Obama is flogging a dead horse with this bailout

It’s depressing that the Obama administration has decided not to face up to the fact that large parts of the US banking system are insolvent. So what can raise a smile on a day like today?

Rick Santelli, CNBC’s cartoonishly animated bond reporter, can always do it.

Here’s an exchange with Steve Liesman, the business channel’s economics reporter, who seemed to suggest that the only problem with the toxic mortgage assets on banks’ books is that there is no market for them.

Liesman: How can you judge the odds on a horse if the betting windows are closed?

Santelli: The horse is out of the gate and decomposing four pastures away.

Nice image. And if I may be permitted to, er, flog the dead horse metaphor a bit more… What we need is a little less equine necromancy from the administration.

It’s time to send the insolvent banks to the glue factory.

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