[Post Summary]I sought him, but I could not find him;
—Song of Solomon
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New York economist, Nouriel Roubini, pronounced at a conference in Dubai that losses of the U.S. financial system will quickly rise to $3.6 trillion. Arguing that the whole banking system is "effectively insolvent," having only $1.4 trillion of capital, Roubini went on to say the U.S. banking system as a whole is bankrupt.
So, what's the solution?
Roubini believes President Obama will have to plan another $1 trillion bank bailout, above and beyond the $700 billion Troubled Asset Relief Program (TARP), just rammed through the U.S. Congress last fall under a heavy climate of fear.
What a minute. We are to take a system demonstrably bankrupt and bail it out? Someone please tell me how the solution Professor Roubini proposes does not implicate his sanity!
Does not evidence all around amply demonstrate just why bankruptcy is power given to the American people through its Congress?
Why otherwise is this power written into the U.S. Constitution?
Yes, today's circumstance must be the very reason for bankruptcy's constitutional provision. The nation's founders foresaw the scoundrels who would make a casino of an economy intended to put to practice the principle making the United States unique among nations.
And this, Mr. Roubini, is what the United States must do if it is to ever again play a leading role in promoting mankind's progress...
—Tom Chechatka
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