Ladies and gentlemen, the Republicans have some ideas how to move forward out of this economic mess:
John McCain and Richard C. Shelby, two high-profile Republican senators, said on Sunday that the government should allow a number of the biggest American banks to fail.
“Close them down, get them out of business,” Mr. Shelby, the senior Republican on the Banking Committee, told ABC’s “This Week With George Stephanopoulos.” “If they’re dead, they ought to be buried.”
While the Alabama senator did not say which banks to shutter, he suggested that Citigroup might be on that list, saying the bank has “always been a problem child.”
Looks like Monday will be a good day to short Citigroup (or maybe not, since commenters claim you can’t short under 5 bucks and Citi is worth approximately nothing anyway. I am still betting this was not helpful commentary for the broader market).
Seriously- the welfare queens on Wall Street keep asking what Obama can do to “regain the confidence of Wall Street” (and I really can not describe how angry those statements make me- Obama needs to have you regain confidence in him? You were the rocket scientists who caused this mess.) He could start by sending Sen. Shelby to Gitmo every Friday through Monday so he can’t appear on any more weekend shows. There may be drastic steps that need to be taken shortly, but the last damned thing the jittery market needs right now is Senators running around publicly suggesting we need banks to die.
By the way- which member of the CNBC brain trust will blame Obama for Citigroup’s cliff dive tomorrow?