[ulike.net]2008. fastforward to 2011. Too big to fail becomes too big to bail.
We all know that politicians are bought a paid for, by bankers.
Also, they think that they cannot limit their banks, lest the others take advantage,
knowing full well that banks and bankers are a zero-sum gain, or worse.
If they win, they offshore their profits.
If they lose, they repatriate their losses and make us pay for them.
so, just like in 1929, 1930, 1931, (you get the idea), we go from bad to worse.
politicians hiding their tails up their backsides, trying not to look guilty.
[just chillin', ready for some 2011 killin']
checkitout:
Ilene on zerohedge
...Yves Smith of Naked Capitalism also expressed disbelief at the response of the markets to the continuing drama being played out: “Watching reenactments of scenes from the global financial crisis is a very peculiar experience indeed. The opening by the Fed of currency swap lines to allow the ECB and other central banks to extend dollar funding to Eurobanks was seen as an extreme measure the first time around, a sign of how close to the abyss the financial system had come. This time, allegedly because the powers that be acted before things got quite so dire, bank stocks rallied impressively.
Similarly, the media treated this move as just another episode in the ongoing Perils of Pauline drama running on the other side of the Atlantic... Now narrowly, the jaundiced media response and the market bounce both make sense. The Eurodrama has gone so many chapters that it’s easy to get rescue fatigue.” (The Fed Bails Out Eurobanks Yet Again)
David Fry observed “I couldn’t say how many ‘fixes’ we’ve had over the past two years, but there have been plenty. Each has proven ephemeral, but each new effort has become more assertive. This current plan now comes with wide global support. We have to remember these governments have skin in the game for their own economies. BRIC countries have plenty of ‘stuff’ to export to a healthy euro zone so they’ll be supportive. Bernanke is also determined to be a player rumored to be adding $100 billion in aid to Europeans. Also in support were the ECB, the SNB, the BOJ and the BOE. I guess you could say; ‘it takes a village,’ eh?
