Yet another reason why bank nationalization is a good idea, Mr. Roubini continues, is that "we started with banks that were too big to fail, but what has happened, in the process, is that these banks have become even-bigger-to-fail. J.P. Morgan took over Bear Stearns and WaMu. BofA took over Countrywide and then Merrill. Wells Fargo took over Wachovia. It doesn't work! You can't take two zombie banks, put them together, and make a strong bank. It's like having two drunks trying to keep each other standing.
Today, as the market continues to sell off and we plumb 12-year lows, we wish we had a different explanation. But like the U.S., which built the mightiest, most prosperous economy the world has ever known, is about to turn its back on the free-enterprise system that made it all possible."
Many of our political leaders have stated that the passage of the second recovery plan is: β€œthe beginning of the turnaround for the American economy.” This spending package coupled with the first stimulus plan will keep our country from avoiding an economic meltdown or catastrophe. This second stimulus plan costing $790 billion will supposedly save or create 3.5 million jobs.
Despite of our political success and the increased number of mega black churches, millions of African Americans still live below the level of poverty, our teenage ladies are still having babies out of wedlock, our rap music still degrade our women, our homes are broken, our high school drop-out rate is enormous, our rate of imprisonment is staggering, our black on black crime is embarrassing, and our gang activity is increasing.
All around the country African American politicians are becoming rich after being elected to office from a majority black constituency.
VP Biden continues to bee the gift that keeps on giving.
If things continue on their current trajectory, Mr. President, we will soon be facing a great national catastrophe. And it's your job β€” a job no other president has had to do since World War II β€” to head off that catastrophe.