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January 29, 2009

Soros Says We Forgot One

Randall Hoven
George Soros got to the bottom of the cause of our financial crisis.

"On Monday September 15, Lehman Brothers, the US investment bank, was allowed to go into bankruptcy without proper preparation. It was a game-changing event with catastrophic consequences."

That's what did it: the one that got away.  Here is a partial list of financial companies that were bailed out or somehow rescued by government since March of 2008.

Bear Stearns (March)

IndyMac (July)

Fannie Mae (September)

Freddie Mac (September)

Merrill Lynch (September)

American International Group (September)

Washington Mutual (September)

Wachovia (September)

Goldman Sachs (October)

Citibank (November)

American Express (November)

Morgan Stanley (December)

Bank of America (January)

I guess if the government doesn't rescue each and every institution that gets itself into trouble, we will all die.  We forgot one, and here we are.  It wasn't the dozen or more we did rescue; it was the one we didn't.

Fortunately, Mr. Soros knows how to get us out of this trouble.

"To prevent the US economy from sliding into a depression, Mr Obama must implement a radical and comprehensive set of policies... the well-advanced fiscal stimulus package... compulsory recapitalisation of the banking system... a thorough overhaul of the mortgage system... alternative energy... the international financial system must be reformed... large contingency funds... banking regulations need to be internationally co-ordinated."  [My emphases.  And I'm thinking when Mr. Soros says "large", he means really, really large.]

Key words:  radical, compulsory, international. 

Gee.  You let one bank fail and, well, you just have to have a world government "nationalize" the global economy.  (What word do you use for "nationalize" when it is no longer just a "nation" doing it, but a world government?  My, that is radical.)

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