Monday, 16 March 2009

Reuters' James Saft Renews Attacks on U.S. Policies to Keep Zombie Banks Alive -- Attacks Are Welcome!

Click here to read James Saft's column for this week. Here is one short excerpt:

''The U.S. policy of keeping zombie financial institutions alive is so clearly failing that it is now attracting attack from inside policymakers’ circle of covered wagons.
The most interesting intervention in the banking debate in the past few weeks was an extraordinary attack by Kansas City Federal Reserve President Thomas Hoenig on what he termed a policy of “piecemeal” nationalization which leaves discredited management in place, repels new capital from the banking system and allows bad assets to fester rather than be cleared.´´

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