Have you noticed that every financial big shot interviewed on the msm is absolutely sure that there must be a bailout immediately or the very heavens will fall. I bet there is not even one of those ‘big shots’ who is not heavily invested in the very securities that have caused this recent financial debacle and who now desperately needs forced taxpayer money to save his bacon.
There are pleanty of stable companies out there, and stable banks. Those that did not operate with heavy debts are fine, the argument that everyone needs to borrow money is nonsense.
Those companies that operate heavily debt financed are going to have problems, and banks that heavily invested or loaned out questionable investments or loans will go under.
What is dying here is not america folks, but the crap idea that you can exist and prosper as a debt economy.
It will get ugly, make no doubt, and a lot of people who had nothing to do with this mess will get hurt, but in the end we will all be better off.
The reality is this Wall Street.. loaning money has moral imperatives just like borrowing money. ANyone who knowingly loans money to someone they know cannot afford the debt and cannot repay is no less immorral than the shyster who takes out a loan with no intent to repay. You loaned money irresponsibly, you deserve to go out of business. Taxpayers should not be loaning you money, or Buying out your bad debts, to bail out the same folks who made the mess in the first place.