Shouldn't We Want BofA and Citi TO FAIL?!

The Trust of 300 Million Americans Rested on these Banks and Today The common American Sits on a chair and wonders Why he believed? Why He worked 18 hours a week to blow away that money on War?

This laughable article reminds me of the scene in "Airplane!" when the commentator argues that the airliner's passengers paid for their tickets and knew the risks, then turns to the camera an says with a straight face, "I say, LET 'EM CRASH!"

[...] a Comment Read the full story at News Hounds Cody Willard shows his love for country in a recent column on foxbusiness.com in which he longs for the failure of Bank of America and Citigroup in order to [...]

much as I hate to say this but I recall one stern, outspoken basketball coach once announcing that if a girls is being raped she should simply lay back and try to enjoy it or something to that effect. It was a dispicable comment that drew much criticism but I can't help believe that it depicts our current situation concerning the financial system and our governments' solution. We are being "forced" to accept a solution that "violates" everything we have been taught about a free and democratic society. Our free market system will never restore confidence so long as we prop up the incompetent, short sighted, self serving corporate leaders. If these white collar criminals were subject to the same judicial system that blue collar criminals face many of them would have been locked long ago to protect society from their indiscriminate acts of fraud and deceit.

I feel that you are correct about selling the assets prior to getting TARP money. If these businesses were small mom and pop businesses then they would have sold the entire contents of the store to pay what they promised their creditors and then would then have to close the doors and put the employees on the state welfare. What we need to do are to take these CEOs and CFOs that are responsible for running these companies in the ground and charge them with a range of charges, and terminate their employment. But I forgot two of the worst managers that ran SALLI MAE and FREDDIE MAC into the ground are now presidential financial advisors. This definitely reeks of favoritism and the good old boy system. The fact that government taking over the major corporations reminds me that in a communistic society the government owns the major businesses and they dictate policy. The only difference I see is that now they are paying for the right so that now makes it legal, whew what a fine gray line in the sand.

No, we don't want any business entities to fail. I share the same outrage we all feel, but it's in our best interest for these firms to regain stature in the business community. Someday, and it'll be a while, when these firms again hold a position of stature and have great economic value we need to pare them down to a size where any failures on their part do not threaten our economy so dearly. It's fine for those in the media to keep venting their frustrations, it increases their audience and revenue. The rest of us need to protect our investments in these firms and assist in our mutual economic recovery.

I think we should call for a constitutional amendment to guarantee the separation of business and the state! So many are paranoid about separation of church and state but the governement ownership of business goes against everything this nation is SUPPOSED to be about.....

Agreed. The only ethically correct decision on the economy (and the only one with meaningful long-term benefits) in the past several months was allowing Lehman Bros. to fail. All the others (insirance, financial and auto) should have been allowed to go down as well. This would have saved the taxpayers trillions, would have ensured that the truly incompetent financial and auto executives are counted among the unemployed, and would have opened the door foor the smarter, more responsible banks and auto companies to grow, prosper and pick up the slack from those who had failed. We need to first cleanse the economy of these inept institutions before we can ever expect to have a meaningful and sustained recovery.

How much more would it cost us for them to fail? Look at GM and Chrysler how much are we investing in bankruptcy, even if they fail it still will cost us!

Excellent point that they should be forced to sell assets before taking bankruptcy prevention money - which is really a better term than bailout. I can't believe I have not considered this, perhaps because the wording has kept the term Bankruptcy out of these TARP deals. If a new Adolf Hitler were alive today ? He'd come to the US and buy the US presidency seat and start up Nazism version two - with EASE. Once you own the media outlets - watch 100 seconds in news on youtube... Almost EVERY DAY - they show ACROSS ALL the networks - certain key buzzwords, UNIQUE buzzwords - NO change it is not unintentional. I currently value my dreams - more than wake state these days. Thankfully- no incompetent model of greed and insolence can take THAT away.

Cody, I agree, but it just seems like we're getting steam rolled with all of this. Most people are just trying to survive and it would seem have little time to think of what the government is doing. Frankly I'm worried, not for me but for my kids and grandkids, the America I knew will not be the America they are going to be living in. What can be done to stop this?

I believe they will all fail eventually. So, collecting interest on lost money is not a bad thing as long as we are getting more interest than we are paying in interest. If we are losing money, those banks should be broken into bits. When the next two legs of bad news comes out(i.e. commercial loans and credit cards), the additional required money to float the banks can not be raised the old fashion way. Then, the whole system will be re-vamped and banks will return to some pre-globalization structure(i.e. not to big to fail). The way its working out, the US government has given the banks a chance to function in the old ways. But, we now know that this is flawed thinking and chances of survival are slim beyond a certain timeframe.

what you've just written is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent article were you even close to anything that could be considered a rational thought. Everyone on the web is now dumber for having read it. I award you no points, and may God have mercy on your soul.