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The Obama Administration is as obviously and fully hostage to the interests of the financial services industry as the Bush crowd was. We have no new thinking, no willingness to take measures that are completely defensible (in fact not doing them takes some creative positioning) like wiping out shareholders at obviously dud banks (Citi is top of the list), forcing bondholder haircuts and/or equity swaps, replacing management, writing off and/or restructuring bad loans, and deciding whether and how to reorganize and restructure the company. Instead, the banks are now getting the AIG treatment: every demand is being met, no tough questions asked, no probing of the accounts (or more important, the accounting).We should of been rioting a long time ago!!
And when you see the Blacks react, since the people who do this aren’t there, they react against their property. The property is the only thing that’s there. And they destroy it. And you get the impression over here that because they are destroying the property where they live, that they are destroying their own property. No. They can’t get to the man, so they get at what he owns.
Read the entire speech here.