Citicorp still exists And ironic that although "Wall Street" doesn't exist anymore, the article goes on predictably defending "Wall Street" at every turn. Wait, I thought they disappeared! And those debts CAN go to 0. This isn't your AT&T bond we're talking here, Merrill Lynch was already happy getting 22c on the dollar. What a stupid article.. edit : I can't believe I forgot, maybe Wall Street Journal should disappear as well! Zing!
"Bank loans to commercial and industrial business, real estate and consumers continued to expand nearly every month." Tells me no $700b bailout is really needed to maintain the economy - its purpose is to maintain Wall St.
Anything that emanates from the orifices of the cato Institute is suspect. Controlled by the same interests behind the current crisis. Mr. Reynolds, a senior fellow with the Cato Institute, is the author, most recently, of "Income and Wealth" (Greenwood Press, 2006).