LET BANKS FAIL!
We're not freaking socialists (well, we claim not to be anyway.)
Let the broken banks fail and let the good banks prosper.
Make it a requirement that all of the banks write off all of their bad debt immediately. Get it all off of the balance books and let every single freaking bank lose $75 Billion this quarter. Then we're done. All the bad stuff disappears. Then and only then give the surviving banks money to recapitalize. Bing. Done. All remaining banks are on stable footing and are lending again. Problem solved.
Too bad that no one in Washington has the balls to actually fix the problem. They think (like they always do) that throwing money down the tubes is the best answer. Well guess what jackholes? That's my money you're wasting and it's really pissing me off!
1 comment:
The only problem with this plan is if you do this and let all those banks fail.... then the few that survive won't be all that eager to lend as you suggest. Now, if bailout money were given with specific REQUIREMENTS on how to use said money, complete with regular oversight.... then I smell what you're cooking.
Of course, the other fear is that all banks then fail. And then where's the economy? Kind of stone age-ish. Or maybe one survives... and then you've got a monopoly situation and that wouldn't be good, either. It'd be like "It's A Wonderful Life," except that the one bank in town would be the one bank in America.
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