[QUOTE=valo403;3310281]We would be well and truly f'd. Completely. People act like only the banks benefited from those bailouts, when the reality is that there was such a lack of liquidity in the market that employers of millions would have been unable to make payroll.[/QUOTE]
Without question. The other issue was that if I wrote you a cheque for $100 the concern wasn't whether I had the $100. Your question was whether the bank had the $100 of mine. Thats no big deal if its me giving you $100...probably not the difference between eating or not that day. When there is payroll to meet, or a super-tanker full of goods sitting in the harbour though its a crippling deal. Were there mistakes made and too much money paid where it ought not to have been? Sure, quite likely. But when your hand is forced and the entire financial system is freezing up before your very eyes you throw money at it by the truckload and hope its enough. Maybe the tea party or Republicans wouldn't have done this. Thats not a good thing and the results are predictably catastrophic if you don't act.
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