For Once, All Hail MSM

A first rate examination of the banking "crises" and the problems facing the ideologues in the Obama camp is rising from the ashes like the well known Phoenix. The situation is deep folks and it looks like Obama will avoid it til (the next unlucky president, the roof caves in, or the Republicans win). The more I learn about this situation the more scared I become. Bottom line: Credit Default Swaps that nobody can find or value plus the few that are found lead to even more leverage are carried on the books as other things. Nobody knows who owns what, who borrowed how much from God Knows Who, what currency swaps were involved, and in which country the deals took place. The much despised MSM Washington Post does a hell of a job.....Socialism, bank nationalization, or even Hitler won't fix this one. WTF ever happened to God?

Obama's advisers would like nothing more than to dismantle an irresponsible firm such as Citigroup. They are afraid to do so, for one reason: All the big banks are connected to a potentially lethal web of paper insurance instruments called credit default swaps. These paper derivatives have become our financial system's new master.