Jan 20, 2009

The rescue has failed: its time to fess up, reboot and start again

Posted by: Marian Salzman In: global economy| reboot| recession

Reboot.  By the end of last year it was a buzz word, and now it’s time to admit that the rescue up till now hasn’t produced much and we’ve got to bite the bullet, and try to reboot all over again.  Here is one columnist’s opinion just published in U.K. Telegraph. Food for thought on the dire circumstances many believe we face as we face the music, and hopefully: Reboot.

The rescue has failed: its time to fess up, reboot and start again - Telegraph

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    What a fantastic prospect - getting all the banks into a closed session and obliging them to be honest about their losses. Unfortunately I don't think it's likely to happen, for a couple of reasons. Firstly, the banks themselves would rather face slow deaths with a hope of remission than radical surgery with the prospect of humiliation and/or annihiliation. And secondly, figuring out the losses would take a very long time. With Lehman UK alone, the administrators from one of the big accounting firms expects to take several years to sift through the wreckage.
 
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