Subprime mortgage debt hits hard US regional banks

18Brumaire suggests that its readers go on www.nyt.com today. Look at the first page in the financial section for the dirt on how the smaller regional banks are drowning in subprime mortgage debt. If anyone especially the fools in Washington who keep reassuring us that there is light at the end of the tunnel on this matter, well, it ain't so. Truth be told, there may not be any light at all. The warped minds in Herr Bush's administration keep blithely going along as though there is no tomorrow, but there is, and it's today, and the long unpaid bills have come due. Look at the anal hair stylist and US secretary of the Treasury Hank Paulson who lordly and with a squeaky mouse like voice says that we need to cleanse the banks of bad practices, and then proceeds to put forth a plan which would keep strong public oversight on their sharp practices out of reach; now he is a strong advocates as ex CEO Goldman Sachs of bailing big banks out by large government handouts. But here's the rub, if the big bracket banks get all the attention, who's going to take care of the flailling and failing regional banks? And so we're not only skating on the thin ice of a bad recession, but the signposts are there for anyone to read that the ice will crack and nous voila in a worldwide depression. And Herr Bush smiles like the dolt he is, too in love with his own navel to give a tinker's damn.