sponger

Read It and Weep for the USA

While I agree with many who object to the proposed legislation and question the constitutionality of it, I doubt that most people are aware of the gravity of the situation. If banks report they are illiquid it may mean they cannot open their doors for business. If they cannot issue new loans to consumers or business or successfully call in and close the outstanding loans on their balance sheet they cannot meet the test of sufficient reserves to redeem depositor money. I am all but certain that the central bankers, Paulson and Bernanke are dealing with a condition of that gravity. Under such a circumstance all bets are off concerning the preservation of constitutional principle. The life of the global financial system is at stake and must be saved at all cost.