Long before this crisis is over, Washington will wish they had bailed out Lehman. I suspect that someone in government had a hidden agenda for that one.
After the November election, the US Congress will be divided. When the next bailout is needed in order to prevent a financial meltdown, it may not happen. That will make the 700 point Dow drop that occurred the last time Congress delayed the taxpayer TARP give away, seem like the good old days.
Watch how fast Faux News will beg for ‘government action’ when the banks don’t open for business, and the grocery store shelves are empty because the banking system is frozen and money can’t get transferred. That will take about 2 days.
I’m slowly stockpiling some canned food, just in case. And another Katrina can hit every year. A whole house full of gold coins can’t buy food that isn’t there. I was recently surprised, while reading about failure of the power grid, to learn that after only one week without food, it becomes nearly impossible to do any physical work. I won’t test those findings.