12-02-2009, 03:16 PM
>>The real effects of bailing out the banks have only begun to be felt.
I've heard this take a few times before and I'm curious -
Are you aware that the banking system teetered on the brink of freezing up? If lending came to a halt in this country as it nearly did, the recession would have been far more devastating. Lending is an integral component of business.
Yes, it is particularly nasty that the bailouts "reward" failure. I'm not arguing that it was even done particularly well. However, I will argue that we narrowly avoided disaster and whatever mud we're wearing now is a minor inconvenience in comparison.
I've heard this take a few times before and I'm curious -
Are you aware that the banking system teetered on the brink of freezing up? If lending came to a halt in this country as it nearly did, the recession would have been far more devastating. Lending is an integral component of business.
Yes, it is particularly nasty that the bailouts "reward" failure. I'm not arguing that it was even done particularly well. However, I will argue that we narrowly avoided disaster and whatever mud we're wearing now is a minor inconvenience in comparison.