Originally Posted by itstarted
Ardy... you suggest that doing something might help... Okay... I buy that!...
What we should do, is let nature take it's course... Precisely what we should have done in the first place... Just obey the rules/laws. it will hurt... a lot... but it will never happen again.

I double dog dare... no make that "I triple dog dare" anyone here to read this... laugh
The Facts
It is a great read. But, I find your assertions unsupported by the article.

Just for example, You say
Quote
What we should do, is let nature take it's course... Precisely what we should have done in the first place... Just obey the rules/laws. it will hurt... a lot... but it will never happen again.

There is absolutely no way to make that guarantee. The only thing that prevents a repeat is eternal vigilance.

Further, while the article does articulate the issues surrounding "moral hazard" and the concomitant importance of allowing companies to fail.... the article never says that the entire economy should be let to fail.

Further, when one reads the article concerning the AIG bailout, it is clear that that is not a free pass given to AIG

Further, if one looks at the planned bail out of illiquid debt... it is clear that this is also not a free pass.

Do not misunderstand my position. I am also angry as the dickens about the present situation and I do believe that corrective actions need to be taken. Phil has done a good job of outlining the issues in his new thread "Extreme Makeover"

But that said, the idea to do nothing as a means of economic catharsis is frankly crazy.

"It's not a lie if you believe it." -- George Costanza
The whole problem with the world is that fools and fanatics are always so certain of themselves. --Bertrand Russel