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First National Bankruptcy

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Everyone everywhere is tongue-tied, quite. They don't know what to say. They're getting positively elliptical.

On the national level, there is the realization that Geithner is Wall Street's poodle. He had to blog the national fishwrap of record yesterday, to validate his choice to buttress rather than tear down. The key line is this one: "Some banks will be able to begin returning capital to the government, provided they demonstrate that they can finance themselves without F.D.I.C. guarantees." In short, so as long as banks continue to fail any stress test, they get to keep the money he gives them, without payment.

Geithner is shaping up to be like a bankruptcy trustee who errs on the debtors' side, putting off the creditors---a practice that only extends the bankruptcy as long as possible.
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