NJ5 on 05 July 2009
| kowenicki said: @NJ% To let banks fail would have been idiotic and irresponsible.... we would have Anarchy by now if we had let large retail banks fail. Japan has a different problem.... it has a national debt that requires good GDP growth just to stand still. |
Why would we have anarchy if some big banks failed? Lehman Brothers went into bankruptcy and we're still here.
It's becoming more and more clear that the "too big to fail" idea is just a way to steal money from taxpayers to bad banks with no clear long term benefit. In the end the debt is just being shifted around instead of solved.
We clearly need a banking system... we don't need every existing bank though.
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