The revised histories are being penned. The recently departed Obama economic team are lined up to explain to the peasantry what horrid shape the country would have been in without their genius to save the day.
The detachment from reality is fascinating, in a trainwreck kind of way:
As for the banks, Summers said their revival and payback of TARP money make it hard to argue that “the economy would somehow be in better shape today if the government had nationalized the banking system."
Larry, dear, we all understand that as far as the Village is concerned, the condition of the economy begins and ends with the size of the bonus pool on Wall Street. But those of us in the real world have other metrics. Things like jobs. Families able to keep their homes. And maybe some accountability from the people that got us into the mess?
The thing is, you guys did exactly nothing to ensure that the same global clusterfuck won't happen all over again. And again. And again. The banks are all still too big to fail. And they still get to police themselves. The rating agencies are still corporeal conflicts of interest yet they remain linchpins of the bond markets. Foreclosures have become an industry. And the same people are still running things.
Nationalizing the banks might've accomplished one thing: you could've fired the bastards that fucked everything up in the first place. That would have gone a long way towards convincing those of us out here on Main Street that there was an actual sheriff in town and the rules really had changed.
Apparently you can't be brought to understand how significant that might have been.