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That's a good article, but I don't think the writer really understands the severity of the impact on our economy if these banks fail. It will have a ripple effect somewhat like the run on the banks in the 30's. This is not just a matter of keeping some banks open. It's a matter of salvaging the confidence in our banking system as a whole.

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ORIGINAL: cloudboy

quote:

That's a good article, but I don't think the writer really understands the severity of the impact on our economy if these banks fail. It will have a ripple effect somewhat like the run on the banks in the 30's. This is not just a matter of keeping some banks open. It's a matter of salvaging the confidence in our banking system as a whole.

Well, this economic decision is over my head, but the author's point is that if the US road out the consequences there would painful short term consequences but no long term anchor attached to our economy's ankles.

Next, he does not trust the men implementing the plan or think that they should have the authority that they are seeking.

He also suggests that the 1930s comparisons are hyperbole.

The last thing, these Wall Street wonks have given a lot of money to our representatives, and it makes you wonder how objective the REPs are being.

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ORIGINAL: rexrgisformidoni

This is all an end result of the sweeping aside the regulations put in place during the great depression. And the lobbyists for the big banks and investment firms wined and dined and basically paid for these oligarchs who sit in Washington who claim to represent us. In some ways this is all of our faults for not cleaning the house as it were every now and then, but the majority of the blame is with those who sit in the committees who voted and schemed this mess. Go ahead and argue, but thats the way I see things and the way history has unfolded in the past 20 years.