This Is Not a Column

Mr. Friedman, in his recent column This Is Not a Test. This Is Not a Test. Aims squarely for the side of a barn, and misses. He wishes President Obama (ah, I still like the sound of that) would get on with fixing the banking system, and stop fooling around with all these other side issues. I presume this means health care, Iraq, Iran, education, infrastructure, etc.

But fixing the banking system is obviously not so simple. Most US banks are insolvent (i.e. have more debts than assets). In other contexts, this is called 'bankrupt'. Except some of these banks may be really bankrupt. We're talking trillions of dollars in the hole. International banks are in similar situations. And many of these banks are 'international' institutions. How does one deal with this, without risking shoveling billions of dollars out of the US and to foreign enities? Mr. F was a bit light on suggestions.

Well, at least Mr. F is posting harmless drivel these days, after years of cheerleading everything from rampant globalism to the war in Iraq.