Tuesday, February 03, 2009
"Let banks fail"
They say that water seeks it's own level, or something like that.
I'm pretty much a believer that we should allow many things to seek their own level.
That's the only way to see what we are really dealing with before we embark on a "fix"...
I'm pretty much a believer that we should allow many things to seek their own level.
That's the only way to see what we are really dealing with before we embark on a "fix"...
In the U.K. Telegraph, Ambrose Evans-Pritchard reports a Nobel prize winner's opinion:
"The Government should allow every distressed bank to go bankrupt and set up a fresh banking system under temporary state control rather than cripple the country by propping up a corrupt edifice, according to Joseph Stiglitz, the Nobel Prize-winning economist."
