I can understand why you can't necessarily know in advance which banks precisely will need to be bailed out. But if banking is such a vitally important strategic sector, then why is the safety net not put in place before the chips hit the table?
I mean, anybody with eyes and ears who hasn't been hiding under a rock on the dark side of the moon and maintained total radio silence should know that the banking sector can fail and can fail catastrophically. If for no other reason, then because the US has had at least one previous round of crisis over the past 12 months.
So why are laws being cobbled together in the last moment to cover an event that has been in the cards for the last twelve months at least?
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
It's the magic of fiat money - it's all a confidence trick so you have to maintain the confidence. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
headdesk
Can we please bring out the guillotines now?
IF I understand your meaning ...
Hey, JakeS. I'm the resident ET violent loonie. Work your own side of the street. :) In the end, might makes right. Nothing has changed since the caveman.
