What we get for our billion is bailouts is we avoid financial armegadon.
The damage was already done. The lax regulation that allowed F and F, and B.S. to become so leveraged and so under funded took the system to the point of explosion. Had there not been a bailout, we would be holding worthless fiat currency that spell disaster for most americans. W
We still face an explosion because most of the big banks are also over leveraged and under reserved. Again we will be faced with more bailouts, or armegadon. Don’t think that the 6 trillion of F and F assets are the whole story. It is the derivitives that will spell disaster if massive counter party failures occur. The various derivitives are closer to 50 trillion.
