Thanks to the laissez-faire luntics who suckled on Ayn Rand's dollar bill pin and eliminated the Glass-Steagall Act, when banks go down so will brokerage houses and vice-versa.
When the whole banking "system" collapses, will the U.S. Gov have the dough to pay off it's FDIC obligations? Don't count on it, although they can always come up with it by printing it.
That's what happens when we get a bunch of legislators and White House dodos who learned about the complexities of modern economics by reading fiction.
If they're still in power when the megabust comes, they'll probably try to solve the problem by cutting taxes.
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But wait! There's more! And it's even worse.
Thanks to the laissez-faire luntics who suckled on Ayn Rand's dollar bill pin and eliminated the Glass-Steagall Act, when banks go down so will brokerage houses and vice-versa.
When the whole banking "system" collapses, will the U.S. Gov have the dough to pay off it's FDIC obligations? Don't count on it, although they can always come up with it by printing it.
That's what happens when we get a bunch of legislators and White House dodos who learned about the complexities of modern economics by reading fiction.
If they're still in power when the megabust comes, they'll probably try to solve the problem by cutting taxes.
Yours very crankily,
The New York Crank
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