Dollar Devaluation To Fix The Great Recession

Frank Beck
Forbes
December 12, 2008

What began as government social tinkering–with implied threats to banks and mortgage companies to extend home loans to even the most marginal of borrowers–led to a greed-blinded mortgage banking business and the meltdown we are experiencing today. Now we are asked by the same congressional leadership to go along with taxpayer-funded bailouts of the very banksters who, while making millions, created the mess.

• A d v e r t i s e m e n t

Despite the trillions of dollars already expended recapitalizing banks, there is very little, if any, progress to show. Will a few trillion more do the trick? That seems to be the consensus among Congress and the banks. “They are simply too big to let fail,” or are they really just too big to save? We can go back to “Plan A” and buy the toxic assets. If so, at what price? What if a few trillion does not remove enough toxic waste from the system or doesn’t get credit flowing again and the economy bustling?

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