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Are the US and UK Too Spoiled to Accept Austerity?

By Implode-Explode Heavy Industries

"We all know the question in the headline is strictly rhetorical. If the US cannot stand to make risk capital like bondholders take a whack (heavens, no, we cannot make hapless funds take losses, better to dump it on taxpayers who have no ready way to complain), it goes without saying that we are wildly unprepared for any sort of real hardship. Yet as the experience of other financial crisis countries suggests, taking the hit from bankruptcies and resturcturings and cleaning up banking systems faster is associated with steeper initial downturns and rapid rebounds. "

Full post as published by Mortgage Lender Implode-o-Meter on May 26, 2009 (boomark / email).