Adam Smith's been tied up in Congress's back room since FDR.
If things get ugly and uneconomic on those CDO's, it'll cost the tax payer a lot more. Remember, all those deposits at those banks are guaranteed by thee and me.
I'm a big free marketeer, but when they can steal your money to make up for their own mistakes, I feel that using a bit of government power to maintain stability and minimize the damage that we're on the hook for is reasonable.
M
US Congress is considering
Started by
Islander
, Nov 04 2007 12:00 PM
11 replies to this topic
#11
Posted 05 November 2007 - 07:22 AM
Mark S Young
Wall Street Sentiment
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#12
Posted 05 November 2007 - 11:38 AM
Remember, all those deposits at those banks are guaranteed by thee and me.
M
I do not believe we will be honoring those guarantees in anyway that depositors
will find remotely fair. Deposit insurance was not designed for systemic failure.