The dust hadn't settled on the big Wall Street bail-out when big shots admit that 700 billion is not enough. Banks have lost 1.5 trillion and need more capital to survive. What worries me is when politicians start asking; "What comes after a trillion?" Then we'll know the end is near. But one thing is clear, Wall Streeters and politicians will not go to jail.
Watching Neil Cavuto on FBC, I was struck with the guy he was interviewing. Remember Barry Minkow, the 18 year old carpet cleaner who swindled Wall street out of $100,000,000.00? He did the crime and served the time and is now selling advise on how to defend against fraud. Do you think Cavuto sees some similarity in this swindler and the Wall Street/Washington fiasco? The carpet cleaner was locked up.
Ironically, just before the fraud story broke, Minkow had been declared "Man of the year" in one of our more dubious cleaning industry publications. He was lauded on the Oprah Winfrey show and openly bragged about his little company taking in 50 million a year. Speaking of taking in, just showing the trappings of success apparently is enough to fool some people. Those of us who are really in the cleaning business knew better.