Geithner: “none…would have survived”

Geithner: “none…would have survived” - Reuters.com: "Secretary Geithner acknowledges what most doomsdayers were saying last fall, that without the government’s extraordinary rescue measures, the entire financial system was on the verge of collapse. (Miller/Harper, Bloomberg):

'None of [the big Wall Street insitutions] would have survived” had the government stood aside and let the crisis run its course, he said. “The entire U.S. financial system and all the major firms in the country, and even small banks across the country, were at that moment at the middle of a classic run, a classic bank run.'"

And yet, the bailouts fixed absolutely nothing, but rather simply allowed those in charge to prop the untenable mess-of-a-system up a little longer and thereby gain a little more time to squeeze just a little bit more wealth out of the rapidly disappearing middle class in this country to be absorbed by the fiscal vampires at the top.

The only good thing I can say is that it also bought us all a little more time to prepare for what is coming.

Posted in: economic crisis,emergency preparedness,survival