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 / 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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