Wednesday, September 17, 2008

Run on Bank

Today we feature a photograph of a Bank Run. The picture was taken in New York City in 1912.

I appreciate all the insightful comments on the post yesterday. I noticed last night that the government decided to bail out AIG. They provided 85 Billion dollars to try and save the company. I am sure it was a tough decision to make. If they had not done it, a collapse of AIG could well have led to a wide spread financial collapse, as AIG insures all types of financial instruments. On the other hand, the government in effect just printed another 85 Billion dollars. The thing that scares me is that every time the government cranks up the printing presses to bail someone out, it gets a little easier.

7 comments:

  1. I dont know how much longer the tax payers are going to be willing to help BAIL OUT these institutions. After all, WE have bills to pay and gas to buy too. Just seems the little guy is getting squashed (again)...

    Mom

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  2. I don't think we HAVE $85 billion to lend. This is all so scary.

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  3. Better get busy and start buying silver and gold...that paper stuff is worthless...Great picture for today!!hughugs

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  4. @norkio
    We don't have $85 billion! That little kid on your lap will be pay for it until he retires! I don't helping where there is a problem beyond the control of a company. But I draw the line at bailing out companies that got there by greed and bad business decisions and then giving those responsible huge "settlements."

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  5. Sorry about the typos above. Just got back from the hospital and I'm under a little more sedation than I thought I was.

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  6. This photo is great; the fingerprints on it, the backwards date stamp, the scratches. In this era of digital, it's fascinating to see a shot that's 'lived'.

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  7. US doesn't have any cash, they just printed money to lend. It is a loan but I think it is a good idea because the more US print the money, it drives the value of dollar down, making imports more expensive... no more chinese products. Start to buy USA products. Stop sending our businesses out of country, keep them here, save our jobs.

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