How Bad Off is Our Banking System?
For some reason, the mainstream media never made much mention (at least I never saw or heard it) of how close we came to a total collapse of our banking system and the world economy as well.
Listen to what Rep. Paul Kanjorski (D-Pennsylvania) told an interviewer on C-Span recently. It doesn’t get frightening until about 2:24 into the video.
Maybe we were too harsh in our criticism of Secretary Paulson when he changed courses when spending the bank bailout money. We also may be too harsh in criticizing Secretary Geithner when he said it would take a lot of time, and a lot of money to get us out of this mess. It appears the economic crisis was-and is-much more serious than we thought.
I just wish government would tell it to us straight and give us some detailed assurances that they know what the problems are and that they know how to correct them–and what it might cost. Hopefully President Obama and Secretary Geithner will be doing that shortly. The American public needs to know just how bad things are, and what it is going to take to correct our economic problems. If it is going to take $3 trillion, tell us now.
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