Fantastic CNBC commentary on the Wall Street bailout by Peter Boockvar, equity strategist for Miller Tabak.
His main points: This is a bailout of several failed bailouts. The top banks would have $400B of lending capacity with no taxpayer funds (more than half the federal bailout) if they would simply stop paying dividends to shareholders. We should let the economic cycle run its course. Government intervention slows down the necessary process of deleveraging that needs to take place.
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