies to lend lend lend -- and he'll be damned if they won't.

Obigma's raiders won't N-word the big banks, even if the economy keeps sliding away into the drink like our calving icecaps. There'll be no red thread runnin' through here -- there will be no commanding-heights strategy 'round this White House.

The new powers that be will not choose winners from new beginnings. They won't rebuild the financial world out of shiny new creatures. These veteran magistrates, like some gaggle of tender old sluts, will keep on sticking with the losers -- as long as they're big enough.

Comments (4)


things are so tit twisted credit wise
maybe they will have to N word the big ones

do it now obamanauts !!!
while we still got
a few jobs left to save

i double dare u ...


You're second thought, OP, was wise. The banks are already doing it to themselves -- splitting themselves into solvent and insolvent units. That is just what the gov will be doing in the case of nationalization, with of course the bad banks' own personnel to supervise the splitting.

In fact,I wonder if the nationalizing idea came from the bankers themselves, as an easier, more publically acceptable, way of doing what they already want to.

Son of Uncle Sam:

Well I was talking to Krushchev at a New York System, down in Provindence, mainly he was boring me with an embarresing moment he had ordering Cymbalta as opposed to Saltimbocca we had to slowly sound it out several times and the booze wasn't helping, and a few laughs over Nixon's insecurities and how furious Nixon got when he had laughed at him for claiming the U.S. may be ahead of HIM in some area's. Anyway he eventually led on that if you have a government state that dosn't constantly round up people for execution just for talking too loud then someone's gonna come oust it with plans of recentralizing power and controll. Then he just kept hitting the table yelling Brezhnev's name until management asked him to leave.


"... he just kept hitting the table yelling Brezhnev's name until management asked him to leave"

jeez ain't that typical management shit
..always against us old warty bald types
on the side of the guys with bushy eyebrows
and a shock of inked and processed hair

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