GOP: bankruptcy key to unwinding mega-institutions

MarketWatch

WASHINGTON (MarketWatch) - Regulators should rely on the bankruptcy process to unwind large systemically significant financial institutions rather than allowing government bailout dollars to help resolve insolvent mega-banks, according to a broad regulatory reform proposal introduced by House Republican lawmakers on Thursday. The wide-ranging proposal, which opposes the possibility of any taxpayer-funded bailout dollars, seeks to rival a regulatory reform proposal the Obama administration is set to announce next week. The Democratic reform plan is likely to empower the Federal Deposit Insurance Corp. with the authority to collect fees and use taxpayer dollars to pay off creditors and counterparties of an insolvent mega-institution so its collapse doesn't cause collateral damage to the markets.

What? What! WHAT?!?! Now you say that? I cant believe my eyes! Are they seriously that retarded...

I seem to remember some, oh, 90%* of American's saying NO to the bailouts but YOU and the Democrats voted yes and passed it anyway!

GAH!!! This is why I have no faith in political parties or out government anymore.

Their all a bunch of lairs!

*storms off to get a beer and smoke*

[edit on 6/11/2009 by Tentickles]