Let the Banks Fail: Why a Few of the Financial Giants Should Crash

By Joshua Holland, AlterNet
Posted on December 15, 2008, Printed on December 15, 2008
http://www.alternet.org/story/112166/

So far, much of Washington’s ad hoc, ham-fisted response to the economic crisis has been based on the dictum that the financial institutions must be prevented from taking their losses.

That should come as no surprise. Big finance’s lobbyists have been all over the "bailout" (it should be bailouts, plural) from the very start, Wall Street pumped piles of cash into the elections — AIG, recipient of tens of billions in taxpayer largesse, ponied up $750,000 for both the Democratic and Republican conventions — and the whole thing’s been designed by "free-market" ideologues who came to Washington directly from Wall Street.