Paul Ryan blast from the past. Ryan was selling TARP even before there was a TARP. And Rick Santelli was calling BS every step of the way. Eight minutes of history in real time.
Happy Countrywide Day
Just a quick reminder that today is the fifth anniversary of the Fed coming to the rescue of Countrywide. In retrospect, many now call the event the beginning of the financial meltdown, which led to the eventual breakdown of the rule of law which still live under to this day.
Some of us were skeptical from the start. Certainly by the start of 2008 — three quarters before the crash — it was obvious that Countrywide contained very dark and poisonous surprises for the financial sector.
It did not matter.
BAC is now reserve deficient by about $6.7 billion!
Ah, the old trade one thing, report another fraud. Too big to fail, too big to manage — add too big for reality.