Intervention in banking system planne...

Intervention in banking system planned; stock markets stage big...

There are 3 comments on the LA Daily News story from Oct 14, 2008, titled Intervention in banking system planned; stock markets stage big.... In it, LA Daily News reports that:

Buoyed by the biggest intervention in America's banking system since the Depression, and similar dramatic moves in Europe, stock markets around the world staged one of the most powerful one-day rallies in ...

Join the discussion below, or Read more at LA Daily News.

Norman Moore

Upland, CA

#1 Oct 14, 2008
If the government had merely backed all deposits for full value from the outset there would have been no crisis. Then they could have waited for the new administration and had time to make an orderly and considered repair of the damages done by the Wall Street con men.

Chances are with a guarantee for their funds nobody would have taken their funds out and no banks would have failed or been in danger. Then a government lending program to banks to help with liquidity would have fixed the credit crisis. I can’t think that it would have had to cost 800 trillion and counting.
Recall Villar

Los Angeles, CA

#2 Oct 14, 2008
It's very suspicious that Charles Schumer came out a few months ago and pulled the plug on IndyMac...causing a panic and stampede to withdraw funds. And why did Harry Reid come out and say that there is a 'huge Insurance Co. that is going to go under'??? It was a LIE!

IMO, it was a deliberate take down in order to give the FEDS and the TREASURY complete control of the economy.

The free market should have been allowed to determine which banks and investment companies should have imploded! We needed to get rid of all the dead wood and corruption; but now we will be throwing money at the usual suspects. NOTHING has been accomplished by bailing out the guilty, along with the innocent!!! We will pay for it big time in the long run...a long, deep recession is on it's way! We haven't even seen the end of the subprime debacle...the ALT A's will be resetting through 2012, and Fannnie and Freddie will still be loaning to people who should not be buying houses.

Obama will exacerbate the problem! It's going to be hell on earth!!! When do the MAO uniforms go on sale????
zukibandit

United States

#3 Oct 14, 2008
The Wall Street con men are on Capital Hill!

The Bailout was passed due to fire and brimstone tactics along with out n out fear mongering.

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