Not sure that it's fair to label this 'Obamanomics'. Seems to be rife everywhere. Especially the UK.
You know, I've argued for some time, that a bank is the easiest business in the world to set up.
To set up a factory, or natural resources extraction (you know, the true productive and wealth creating enterprises), you need skills and 2 to 7 years physical infrastructure lead time. But a bank? I think that Firerush says it all. Just take a guy with money, no banking experience, and Voila! You're in business.
That's why I've argued that we should have just let the banks fail, because new, stronger banks could emerge over night.
Edited by Toto deVeer, 19 September 2010 - 12:03 PM.