Seeking Alpha.com writes: “…Essentially the big banks made sub-prime country loans just like they wrote sub-prime mortgages; they got paid high interest rates but counted on being able to palm the risk of default off on someone else – us.
What is changing is politics in the best sense. We the people, both here in the US and in Europe, don't want to bail out any more banks. We want them to be subject to the same laws of economics as the rest of us; those include the chance of failure. We won't devalue our euros or dollars indefinitely to make sure that bankers' lifestyles don't suffer. We've also observed that bailed-out banks don't an economic recovery make. In other words, no more crying wolf….
Read more at:
http://seekingalpha.com/article/273747-bad-news-for-investment-banks-good-news-for-the-rest-of-us
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