Let me be right upfront about this. I don’t like Elizabeth Warren or this rump panel she chairs that Congress created to provide oversight for TARP. They’re prone to grandstanding and operating outside their purview and today’s missive was another example of that.

Today, they reported out a statement that the banks continue to hold troubled assets that have iffy valuations. Now there’s some incisive analysis! Of course they do and everyone knows it. What’s the point?

Well in a moment of inspiration, they conclude that this could lead some banks to find themselves in a difficult situation. They did aver that the largest banks might be out of the woods but smaller banks might find themselves in a pickle.

For this we pay millions of dollars? If they had been reading any number of blogs or just exercised some common sense, this conclusion would have been evident.

Have they a solution? Of course, more government programs. Bring back the PPIP or come up with a new strategy. By any means avoid putting the old mares out of their misery. And this woman is the front runner to be leading some consumer financial protection agency?

more: here