The FDIC dropped another ninja press release tonight, this one is about their takeover of The Bank of Clark County. Looks like this one will cost the FDIC (and taxpayers) $97 million, according to CNN Business. They’ve already dropped one after-hours bomb about a failed bank tonight.
Gosh… why would the FDIC choose tonight to release such negative stuff? We’re heading into a 3-day weekend, followed by the most-watched inauguration hoopla ever. Limited press-coverage, closed markets. This is prime-time when it comes to releasing horrific data. Only obsessed losers such as myself are scanning news feeds at that time. (see State Street’s earlier disclosure).
Or maybe the secrecy and deception is for our own good? The less we know about the situation, the better. Commoners don’t have the mental capacity to digest the type of data being hid from us. It’s clear that only elite investment minds like Paulson, Bernanke, and Greenspan are “on the level” to grok this stuff.
To be honest, I envy them. Oh, to be a fly on the wall during those bailout meetings. So many rational, unbiased, intelligent, open-minded, and ultimately accountable people in one room. It probably would have been too much, like staring at the sun. Sheer brilliance.
Yeah, it’s our tax dollars they’re playing with. But won’t it benefit all of us (excluding taxpayers and shorts) to adhere to the financial world’s “don’t ask, don’t tell” policy?
Remember: Capitalism is all about free and efficient markets. To achieve that, we need government intervention that meets three key criteria:
- Be Inconsistent – Pick favorites, give sweetheart deals, and always remember to bail out friends, family, and political contributors first. This will ensure the demise of that troublesome “invisible hand”.
- Bail Big – Massiver = betterer. Print money, discourage savings, encourage reckless capital investment. Don’t forget to destroy the middle class and any savvy investors who think the market’s overvalued.
- Delay, delay, delay! – Passing the buck is the rule. It’s hard to over emphasize this one. Only ensure viability for as long as it matters to the average idiot voter. If we’re lucky, another bubble will form soon. Then we can have our way with the taxpayer again. Yay.
Meet the new guys, same as the old guys?
I do believe that Obama is an incalcuable improvment over Bush. But his financial appointments don’t look great in terms of change. I don’t see any outsiders at all being brought on, or many economists with good track records. Shouldn’t that be part of the criteria for hiring? Knowing what’s going on?