Do you think we're jumping into this trillion dollar bailout bill a little to fast for comfort? The incoming administration is long on rhetoric and short on specifics, IHMO. The banks are getting the money and power without accountability.
The consensus seems to be "Oh, it'll be all right. If we don't do it now, who knows what will happen?"
That's the same sentiment presented to the nation when the Glass-Steagall Act was trashed after 66 years by the Clinton administration (with the help of the Republicans) in 1999. "It will be good for the economy." History will point back to that act of Congress as the enabler of the Wall Street derivatives that cut the floor out from under responsible lending practices.
Watch what's happening as Bank of America trys to digest Merrill Lynch over the next six months. It won't be pretty. Bigger is not better. It just falls harder.
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