Yves Smith.brings us a devastating *roster of heavyweights uniformly riding Paul Revere’s horse, Like a horror flick sequel, Nightmare on Wall Street, Two (“This time they had no one to blame but themselves…”) is coming.

Already on record, Liz Warren, (whose rise to overseer I will lay down to Josh until proven wrong…)

“All successful efforts to address bank crises have involved the combination of moving aside failed management and getting control of the process of valuing bank balance sheets,”

It is, I suppose, possible to give Prez the benefit of the doubt anent his acquiescence in the wholesale looting of the fisc by the Goldman Gang (Butch Paulson and Tim “The Manhattan Kid” Geithner)—perhaps he had his reasons.

That said, only a doofus would fail to ensure that a double-dip of public rescue would not end up on top of the apple pie at the Financiers’ Annual Dinner and Swap Meet (Every year at the Bohemian Grove near my home…)

Since Prez is not a doofus, may we not ask when he will bring the hammer down?

It’s one thing to lock the foxes in the coop while you consider humane methods of termination (of their employment…). Hiring them to take inventory and simultaneously letting them roll up a moving van and start loading hens makes no sense.

*Including Nobel Laureates up the yinyang as well as Sheila Bair, the cutest Federal Bank regulator in history.

Update: Sheila Bair says:To prevent a replay of last year’s crisis, investors in financial institutions, especially bondholders, must believe that they will lose money if banks fail,.(emphasis added)

Ya think??!!

Who can resist the temptation to offer a preferred version of the coming Great Speech.? I have my own ideas as to the desired mix of policy prescriptions and down home anecdotes, but my fantasy turns on the appropriate use of the *forum that Prez has chosen.

When, if not now, will he have the chance to look the crazy in the eye.

Admit it: If he says “You got some splainin’ to do…” it will be a hall-of-fame oratory moment.

*Why speak to the nation from in front Congress unless you use the opportunity show the assholes. up close. (Hint—they have neglected their Bleaching Regime…)(nsfw?)

Postspeech:

Well, he didn’t quite shake his finger at the Repugnants when he went off on them, but I would have to say that he gets a Gold Medal for Using Opposition As a Prop.

(Three style points for good natured acceptance of screw-the-trial lawyers standing O from Repugnant side of the room,…).

THE WELFARE OF ALL YOUNG OF THE SPECIES IS THE RESPONSIBILITY OF ALL ADULTS OF THE SPECIES

I will not waste bandwidth explaining the evolutionary mandate contained hereabove.

That said, what kind of a people lets ONE MILLION of their own children (yes, you Repugnant assholes these are all our children) live without a stable home.

Just for comparison, so you know how people who love their children do things in hard times, among France’s population of 60 million in 2006, we are told that there were 16,000 homeless kids.

American exceptionalism! You do the math…