The next time someone tells you that “the banks need help,” just refer them to Barry Ritholtz:
Talk about burying the lead: The Times also noted — in the very last paragraphs — how the big incompetent banks and their very pricey bailouts are screwing these small healthy banks:
“Isn’t that the American way?” [Donald E. Goetz, the president of DeMotte State Bank] says, folding his arms. “Whoever is left standing, whoever was prudent, is always the one who has to pick up the pieces.”
The Geithner Put: making American banking worse, little by little and piece by piece.
Which means, Brad, that the total cost of the bailout will be higher than it would be if we just pulled some plugs now.