European Tribune - Comments - Obama's Emergency Banking Act of 2009

Obama's Emergency Banking Act of 2009 | 83 comments (83 topical, editorial, 0 hidden)

Re: thanks for writing this (4.00 / 5)

We're going to have to wait and see anyway. And the likelihood is that the banks will have to go bust or be nationalised at some point.

I hope we're not going to have an argument then, along the lines "that's what Geithner meant to happen"/"no it isn't!" ;)

by afew (afew(a in a circle)eurotrib_dot_com) on Wed Feb 11th, 2009 at 09:42:19 AM EST
[ Parent ]

my opinion of the plan improved (4.00 / 3)

When I saw how bitterly Republicans were attacking it. Often they seem to see more clearly than we do what are the important components of a plan.

When Larry Kudlow says that a bank plan is terrible, my instinct is to wonder what brilliant part of it I had not previously noticed.

by rootless2 on Wed Feb 11th, 2009 at 09:51:42 AM EST
[ Parent ]

Re: thanks for writing this (4.00 / 4)

I am on the record predicting most banks in the OECD will be nationalised by year's end. We'll see.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Migeru (migeru at eurotrib dot com) on Wed Feb 11th, 2009 at 09:53:05 AM EST
[ Parent ]

Re: thanks for writing this (4.00 / 2)

I think the banks might be "stabilised" and not go bust, but also be unable to lend any more because of the weight of the toxic waste in their balance sheets. We'd go from zombie "dead banks walking" to comatose "live banks not walking". Apart from not lending they would probably be generating very little profit.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Migeru (migeru at eurotrib dot com) on Wed Feb 11th, 2009 at 09:56:24 AM EST
[ Parent ]

Also called (4.00 / 4)

the Japanese solution - ironic, given how extensively the US pundit class has berated the Japanese for not "doing the right thing" and for showing what one was supposed not to do...

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Wed Feb 11th, 2009 at 10:06:04 AM EST
[ Parent ]

Re: Also called (4.00 / 3)

Ironic, also, that Bernanke made his name professionally writing about how to avoid "the Japanese solution" and spent a year dropping cash from helicopters trying to implement his theory, and here we are.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Migeru (migeru at eurotrib dot com) on Wed Feb 11th, 2009 at 10:21:04 AM EST
[ Parent ]

Roubini said it first (none / 0)

FT.com: Roubini: Anglo-Saxon model has failed (9 February 2009)

He also criticised the US and UK approach to bank bail-outs, comparing it with attempts by Japan in the 1990s to solve its banking crisis. "The current US and UK approach may end up looking like the zombie banks of Japan that were never properly restructured and ended up perpetuating the credit crunch and credit freeze," he said.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Migeru (migeru at eurotrib dot com) on Fri Feb 13th, 2009 at 06:48:39 AM EST
[ Parent ]

Obama's Emergency Banking Act of 2009 | 83 comments (83 topical, 0 editorial, 0 hidden)

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