Change is Coming!

I guess we probably all got sick of hearing the word "change" during the presidential elections. Humans are funny...if we aren't happy we want that changed right now. We don't even ask if the "change" is going to be for the better or for the worse...we naively assume that all the change will make things better than they currently are.

One thing that appears likely to change is that the U.S. government is going to have to take over the entire banking system. Why?? Because they are underwriting the risk on the whole system using FDIC insurance. And if they have all the risk, they should be allowed to drive the boat.

It's amazing that in the next year we may see names like U.S. Bank, Wells Fargo, and WAMU all owned by the Federal Government. And how efficient and well run are the other entities that the Federal Government runs? Can anyone say Social Security?

Read the full article here; http://blogs.reuters.com/great-debate/2009/02/13/nationalisation-by-autumn-bank-on-it/