By hundreds you mean thousands. Bank of America alone has over 1000 branches. These aren't just mom and pop banks.
And you realize that all of those banks owed each other money right? If all of them go into bankruptcy, who is going to pay who when none of them actually have any assets? Bankruptcy works fine for one company. But when an entire sector of the economy goes into bankruptcy, particularly the banking industry, that is what we call an economic catastrophe.
And as I said before, the government is on the hook for that money anyways based on FDIC insurance and all kinds of other investor insurance programs.
I don't think you will find any rational person on the planet who would tell you that otherwise equal economic recessions will remain the same when there is a systematic bank failure in one and only a few banks failing in the other.
We had two bags of grass, seventy-five pellets of mescaline, five sheets of high-powered blotter acid, a salt shaker half full of cocaine, a whole galaxy of multi-colored uppers, downers, screamers, laughers…Also a quart of tequila, a quart of rum, a case of beer, a pint of raw ether and two dozen amyls. The only thing that really worried me was the ether. There is nothing in the world more helpless and irresponsible and depraved than a man in the depths of an ether binge. –Raoul Duke
It is hard to shed anything but crocodile tears over White House speechwriter Patrick Buchanan's tragic analysis of the Nixon debacle. "It's like Sisyphus," he said. "We rolled the rock all the way up the mountain...and it rolled right back down on us...." Neither Sisyphus nor the commander of the Light Brigade nor Pat Buchanan had the time or any real inclination to question what they were doing...a martyr, to the bitter end, to a "flawed" cause and a narrow, atavistic concept of conservative politics that has done more damage to itself and the country in less than six years than its liberal enemies could have done in two or three decades. -Hunter S. Thompson
