rhhardin
2009-11-23 11:40:51
The initial bailout was a bailout due to the legal system being unable to deal with an avalanche of interrelated bankrupcies, each one causing many others.
All the capital of the West would have been in court for fifty years.
So the deal was that counterparties get their money back, which avoided the avalanche trigger.
That part of the Geitner’s actions were correct and to the point.
Everything since that is mission creep and counterproductive.
