Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (102386)	9/30/2011 11:40:02 AM
From: manalagi	Read Replies (1) \| Respond to of 149317

And I think you underestimate what would have happened if the government hadn't stepped in. Most of the major banks would have failed, and most of the smaller banks. Goods would have stopped moving all over the world.... including food. Most of your retirement funds likely would have disappeared. Excellent post! You are quite correct. Why these things are not brought up by the media is beyond me, or the media is juat reported and not giving further analysis or that they don't know the role of banking in international transactions. They probably have never seen L/C or acceptance or B/L etc etc. Yes, when banks especially large banks which handle those financial instruments fail, then those obligations are in doubt and no exporter or importer will trust them. But tea partiers are unaware of the above. They just say: let the banks fail. As much as I want to see them go under, the consequences of failings are much worse.