The FDIC does not have the assets to cover trillions in lost deposits. Once again, your employer would have no money to pay your salary. Your company either has more than the deposit guarantee in the bank or uses a line of credit from the bank to meet payroll. Either way, no one gets paid. The entire system collapses.

If we start talking full debt forgiveness, you might as well just send everyone a million dollars. Money doesn’t matter at that point.

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Hawaii (fuck) You

We can't ruin this wonderful economic system we've built that [checks notes] is on the verge of complete collapse every ten years.

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Yeah, as I was joking, at that point we just don't have currency and we're back to bartering. That's not realistic (though I have also jokingly extolled the olden days of repaying doctors with apple pies). But there's going to have to be some allowance for putting most of the economy on pause, isn't there? and won't a lot of that have to come in the form of debt forgiveness?

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The Govt just sent 2 trillion to cover lost assets and the word is they will send another couple of trillion next month too.


I actually wonder how is it mattering much at this point anyway. The Stock Market is nothing more than a product of Government intervention and debt spending.

Big Business is nothing more than a product of Govt intervention and debt spending as well. The same arguments will be used each time there is even slightest hint of turbulence. " If we allow this to happen then the economy will tank". Well isn't that what is supposed to happen in a capitalist system?

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So give up on capitalism completely?

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

If the paper is worthless then the people whose hands the money is being placed in have to by definition be pretty worthless too.

Is that what I'm getting here?

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You're right. This is clearly great.

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We did not.

Debt is higher on the corporate level since we need to keep stock prices up to feed the 401k's and pension funds.

I don't have the answer, but the entire system is busted and was past the point of fixing before this.

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Is that a yes?

Every economic system is struggling with this.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

This crisis makes clear we've learned nothing from the housing crisis. The same bad actors are getting bailed out they just have different names and boards of directors. Ten years from now we'll repeat the process again. Maybe that time is when this house of cards finally collapses.

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I'm not sure this and the housing crisis are comparable. The Housing crisis could have been avoided. This really couldn't have been avoided.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

What's different other than an accelerated timeline? Everyone is over-leveraged and subject to systemic risk.

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We shut down virtually the whole country. No matter what that will destroy the economy.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

And the choice is made to save an airline industry at the expense of individual Americans.

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Americans need airlines.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

The Great Deformation (below) explains the folly of our current fiscal and monetary system. The Simpson Bowles plan was a way to get us back on track. Neither party and most Americans have no interest in living within our means.

Ron Paul was all over fiat currency problems and federal budget issues.

I’m ready when you are.

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Hawaii (fuck) You

We've basically lived without them the past month, and will live without them probably the next 2-3 months. We seem to be okay without them.

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if no one has a job or any money, who the hell is flying ?

That's the argument?

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They are a utility and even the last month they've had to remain operational. We need airlines, but we dont need AA, UA and Delta. That's the big difference here, and why this bailout sucks.

Maybe thee reset that will happen is people will see things differently. Airlines being a necessity does not mean you always have the right to fly El Cheapo air to Florida or Arizona for $49 one way with three or more time choices per day.

Regarding housing it is very much different the the last crisis. That was people not paying mortgages they never should have had. This one is because of a shitty deal of the cards on the crisis. Sure some are probably still over leveraged but just having gone through finding someone to buy my home so we can move on it isn't "they throw the money at you".

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Elections have consequences.

Be that as it may, you live in a big house out in the country and put your kids through private schools. No one wants to hear it from you!

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C_Howitt_Fealz

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Though we should probably send for a wellness check on him.

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Well, we finally ended the Fed.

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Anybody here seen my old friend Bobby?
Can you tell me where he's gone?
I thought I saw him walkin' up to The Hill
With Elon, Tulsi, and Don

So the guy talking about all the unemployment this will cause is arguing that all airlines disappearing would be okay?

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

Demand will surge for Greyhound busses. Pilots can learn to drive.

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That is the argument why the airlines get a bailout. It should come with equity that can be sold later.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

How many people need to be out of work for a long enough time for everything to collapse? If 30 percent of people can't pay for their mortgage is there an economy anymore?

I mean the default rate was in the single digits overall in 2008, and it caused everything to lock up.

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Why are only 14 percent of black CPS 11th-graders proficient in English?