Let Banks Fail Is Iceland Mantra as 2% Joblessness in Sight

[Javaman]

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...