Iceshave

"All it takes for evil to thrive is for good men to do nothing."

It is the few rotten apples that sully the name of the many - similar to Germany in the 1930's the nation became mesmerized by the success of what was essentially a small group of hard-core financial privateers that were able to control or assert influence to the point where voicing doubts about their actions became tantamount to heresy.

At some point, the financial feeding frenzy had developed such an appetite that native capital alone could no longer sustain it and the banks reached out to foreign investors, promising returns far beyond anything others were offering.

Ultimately, the private banks had gotten so big that they dwarfed the BNP of the entire nation of 300.000 many times over.

The emperor wasn't wearing any clothes - but nobody cared as long as he had money or credit.

By the end of 2007, it had gotten to the point where reason had completely left the building and cash had became a religion in itself.  Those who had it, spent it - those who didn't have it borrowed and spent it.

Hindsight is 20/20 - in retrospect it should have been obvious that this was a house of cards that would collapse in the next financial breeze and that any state guarantee - implicit or otherwise - would be impossible to produce.

The damage is done - what remains is damage control and minimizing as much as possible the financial loss that will ultimately affect both local and foreign investors.

However, killing the patient to accomplish the cure will not help anyone.