If Geithner and Bernanke weren't who they are, we would have lost significant portions of our banking system.
We needed to lost significant portions of our banking system. In fact, those walking dead zombies are now a major drag on our economy and their bad debts from their bad decision making and management has now been put onto the back of 99% of Americans, through our government's bailout of them. It's no part of US debt. If the free markets had wiped them out, we would have already reset the economy for long term growth and prosperity. Instead, we are mired in disaster, heading towards another recession, and none of the problems of 2008 have been resolved. Instead, the problems are even bigger now.
Meanwhile its three years later, the vast majority of American banks are solvent and stabilized while Europe still struggles.
Your statement is simply NOT true. Most of the top 10 Wall Street banks are INSOLVENT. They have toxic assets on their books that are worth half the value they are reporting on their financial statements. If you were to mark to market the assets of Bank of America, for example, that bank would be insolvent. Zero Hedge posted an article where a CPA went through BoA's balance sheet and did just that. It resulted in BoA being valued at MINUS $80B, meaning they needed to be recapitalized or seized and dismantled. You are buying the lies. Suspension of mark to market has resulted in mark to fantasy. American banks are insolvent and the Fed has been recapitalizing them by stealing money from you and I and the other 99% of Americans. Open your eyes! |
