Thread: Let the Bankrupt Banks Fail

Let the Bankrupt Banks Fail
Politics / Credit Crisis Bailouts
Nov 10, 2008 - 04:06 PM

By: Ayn_Rand

Everywhere today politicians are blaring that they must save America's financial institutions, alleging catastrophic risk to the economy were any to fail. Paulson and the entire Bush administration, in a discernible panic, are now pouring $700 billion into the big banks, having already bailed out AIG, Fannie Mae, Freddie Mac, and Bear Stearns to the tune of $300 billion.

Capitalism doesn't work, they declare, but fortunately the government is here to rescue us.

Sadly, they have it all backwards. The credit crisis is just more evidence that whenever the government supplants the free market and attempts to “manage,â€

Actually pre-Fed the runs on the banks were orchestrated by the ones who wanted the Fed. The private shareholders who would control the nation by controlling the issuance of the money in America. It was also promised by those who pushed for the Fed that these upheavals would be prevented by the institution of a privately owned central bank. And it has done everything but what it promised it would do. The most devious part of it was the way it pushed through congress on Dec. 23rd 1913, while all but 3 congressmen were off for the Christmas Holidays.