Tom Friedman’s out with his Sunday New York Times column titled “Time for (Self) Shock Therapy“.
He dreams about Obama calling the top 300 bank presidents to a meeting at the White House to clarify a few things, quickly. Obama says that he’s “not going to continue rewarding the losers and dimwits amongst you with handouts.” You’re history, toast, washed up, soon to be forgotten. What’s your hurry – here’s your hat – and, get the hell out of the way.
For too long the government has been taking the banks at their own words, which is one reason we keep getting surprised with demands for more bailout cash. The Treasury needs to be doing its own brutal, burn-down analysis of every major bank’s balance sheet — and then acting accordingly.
Amen. Amen. And hallelujah!