Let those banks fail!

Independent Institute
by Alvaro Vargas Llosa

03/04/09

In January alone, the annual rate of saving in the U.S. was the highest since monthly records began in 1959. That should be a reason to rejoice. Of course, businesses need credit and customers. But there are two ways to get them. One is by bailing out and then nationalizing the banks — and paying a catastrophic price. The other is by letting the financial system purge itself of failed assets and giving consumers a bit of time to replenish their coffers. Few things give a worse name to the free-enterprise system than offloading bank losses onto taxpayers. The way to solve this crisis is to let ‘zombie’ banks proceed to their beyond, allowing those banks that need restructuring to start doing just that while those in a position to fill the space left by failed institutions can jump in quickly. After all, a majority of the almost 9,000 U.S. banks, including regional institutions, did not engage in credit hanky-panky and would love a chance to increase their market share...

//www.independent.org/newsroom/article.asp?id=2446


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=bailout
//freepage.twoday.net/search?q=financial+system
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