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??!!