An Introduction

"Too big to fail is too big to exist." - Senator Bernard Sanders (I-VT)


Just how bad is it? And what will 'normal' be like down the road?

Those are the only real questions looking forward. One suspects that the big, highly leveraged banks are much worse off than anybody who knows is letting on. That's about the best explanation for the U.S. administration to be pursuing its current strategy of pumping money into the huge banks, stress tests or not. The plan seems to be to keep them on life support until a recovery kicks in, although as has been pointed out by others, this fails to recognize that the banks themselves are integral to any recovery.

So to the point of this blog. My aim is to keep up with events, and to suggest that citizens have a responsibility to change their approach to the banks. If government is going to bail out the banks, this doesn't mean we should wait blindly for a credit culture to reignite. No, indeed.

This downturn is the time to learn frugal living, move away from revolving credit, and begin putting the banks on a sound basis by reducing their unethical and usurious methods of asset creation.

Much more to follow....
-Centinel