House of Cards with a Different Deck

"V" shaped recovery? More like an inverted "U" economic meltdown. I'm not an economist nor am I a fund manager so I have never looked at things like banking tech, capital flows, correlations between the prices that Wall Street and Hollywood hookers charge and the stock market, but there are more and more people on both left and right who are coming apart at the seams over the banking bailout, which to incompetent me, looks like a Wall Street protection racket combined with a banking system cover up by the usual suspects.

Now Nobel winners Krugman and Stiglitz are blasting what is going on in Washington, especially the revolving door between working "capitalists" and the criminals the halls of government. Stiglitz, in particular, is blasting away at them....

The people who designed the plans are “either in the pocket of the banks or they’re incompetent.”

Regarding Tarp: We don’t have enough money, they don’t want to go back to Congress, and they don’t want to do it in an open way and they don’t want to get control” of the banks, a set of constraints that will guarantee failure, Stiglitz said.

“The statement from Sheila Bair that there’s no risk is absurd,” Stiglitz said, because losses from the PPIP will be borne by the FDIC, which is funded by member banks.

Take a read over there because while the stock market continues to surge (never fight the tape) more and more knowledgeable people are warning us (stop listening to our criminal class). Stiglitz also warns that Obama is "recreating the housing bubble" in an effort to cause an inflation that might bail out mortgage bust outs. Read guys, the Obamafiles have just presented us another house of cards, only this time it's with a different deck.......