Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Indeed, if we are going to hope to bring as many banks OUT of receivership as we will need to do, it will have to be in the context of a recovery, and waiting to clean up the mess until the recovery happens means we are caught in a vicious circle, since the lack of confidence in the solvency of large money center banks makes recovery less likely.
My own prediction is that, for instance, the stock markets won't hit bottom unless and until the banking sector is repaired.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Carrie (migeru at eurotrib dot com) on Sun Mar 22nd, 2009 at 04:21:42 AM EST
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