OK, More Wheels Within Wheels

We now have Barney Frank calling for laws giving resolution authority for systemically important firms, which means FDIC style receivership powers to, "take over and unwind the businesses of big non-bank companies", which could apply to bank holding companies like Citi and BoA, as well as their banks, and Peter Boone and Simon Johnson (the former chief IMF economist who is calling for kicking the corrupt banking elites out) are suggesting that are suggesting that this is exactly what Geithner's plan is.

Honestly, I do not think that the White House is sandbagging the Congress and the public over this.

As I have said before, past is prelude, and for Geithner and Summers to sign off on such a thing would run completely counter to their entire professional lives.

I hope that I am wrong, but I fear that I am not.