Tuesday, March 10, 2009

Let the banks fail? (Video)

There is a lot of sentiment out there for this, but the reality is that if let Citibank fail, the run on all the banks in this country would be catastrophic. Do I like these banks? Hell to the naw. I think their management and superior attitude is what got them here, but do we want the run on all banks in this country? Do we want long lines to get our money out? And if you have more than 250K in a bank, do you want to lose it? The reality is that this whole economic meltdown was coming. When Bear Stearns went down that was the "light bulb" on, but many in this country and the Bush Administration did not think anything of it. And these blow hard senators for "let the banks fail", where were they and their sentiments about what was really happening? Enjoying their Bush tax cuts, of course.

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