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U.S. should let some big banks fail - Republicans - Sun Mar 8, 2009 11:05am ED (snip) Senator John McCain, who remains a Republican leader after losing the 2008 White House race to President Barack Obama, criticized the new administration's response to the banks.
"I don't think they made the hard decision and that is to let these banks fail," McCain told "Fox News Sunday."
As the U.S. government boosts its stakes in major banks such as Citigroup Inc (C.N), talk of nationalization has stirred a debate over how far regulators will go to help the ailing financial system. McCain echoed Shelby's criticism of U.S. banks but both senators avoided the term "nationalization" -- a concept typically derided by Republicans as a move toward socialism.
Asked what should be done, McCain said: "You'd sell off their assets and you have the -- unfortunately, the shareholders and others will take a beating." (snip)
Originally posted by DaddyBare
Frankly I find the whole thing puzzling...
92% of Americans still have their jobs
88.8% pay their mortgages
Okay so I admit that something like only 68% of us pay off our credit cards on time but hey they are giving em to college kids, what do you expect...
Originally posted by Make Speed Limit 45
Not everyone believes that 8% unemployment rate. Not even close, in the eyes of many. Anyway, something is seriously wrong when stocks like fannie and freddie and citigroup and AIG are under a buck.