Everybody agrees that the banking system is in trouble. The incoming Obama team and some European governments want to take toxic assets off of private bank balance sheets. This will be incredibly expensive and there’s no reason to think it has much chance of success.
There’s no reason to save a corrupt, failed system. The big banks should be nationalized. The Federal Reserve should be modified according to the terms of the American Monetary Act. This is legislation I discussed on this website late last August.
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