Jon,The taxpayer doesn't have the money to bail out all the banks. The banks are on the hook for seervral orders of magnitude above their market cap. Federal lending is a drop in the bucket compared to private lending. Seriously.Your rosy scenario has quite a few ifs built into it. Look at where things are going, not where you want them to go.The new facilities that came out in December were a result of non-borrowed reserves being drawn down below the limit. The facilities are a way to get around the statuatory requirements for those reserves, but at the end of the day, the reserves are still gone, regardless of what heading under which they disappeared.Finally, equating immigration reform failure with Smoot-Hawley is the best belly laugh I've had in some time. Americans making more money while supporting fewer Third-world immigrants would be good for the economy. It is precicely because Americans can't make the wages they need that all the speculation started in the first place.Vegas is not the boulevard of dreams. It is the highway of desparation.The financial implosion came from the popping of the real estate bubble and the supporting financial engineering on Wall Street. Banks loaned money to people that could never have paid it back. At some point, income is needed to pay down the debt that was created to buy homes for prices that could never have been sustained.There STILL isn't a free lunch. Rate this comment: 0 0

by Daniel 02:17:25 AM 2013.03.14