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LET ... INSOLVENT ... BANKS ... FAIL

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The Congressional panel overseeing the bailout is blasting the government's approach, saying that the government has to close insolvent banks. Some quotes from the panel's new report:

All successful efforts to address bank crises have involved the combination of moving aside failed management and getting control of the process of valuing bank balance sheets...

[Bank liquidation would be] least likely to sap the patience of taxpayers [and] provides clarity relatively quickly [to the markets]....

Allowing institutions to fail in a structured manner supervised by appropriate regulators offers a clearer exit strategy than allowing those institutions to drift into government control piecemeal.

The following experts agree that the insolvent banks should be liquidated to save the broader economy:

  • The central banks' central bank, BIS
  • Many other leading economists

The choice could not be more clear: Break up the insolvent banks in an orderly manner, or the economy will not recover for many, many years.

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George Washington


As a political activist for decades, I have rejoiced in victories for the people and mourned in defeats. I chose the pen name "George Washington" because - as Washington's biographies show - he wasn't a (more...)
 

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