Leading Economists: Let the banks fail
Global Research, February 2, 2009
George Washington Blog.
The government and Wall Street have endlessly repeated the statement that we have to save the banks, or the whole economy will be destroyed.
But leading experts - including the following people - say that letting the banks fail will help the economy recover:
Nobel prize-winning economist Joseph Stiglitz
Leading monetary theorist Anna Schwartz
Highly-regarded PhD economist Michael Hudson
PhD economist Marc Faber
The central banks' central bank, BIS
Many other experts
We cannot even start to recover from the depression we are in unless the free market is allowed to operate. That means that banks that made horrible business decisions have to be allowed to fail, and those that made good decisions allowed to succeed.
Source: George Washington's Blog: Leading Experts: Let the Banks Fail