From: "David B. Shemano"
Yes. Bankruptcy and the threat of bankruptcy would have quickly resulted in a painful but necessary reallocation of resources from insolvent institutions run by idiots to more stable and better run institutions. Instead, the government is presently reallocating resources to the insolvent institutions, thereby delaying necessary consolidation at best and creating zombie banks at worst. I say this is as a proud CitiGold member. David Shemano ^^^ CB: What would have been the specifics of the "pain" you mention ? Would not the whole system have collapsed - a systemic threat - ? And what about the historical pattern ? The monopoly corporations always get bailed, and aren't allowed to fail, such as LTCM, Savings and Loan beneficiaries of bailout, Chrysler in '79, GM now. Finance press had the current known bailout at $ 8 trillion behind the headlines, I believe. Doesn't that mean that our system is a monopoly system, not free market ? From: "Charles Brown" Would bankruptcy have been the best for the banks ? >> Question for Dave S.: Should those big Wall Street >> banks have been allowed to go bankrupt ? >> >> Charles >> >> This message has been scanned for malware by SurfControl plc. www.surfcontrol.com _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
