The U.S. Mega Bad Bank
Despite a full year of being in detox, the U.S. banking system is still lurching around in a hospital gown.
What is working, and what is not, and how will the incoming Administration deal with one of the worst economic crises to hit the world’s largest superpower since the Great Depression?
The markets need to clear, and clear out now, the bad assets acting like an anvil on bank balance sheets across the country, in order to stop this financial crisis–if we continue to prolong it with ad hoc government bailouts, we will soon look like our Pacific neighbor, Japan.
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