I incorrectly reproduced this paragraph:
> Black: Mopping up the savings-and-loan crisis cost $150 billion; this
> current crisis will probably cost a multiple of that. 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.
It should read:
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.