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Nationalize them?? Yeah, sure, that would be great, then the government can let them steal our money and assure them that they would bail them out any time they wanted, without batting an eye.
If the government 'owns' it's own money, then the only 'stealing' would be from counterfeiters.
No, I just want the bankers to live in the cardboard boxes and eat mud, and save us from having to do so.
It doesn't work that way.
I personally don't care if the banks fail or not, since I can deal with it, but 94% of Americans couldn't handle it. They can't even handle 9% unemployment.
I guess there aren't any bank depositors here, because they wouldn't be seeing their money anymore unless they were smart enough to physically extract their paper money before the collapse.
LOL at people thinking FDIC would actually make good on its guarantees under such a scenario.
Last edited by summers73; 11-11-2011 at 03:47 PM..
“Where everyone else bailed out the bankers and made the public pay the price, Iceland let the banks go bust and actually expanded its social safety net,”.
“Where everyone else was fixated on trying to placate international investors, Iceland imposed temporary controls on the movement of capital to give itself room to maneuver,” he said.
During a visit to Reykjavik last week, Krugman also said Iceland has the krona to thank for its recovery, warning against the notion that adopting the euro can protect against economic imbalances.
Iceland’s former prime minister Geir Haarde, in power during the 2008 meltdown and currently facing trial over his handling of the crisis, has insisted his government did the right thing early on by letting the banks fail and making creditors carry the losses.
“We saved the country from going bankrupt,” Haarde, 68, told AFP in an interview in July.
I agree we should not have bailed out the banks. But don't kid yourself, it would have been very painful. The collateral damage would have been huge. Icelandic banks are hardly global players. US bank failures would have had worldwide repercussions.
I agree we should not have bailed out the banks. But don't kid yourself, it would have been very painful. The collateral damage would have been huge. Icelandic banks are hardly global players. US bank failures would have had worldwide repercussions.
We are seeing those reprecussions now only they are worse because TARP allowed "too big to fail" to become even larger banks. Kicking the can down the road only makes the unavoidable crash even worse than it would have been without government interference.
Quote:
Originally Posted by summers73
I guess there aren't any bank depositors here, because they wouldn't be seeing their money anymore unless they were smart enough to physically extract their paper money before the collapse.
LOL at people thinking FDIC would actually make good on its guarantees under such a scenario.
Extracting worthless paper fiat currency is of no benefit unless it is converted to something of tangible value prior to the collapse of the currency. If you doubt me just look back into history to those Southerners who held only confederate dollars. The US dollar will become just that useful. Toilet paper will be worth significantly more.
I'm glad that the government steps in because my bank accounts are very important to me. My retirement accounts are also very important to me. In 2008 the value of those accounts dropped 40% in one quarter. If all of those investment banks were allowed to fail AT THE SAME TIME my accounts would have been worthless. All of those years of saving and investing, wasted.
If it were only one investment bank in trouble, let it fail, but not all at the same time. That is my perspective from purely a self-interested point of view.
I'm glad that the government steps in because my bank accounts are very important to me. My retirement accounts are also very important to me. In 2008 the value of those accounts dropped 40% in one quarter. If all of those investment banks were allowed to fail AT THE SAME TIME my accounts would have been worthless. All of those years of saving and investing, wasted.
If it were only one investment bank in trouble, let it fail, but not all at the same time. That is my perspective from purely a self-interested point of view.
Do you realize that the derivatives Merrill Lynch has transfered to Bank of America to be guaranteed by depositors and the FDIC is more than 3x our current national debt? This is but one example.
When the currency fails, if your accounts are invested in dollar based assetts only, they will still be worthless.
Do you realize that the derivatives Merrill Lynch has transfered to Bank of America to be guaranteed by depositors and the FDIC is more than 3x our current national debt? This is but one example.
When the currency fails, if your accounts are invested in dollar based assetts only, they will still be worthless.
Get it?
You're always posting something about 'money' and express a worrisome concern. Why is that?
Do you realize that the derivatives Merrill Lynch has transfered to Bank of America to be guaranteed by depositors and the FDIC is more than 3x our current national debt? This is but one example.
When the currency fails, if your accounts are invested in dollar based assetts only, they will still be worthless.
Get it?
You are assuming that the currency will fail. I am not that pessimistic.
Question is how can we let the banks (BIG banks) fail without their failures crushing everyone under them?
Answer: Not possible.
I'd say we treat the banks like we did GM and Chrysler.
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Why is that?
