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DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Let Banks Fail Is Iceland... » Reply #23

Response to dreamnightwind (Reply #14)

Thu Feb 6, 2014, 10:52 AM

23. Allowing the banks to fail here would have had a very interesting outcoume...

Now, correct me if I'm wrong, but bank savings are protected by the FDIC for up to 200k.

Look across the spectrum of our society. How many of the 99% have 200k in the bank? probably not many.

and see that's the rub. those in the upper income bracket would be the ones that would suffer the most.

letting the banks fail would have been an incredible social equalizer. those with millions would have lost a bundle and *GASP* would have to suddenly live like the rest of us, the "great unwashed".

and that is, one of the may reasons, the circular clusterfuck of our banking system hasn't been held responsible.

They couldn't possible live like the rest of us. It's beneath them.

And as a side note: those who argue that "letting them fail" would have been catastrophic for the nation, lives with the delusion that nothing at all would have been done to prevent a cascade of trouble across the board.

Let the banks fail and help the people. That's the chant that should have been yelled.

but alas...

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BelgianMadCow Feb 2014 OP
newfie11 Feb 2014 #1
leftyohiolib Feb 2014 #2
solarhydrocan Feb 2014 #3
BelgianMadCow Feb 2014 #4
pampango Feb 2014 #8
merrily Feb 2014 #9
pampango Feb 2014 #12
Javaman Feb 2014 #18
liberal_at_heart Feb 2014 #22
florida08 Feb 2014 #5
Ichingcarpenter Feb 2014 #6
merrily Feb 2014 #10
marmar Feb 2014 #7
SamKnause Feb 2014 #11
dreamnightwind Feb 2014 #14
SamKnause Feb 2014 #17
dreamnightwind Feb 2014 #19
SamKnause Feb 2014 #20
LineLineLineNew Reply Allowing the banks to fail here would have had a very interesting outcoume...
Javaman Feb 2014 #23
dreamnightwind Feb 2014 #25
durablend Feb 2014 #13
dreamnightwind Feb 2014 #16
BelgianMadCow Feb 2014 #24
marble falls Feb 2014 #15
Rex Feb 2014 #21
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