Reply #16: I don't think ppl who call congress are necessarily representative

[Hamlette]

Here's what I know: Historically, in countries where banks have failed (don't just look at our experience, there are many) the best case scenario is massive layoffs, unemployment in the 9-10% range, contraction of the economy (recession/depression you pick, doesn't really matter what word you use) lasting about 2 years. And THAT is what happens if we bail them out (historically). If we don't, like Japan failed to do, it lasts a decade. Remember, when America sneezes, the world catches cold. If China goes under too, we starve. Literally.

I don't know who the 200 economists are. I know who I trust on this issue. Krugman, Frank and some locals who set out their reasons for favoring intervention instead of ppl just waving a sheet of paper and saying "see, 200 economists oppose the bail out."