Friday, February 27, 2009

Full Faith and Credit

The recurring theme of the banking crisis is that the system cannot work until confidence returns. Perhaps the most fundamental confidence would be that those which failed are permitted to fail. It is the necessary corollary of allowing those who succeed to succeed. One cannot exist without the other, very zen

Citicorp and Bank of America have too many tendrils to let go in a disorderly fashion, so put it order and put them into receivership. This boiling the frog method is eroding confidence globally.

John Barnyak