Funny how the economist suggested RTC-2 on thursday, and they announce the exact same thing on friday.
"On average, the study finds that government attempts to stanch systemic banking crises over the past three decades have cost 16% of GDP. That average hides enormous variation, much of which depends on how crises were handled. America’s mess, even if it has already led to the demise of famous Wall Street firms, is far from finished."
Last time I checked, US is a 14 trillion dollar economy. 16% = $2.25 trillion dollar. The 16% is an average, it could cost less but it could also cost more! US national debt is 9-10 trillion dollars, that's like adding 25% to the national debt. I won't be holding dollars.
