The Black Swan graced CNBC with His presence this morning. In sum:
- We’re all in denial
- We’re replacing private debt with public debt.
- We’re not dealing with the cancer in our banking system.
- We’re not making the structural changes we need to make.
- We’re not being aggressive enough about restructuring debt (debt for equity swaps).
- Bernanke is a wimpy Greenspan sycophant
- Obama’s rewarding the fools who got us here (Summers, Bernanke, Geithner)
- The banksters are taking over again
He’s pretty much right, by the way.
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