Monday, February 23, 2009

Exactly

From Vox:
Citi and Bank of America are failed concerns and should be liquidated. $90 billion has already been wasted in attempting to prop up their derivative-ridden corpses; what is the point of wasting even more resources to preserve what are clearly a pair of unviable organizations. And if an institution is supposedly too big to be permitted to fail, isn't that an indicator that it should be proactively broken up in order to prevent failure in one part taking down the entire institution?

Nationalization won't work. Throwing more money at the banks won't work. Given that most people are perfectly capable of understanding when a cancer-ridden patient is inoperable and nothing further can be done, it seems strange that so many them find it hard to grasp that the logic not only applies to medical situations, but economic ones as well.
I absolutely love that response to the "too big to fail" nonsense, which is nothing more than fearmongering and emotional blackmail by big businesses that dominated their market so long they forgot how to remain economically competitive and now want us to make good their mistakes. No businessman, company or elected official is indispensable, no matter how much they might want to claim to be.

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