[lbo-talk] EU opens Northern Rock investigation

[Charles Brown]

The best precedent we have, the Nordic banking crises of  
the early 1990s, wiped out shareholders and displaced existing  
managements but still required the expenditure of 2-5% of GDP. It'd  
be nice if we got something in return, and the expenditures were  
financed by taxes on rich folks, but there's no way to evade the  
spending.

Doug

^^^^
CB: When you say "required" , without the expenditures, millions of
working-middle class people would have suffered what ?
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