This is Sheila Bair and she is not shy about her ambitions. As the outspoken head of the FDIC, she has become the most powerful banking regulator in Washington, and she wants to be your bad bank ceo. Bloomberg and others are reporting that she is likely to emerge from the regulatory dungheap as the victor in the shit sweepstakes.
Burdening taxpayers and their children with $5 trillion of bad assets is both stupid and immoral. And perhaps illegal. But Obama and Geithner's determination means its inevitable. One request: be the buyer of last resort and do not bid above market for a single securitized slug.
Inside we'll do a round-up on Bair including some background pieces. Also we'll take a look at more reaction to the stimulus. Our intial knee jerk was right, it's a taxpayer boondoggle that does little but add to our children's debt. See the best analysis here.
An experiment this morning, I have 3 squirrels after the jump all on bailout news. These are link aggregators that combine multiple URLs into just one link. Here. Click it and it will do something very nifty. It's called sqworl. It will open a screen with snapshots of all 10 stories plus short descriptions. You can share the squirrel link package anywhere you want all over the net. It's an amazing tool.
Here's the second squirrel link with the Bair stories plus a few things from David 'we are rome' Walker of the Peterson Foundation. They are must reads for those who care about the cause.
Completed the final squirrel. Among the three, are the 40 best bailout news related shtuff from the hundreds I read every day. Some blog stuff that is great from clusterstock and naked capitalism. More coming later from Mish and others.
Feel free to paste them or pass them wherever you wish. Squirrels travel well. It's a great technology and thanks to TechCrunch CEO Michael Arrington for the tip.