So, to rescue the US Banks and Insurance companies from their own self-inflicted pains driven by greed, the US Government is to jump to the rescue!
The alternative seems to let natural market forces prevail, and have a lot of them go bust! This would hurt all investors (direct and indirect). By using government funding, the burden will be spread across the whole population. Which is the better option? Only time will tell.
In the meantime, the federal regulators need to put some kerbs in place to prevent a recurrence.
I suggest the new regulatory body be named:
Finance and Underwriters Committee of Kerbs.
John Griffiths
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