Let the bad banks fail, John McCain and other Republicans said Sunday.

[min0 lee]

I agree. I don't think they will change their ways.

Has anyone noticed all of those news ads looking to help low or moderate-income residents buy their first homes?

Let 'em all crash and burn, say GOP bigs
BY RICHARD SISK
DAILY NEWS WASHINGTON BUREAU

Monday, March 9th 2009, 1:32 AM

WASHINGTON - Let the bad banks fail, John McCain and other Republicans said Sunday.

And while the U.S. Treasury is at it, let troubled insurance giant AIG and General Motors go under, too, the failed former GOP presidential candidate told Fox News Sunday.

McCain posed targeted failures as the alternative to what he said was President Obama's open-ended commitment to prop up banks and other institutions.

"I don't think they've made the tough decisions," McCain said of Obama and his team. "Some of these banks have to fail."

As for AIG, McCain referred back to what he said when the government came up with the first bailout for the insurance giant last year: "We've got to let it fail."

McCain had a similar prescription for GM: "I think the best thing that could probably happen to General Motors, in my view, is they go into Chapter 11."

Sen. Richard Shelby (R-Ala.), the ranking Republican on the Senate Banking Committee, said the option to fail should be applied to banks big and small.

"I think that they've got to close some big banks," including troubled Citigroup, Shelby said on ABC's "This Week."

"I don't want to nationalize them," Shelby said. "I think we need to close them - close them down, get them out of business. If they're dead, they ought to be buried."

Sen. Chuck Schumer (D-N.Y.) dismissed the GOP's failure options and urged patience with Obama's stimulus package and banking reforms.

"He's going to get us out of this mess," Schumer said of Obama on NBC's "Meet the Press."

"He is smart, he is bold, he is moderate, but it is going to take a little while."

rsisk@nydailynews.com

 

[bio-chem]

Moderate? obama is anything, but moderate. holy hell if we start defining obama as moderate i don't even want to know what the definition of liberal and conservative would be.

 

[Big Smoothy]

Many banks will fail this. This is inevitable and needed.

The big, big banks will be nationalized, cleaned up, and then sold to the private sector, probably.

As Jim Rogers says, let them fail. Why give money to the very incompetent people in the first place, who were a part of all of this mess?

 

[min0 lee]

Moderate? obama is anything, but moderate. holy hell if we start defining obama as moderate i don't even want to know what the definition of liberal and conservative would be.

You have to understand he's a homer.

 

[bio-chem]

obama is a homer or the author of the article?

 

[min0 lee]

Sen. Chuck Schumer, all he needed was pom poms during Obama's last speech.

 

[evanps]

Old Herbert Spencer had it right, survival of the fittest. I think it's much like keeping a person with a devastating genetic disorder alive with our modern medicine to pass it on to their kids and so on and so on. You can fix the symptoms for a while but eventually the defect spreads.

 

[bio-chem]

Sen. Chuck Schumer, all he needed was pom poms during Obama's last speech.

 

[IronAddict]

These banks should have went under months ago, before Sec. Paulson gave them their first infusion of tax payers money.

Doesn't anyone else believe it's a little to late to all of a sudden grow a conscience.