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Friday, February 20, 2009

From Martin Wolf of Financial Times...

Like I have said all along, start lopping off heads. Either recapitalize and clean up the banks balance sheets or shut them. We don't want no stink'in zombies!

So says Martin Wolf thus:
"The correct advice remains the one the US gave the Japanese and others during the 1990s: admit reality, restructure banks and, above all, slay zombie institutions at once. It is an important, but secondary, question whether the right answer is to create new “good banks”, leaving old bad banks to perish, as my colleague, Willem Buiter, recommends, or new “bad banks”, leaving cleansed old banks to survive. I also am inclined to the former, because the culture of the old banks seems so toxic."


Andrew_Grodner said...

Still, is there anything funny or amusing about what is happening? No need to make up good news, but I think some humor is in high demand now. Otherwise it is not pleasant to deal with all the doom and gloom. Dear FunnyEconomist, Youtube video, a good joke, or making fun of some politician, please! *SMILE*

Randall Parker said...

Ok, I got a million of them.