“Some of the nation’s large banks, according to economists and other finance experts, are like dead men walking. A sober assessment of the growing mountain of losses from bad bets, measured in today’s marketplace, would overwhelm the value of the banks’ assets, they say. The banks, in their view, are insolvent.” (New York Times, Friday)
The inhibitions are gone.
FEE Timely Classic
“Monetary-Policy Disasters of the Twentieth Century” by Kirby R. Cundiff
