This week, I've read with interest on some comments made by the Republicans. One comment stood out to me. Let the big banks fail.
This comment really stood out to me. I thought that politicians should be more far-sighted than this. Even if they have no background in economics, I'm sure they know history. How big was Lehman Brothers before it failed? What happened after Lehman Brothers failed? How big are Citibank and Bank of American in comparison with Lehman Brothers? What do they think will happen if any of the big banks failed? And since they are so concerned about taxpayers, how will this failure impact all the taxpayers and America?
I mean this is just simple data gathering from recent history. Based on this alone, they should know that the big banks must not be allowed to fail in any circumstances.
And guess what is most amusing? Right after the comment, Citigroup mentioned that they made more profits compared to 2007 for the first 2 months of the year, and Bank of America is also making profits for this year. Both have also stood out to say that they are stable now, and do not require any injection of funds. Even the big giant GM has refused some of the funds.
Politics really do hinder recovery... No wonder Obama now has gray hairs even before the first 100 days in office.
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