So, $165B so far is still not enough for those imbeciles! The New York Times is reporting that Bank of America will need $100 billion in equity within the next 100 days. That is in addition to the $45 billion in cash and $120 billion financial backstops that the government already committed to shore up Bank of America’s capital base.
What a complete waste of money and attention. None of these people, whether in the government or the financial system, has any idea what is happening or how to fix it. So what they do is what has always been done — throw money (ours), and lots of it, at the problem. But nothing is sticking.
Posted via email from glenn’s posterous