Personally I think it goes beyond wisdom in theory, the cancer has not been removed, or chemo'd or irradiated, it has enlarged and the result will be no less devastating.

The approach rewarded folly and protected those who broke the system so they could further expand their errors.

I am no proponent for increasing government's role, however what the government did was ludicrous ... they handed out citizens money without any strings under the guise of no legal authority.

US banks that failed could have been bought out by the only body capable at that time of inspiring sufficient confidence to keep things moving. The people's money could have been used to purchase the banks assets under a government sponsored organization. The greedy bastards who held toxic assets could have taken the haircut and the bankers could have been fired for their gross incomptence and negligence. A class action suit by the honest investors (i.e. depositors) could have occurred and those who committed fraud could have had their assets seized and money returned to the PEOPLE (who are funding the current mayhem in any case).

There was and is a complete lack of will to suspend the corporate welfare extended to the privileged few when the disorganized masses can be so easily shafted.

The incomptence Mr. Faber speaks of by Bernanke has continued and exacerbated the terrible situation which is clearly being proven by the tremendous move of legitaimate markets to gold. Heck even the central banks have reversed their prior behaviours knowing that hard assets are all that is left. The smart money is moving as quickly as they can out of US treasuries.

The ending in either case will be devastation (which will become a new economic term in years to come describing something greater in scope and magnitude then depression). North Americans will be happy to be eating gruel in years to come like those who subsisted on in "3rd world countries" for years. Infrastructure is breaking, crime and disease will run rampant as enfoprcement agencies, electrical and water systems further deteriorate.

I do not wish to be right, but to think Mr. Faber is simply theoretically correct, and the "solution" was effective may just be short sighted especially given the current state of affairs and the spin doctorring of facts by the latest regime of the privileged few.

orgy