New William Black Piece in Barron's Is Not Bullish

Update: For a contrary, quasi-bullish view (and not reassuring for those who shorted the Dow), see Simon Johnson: TNRtv: Signs of an Economic Recovery?

If Robert Shiller's piece in Bloomberg were not sufficiently amusing, check out William Black's interview with Jack Willoughby in Barron's.

I wonder if Rep Paul Ryan reads a copy of the interview at the great GOP Tea Party today.

An excerpt:

Black: Mopping up the savings-and-loan crisis cost $150 billion; this current crisis will probably cost a multiple of that. The scale of fraud is immense. This whole bank scandal makes Teapot Dome [of the 1920s] look like some kid's doll set. Unless the current administration changes course pretty drastically, the scandal will destroy Barack Obama's presidency. The Bush administration was even worse. But they are out of town. This will destroy Obama's administration, both economically and in terms of integrity.