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Can this be done without creating new, uncontaminated banks to supply credit that has been destroyed by incompetence?  What we are witnessing is what J.S.Mill described: "Panics do not destroy capital. Panics only reveal the extent to which capital has previously been destroyed by being betrayed into hopelessly unproductive uses." (tip to London Banker for the quote.)

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Oct 2nd, 2008 at 01:56:56 PM EST
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