My take on this is a bit different. If we are the only folks in the world that can do stuff like this, fight the war on terror, etc. why does Obiwon want to turn us into Belgium that can’t do anything and is just like everyone else? What the heck ?
BTW - I understand why everyone’s upset, but if Barclay’s fails, and AIG, it ain’t long until Citi and eventually Main Street Community Bank. TARP sucked, but the alternative wasn’t worth finding out. I agree with Pres. Bush on this one.
Screw you socialist.
I think you're wrong.
Continuation of the international financial system means the end of the US, eventually.
The world banking cartel is insolvent. The sooner it dies, the better off we all will be.
No paper or debt-based money system has ever survived, it is probable that this one won't, either.
Our paper losses are going to be massive - but it's important to realize that they have already occurred. What is going on now is the transfer of the losses from banks and from the recipient class to the taxpayers and producers.
Money systems have ended before. If we liquidated the Fed and renounced our (obviously unpayable) debt tomorrow, we could be up and running with a constitutional money system in 6-12 months.
And this is going to be the outcome anyway. The sooner we take our losses, the better we will be in the long run.
I disagree on the principle of not rewarding failure, and the increase in associated moral hazard for the future.
Failures need to fail, quickly, massively if necessary, and get it behind us. Otherwise, you could wind up 2 years later and no better off yet.......