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Sen. Corker suggested "that we should just take our medicine and get the country moving again." By which he appeared to mean that we just pony up the cash necessary to fix the system...
Actually, what he seemed to mean (at least to me) by "take our medicine" is that we should allow insolvent banks to fail. And you know what? I agree.
It is absolutely indefensible that we are propping up insolvent banks to protect equity (stocka) and bond holders. We are pumping more into these institutions than their entire market cap. And all we are accomplishing here is protecting the wealthy and the powerful and delaying the inevitable.
Shut 'em down! Let the FDIC do its thing. It will be far cheaper and it will have a far better result in the long run.
