Where do we go from here?

We can all be forgiven for wondering "what the h---?"  

Weren't we just in the worst economy since God made People?!

Folks are paralyzed wondering where the Obama Administration is going.  Conservatives like Steve Forbes are taking advantage and criticizing the health care "restructuring".  (Frankly - I have to admit I don't see much change except a new tax - but what do I know?). 

The major banks such as Citi and BoA are still limping into oblivion while Goldman does a Three Stooges two finger to the eyes of the Feds and goes on it's own.  (Where is Curly's hand block when you need it?!)  What is interesting is that the noise is increasing for the removal of Bernanke and Geithner.  

Now as a graduate of JHU School of Advanced International Studies, the liberal school that had Mr. Wolfenson as Dean and now Mr. Hank Paulson as visiting professor...you might guess that I have a view.

What?!  

Well here's the view from Post Road,  Mr Bernanke and Mr Geithner, get the lead out!   

Your policies so far have - lemme see - bankrupted 2 key counterparty institutions - Lehman and Bear Stearns - you basically buried Citi and BoA and laid the bulk of the issues at Shiela Bair's door as head of FDIC.  

This is not an isolated economy as in 1930's - we NEED the international community - yet you are not including them in the decision making process.

You need to asap get Germany and the rest of the EU on track as well as China and India.  Mortgage values need to be devalued - tough for a lot of folks but it is what it is - MARK IT TO MARKET!  Secondly, set up a Resolution Trust Company and get the real estate moving.  Lastly, just mandate a trade unwind of trades with unwarranted counterparties.

Wonder what Mr Friedman and Mr Keynes would make of this situation.