It's an incredibly dangerous idea. Just imagine the 2008-9 crisis with a balanced budget amendment. That would have been way worse than the Great Depression.
Without TARP and the stimulus, all the investment banks go and all the commercial banks follow. All the credit markets freeze and you don't have any ability to do basic corporate finance. I've talked to a bunch of people who are informed about this, they throw out numbers like 25% unemployment without the bailouts and stimulus.
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