Golfgal: I am well aware of how the banking system works. I’m a retired CEO and am 60 years old. I’ve read quite a bit about the Great Depression and I knew all of my grandparents and great grandparents who all lived to be in their late 80’s and 90’s. They told me, first hand, what happened during the depression to Joe Six Pack.
What I’ve learned in life is that if you give some people enough freedom with money, they turn into sociopaths and have no regard for what will/can happen to anyone else. I certainly didn’t raise my children with this philosophy but I’ve worked with enough spoiled adults who never think of the consequences of their actions. This is one of those cases and my opinion is that you can’t manage a crisis with situational ethics. You’re simply going to do more long term harm. We’ll just have to agree to disagree about how big brother should or shouldn’t get involved in this mess.
Once thing is for sure. There is absolutely nothing at this point that is going to stop a hard recession (and hopefully not a depression). It’s too late.
