Date registered: Sep 2004
Vehicle: 95 E300
Location: Inside my head
Mentioned: 0 Post(s)
Quoted: 392 Post(s)
I agree on the Corps in principle BUT, if too many in the sector tumble it puts such a weight on the economy as a whole that the "bad" caused by bailing them out is outweighed by the "good" of keeping the economy propped up somewhat.
The $600B+ that has already gone into the Financial Sector bailout, PLUS their $30B+ writedowns [less taxes coming into the coffers] is a very hefty price to pay to keep a sector afloat this year but the $250TRILLION of Collateralized Derivatives and Hedge fund accounts that would titter if those institutions were to collapse would start a ripple that would be a much higher price.
I prefer the "good" and "bad" be determined by the market rather than bureaucrats.
To me, allowing bureaucrats to determine whom to save and whom shall fail puts more power in the hands of people than they have virtue upon which to make decisions.
The biggest problems we are facing right now have to do with George Bush trying to bring more and more power into the executive branch and not go through Congress at all and thatís what I intend to reverse.
~ Senator Barack H. Obama