Copy and posted by: Lisa Crowley
The entire economic crisis is connected to the woes of the banking industry. We loathe these institutions for good reason. But the brutal truth is that we need 'em. If we don't figure out how to get the hundreds of billions of dollars in toxic assets off the balance sheets of the megabanks, then credit will remain frozen and it's only a matter of time before we're all eating cat food.
There are basically four options to address the banking crisis, two of which are nonstarters. The first is to celebrate the recent uptick in banks' stocks (Citigroup's share price now exceeds its ATM fee!) and do nothing—let the market exercise its healing powers. We tried that once before, under Herbert Hoover. Not smart.
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