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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: chartseer who wrote (87499)	7/13/2010 10:21:31 PM
From: lorne	Respond to of 224748

AMERICA'S BAD DEBTS and banking losses are not going to go away, says Stansberry & Associates Investment Research founder Porter Stansberry. goldnews.bullionvault.com ..." Porter Stansberry: I approach things sort of from a moral standpoint, and I think it's immoral to bail out the banks. It's not right for people to be taxed either directly or indirectly through inflation to pay for the investment mistakes of an entity that they had no obligation to. I don't owe anything. The government shouldn't be taking something from me to make good the creditors of Citigroup. It's not my fault; it's their fault. So I am firmly in the camp of letting them fail. GE made a bunch of dumb investments. It's too bad for the equity holders and investors in GE and its creditors of GE, and those losses have to be taken. The longer they're postponed, the more expensive they become, the larger the cost to society, and more importantly the further into the future it pushes an economic recovery. These bad debts and these losses are not going to go away. They're either going to be papered over through inflation over a period of many years, which would be very painful and very expensive to society, or they've just got to be written down and written off and allow the economy to clear and people to move forward. TGR: Aren't you dismissing the collateral damage to the general population when a major bank fails? Porter Stansberry: It's a horrific, horrific thing. But extending it over the next 10 to 15 years and taking the savings of millions of people who had nothing to do with these decisions is no less horrific.".... Full article >>> goldnews.bullionvault.com