Friday, January 16, 2009


The losses are so large at Citi and Bank of America that it appears nationalization is the only option. From today's story in The New York Times: 

 “We are down a path that this country has not seen since Andrew Jackson shut down the Second National Bank of the United States,” said Gerard Cassidy, a banking analyst at RBC Capital Markets. “We are going to go back to a time when the government controlled the banking system.”