Quote:
Originally Posted by J pold
But the fact remains if you don't bailout the banks the American people suffer MUCH worse than they are or have. We are talking about unemployment levels in the high teens, banks runs, people losing their entire life savings, like I said earlier worse than the 1930's.
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Do you know this for certain?
Iceland is proving you wrong. They have had moderate economic growth since telling the banks to stuff it.
There was alot of fear mongering going on when the bail-out bill was being passed. Several congressman (you can get this on video) were saying how Hank Paulson and some of the financial people behind the scenes were telling them that there would be martial law in America if they didn't bail out the banks.
Allowing banks to roll in big profits during good times, but dumping their losses on Americans when they fail goes against free market capitalism.
BTW unemplyment
is in the high teens, and more likely around 20%. The government has all kinds of neat ways to hide job losses by cherry picking their criteria.