It is amusing to see a portion of the wild-eyed liberal media admit that maybe letting the bad banks fail would have been a better idea... or at a minimum... certainly a more American way to go.
When Faber adds up Bank of America's numbers, keep in mind that none of Countrywide's subprime mortgage numbers were included... which is a ridiculous, boldface lie of omission given the fact that horrifically and bafflingly disastrous subprime exposure is the reason Countrywide had to be absorbed by somebody in the first place. Keep in mind also that a share of Citi stock can be yours (for a limited time only) at $3.81.
The bottom line, therefore, is that the number one and two banks by deposit in the United states are as good as insolvent despite the literally untold billions of dollars shoved up their asses by the U.S. Congress, Ben Bernanke, Hank Paulson, George Bush, and proud (yet chaffed) American taxpayer lemmings.
God bless America!
Check out this CNBC clip of a highly exasperated David Faber...
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