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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (89357)2/9/2001 12:50:27 PM
From: Kapusta Kid  Read Replies (1) of 132070
 
Mike, I think Flek said it all last night:

Companies fail ===> Banks bail them out
Banks fail =====> Big banks bail them out
Big banks fail ===> Countries bail them out
Countries fail ===> The IMF bails them out
The IMF fails ===> The G-8 bails them out
One of the G-8 fails ===> The G-3 bails them out
One of the G3 Fails (say Japan) ==> The G-1 bails them out
The G-1 fails ===> The FED and treasure try to bail them out
The Fed and treasure fail ====> ??

The pattern has been clear for more than a while now. Bailouts do not work. Economic viability and liquidity driven performance are not substitutes. Rationality will return. The hard way.

BTW, he thinks Japan is worth watching (I've been watching for a few months). He believes despair and capitulation may be at hand there.
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