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  1. Adding in a synchronized global recession harming exports gives a double-barreled shot.
    The 2008 recession began 7 years after the 2001 capital goods recession,
    so there were plenty of excesses just in those 7 years to work off.
    So much of life is cyclical. If we pull together and follow Barry’s advice above to preserve
    the system but remember that what are being called “banks” in this debate are very large
    holding companies that own as part of their holdings depository institutions (real banks),
    then we won’t cry if the holding companies vanish.

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