The Americans are insane

Why do I say this? because they put up with things, that any other industrialized country wouldn’t. For example, UPI posted a story today that 106 US banks have failed this year. What the story doesn’t mention is that no Canadian banks have failed this year.

It’s amazing how a bit of regulation can stabilize an economy.

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2 thoughts on “The Americans are insane

  1. A quiet new measure may let the US government give away even more of your money to banks : At a recent hearing, Rep. Brad Sherman, D-Calif., called thelanguage "TARP on steroids," noting the provisions would deliberatelylet the executive branch enact even bigger, more unregulated bailoutsthan ever — and by unilateral fiat.Whereas theoriginal TARP included some oversight language and power to limit WallStreet bonuses, TARP on steroids includes no specific oversight orexecutive pay constraints.Whereas TARP permitted the government to underwrite both small and large banks, TARP on steroids allows taxpayer cash to go only to the behemoths (which, not coincidentally, tend to make the biggest campaign contributions). And whereas TARP limited the Treasury secretary's check-writing authority to two years and $700 billion, TARP on steroids would let him spend as much as he wants for as long as he wants.http://salon.com/news/bank_bailouts/index.html?story=/opinion/feature/2009/10/30/tarp

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