No need to apologize. I know I anger you sometimes, but no postings will be allowed that can be construed as an accusation of anyone on this site of being racist. I understand you re-constructed your message, but this is really not an appropriate forum for that type of message. I would prefer we just leave it off. You can take it up with King if you want.
Look, that whole string is old news now. Can we move on? I mean post on it if you want, but we are beating a dead horse at this point.
In other news, I like when Ritholz gets a little rowdy:
Temporary nationalization was always a political non-starter, of course.
Imagine if the government and the Federal Reserve were run not by knaves and fools and Wall Street sycophants, but instead, were run honestly for the benefit of the taxpaying voter. Imagine the goal was saving the banking system (not the banks), and the financial rescue was for the benefit of the taxpayers, not the bondholders. Naive thoughts, I totally understand, but hear me out.
A person who truly understood what had happened and why would have considered the following actions. Note these are not ideas come about with the benefit of hindsight, but what a small band of insightful people were saying at the time.
An honest broker of the situation would have:
1. Fire the senior management of the banks (see this)
2. Banned all lobbying activity as a condition of any aid (see this)
3. Forced a Swedish style prepackaged bankruptcy (see this and this)
Instead, we bailed out the bondholders and management, choking off hope for a robust recovery. We are in fact slowly turning Japanese, awaiting the next recession (and the next and the next).