Business

Republicans Call For Banks To Fail

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And so it begins…

“Close them down, get them out of business. If they’re dead, they ought to be buried,” Sen. Richard Shelby, the Ranking Republican on the banking committee, told ABC’s This Week. “We bury the small banks — we’ve got to bury some big ones, and send a strong message to the market.” He did not mention any banks by name, although he responded to a question about Citigroup by noting that “Citi’s always been a problem child.”

Former GOP presidential candidate John McCain told Fox News Sunday that he did not think President Obama “made the hard decision, and that is to let these banks fail.” He did not call for nationalization of troubled financial institutions, which many Republicans oppose, but said their assets should be sold. “Unfortunately, the shareholders and others will take a beating,” he said.

Can you imagine if Citigroup went under? Does anybody understand the ripple effect that would have on the world markets and lending in general? It would cripple confidence.

Look for “Let them fail! Let them fail!” to become the rallying cry on the right very soon…if it isn’t already.

And, in other news, Fox News is already suggesting that Obama’s presidency is a failure.

Good times.