Published on Strike the Root, by Marcel Votlucka, Sept. 16, 2008.
Linked with Marcel Votlucka – USA.
Question: What should you do when your good friend parties too hard one night, downs more alcohol than is thought humanly possible, generally makes a reckless ass of himself in his inebriation, and wakes up the following morning with a hellish hangover and confused guilt over what transpired before?
Solution: you let them sit it out and suffer.
That’s right; you let them face the consequences of their actions. Assuming your friend is (or should be) a mature adult, he cannot expect a savior on a white horse to deliver him from his foolishness. Your friend would be doing you a disservice by having you make excuses for him, and certainly it’d be cruel to expect you to foot the bill for the damage he’s done. Enabling your friend’s behavior wouldn’t spur him to learn from his mistakes and prevent another fiasco in the future.
So when the question arises of what to do about the credit crisis and the failing banks and subprime mortgage-holders, et cetera, there’s only one sane answer: let ’em fail.
That’s right; let the housing bubble burst, let the big banks fail, let the big mortgage holders go bankrupt, let the corporate bankers flail around in mud, let the dollar and euro crash, let the stocks fall, let the house of cards tumble!
If this sounds cruel, it’s only in proportion to the cruelty unleashed upon the rest of us by the ruthless big bankers and Treasury dunces and economic “wizards” and government pigs-in-suits.
These scumbags, ignorant and defiant of economics and common sense, have pursued policies that are the equivalent of some Hollywood celeb going on a drug-fueled bender in Vegas. But in our case, this “bender” has been going on for the past several decades and we are all footing the bill for it. Why let this insanity continue?
And more important, why did it happen in the first place? …
… The party’s over, folks. The hangover has come. Don’t start blaming the free market because we don’t really have one. Don’t beg for government reform because it’s not going to happen. Bailouts and takeovers, playing with interest rates, legislation and regulations (which will be ignored for a price anyway), aren’t going to fix things. What we really need is to start on a clean slate. So let the correction ensue; “let ‘em fail.” Let them all crash and burn. Let the fire purify all and start anew. Let the house of cards tumble. It’s the only way to return to some semblance of economic sanity and security.
Ah, but silly me, that kind of talk doesn’t win elections! Someone fetch my bib, it’s feeding time at the pig trough. (full text).
Some Links you may find this morning:
Record Corporate Bailout Reveals: The Bankruptcy Of American Capitalism;
U.S. BANKING CRISIS: FINANCIAL SERVICES, How Bank of America stepped up to the bigs;
Merrill Lynch takeover is a match for Bank of America’s ambitions;
Banks set up $70bn bail-out fund to bolster confidence;
Bank of Japan ploughs £13.5bn into markets;