wrote:

The bottom line is that a debt of $700 BILLION is far more likely to
destroy the American economy than simply letting the banks fail.

-R.S.Hoover


Not really. While the $700 billion figure is staggering and can't help
but have a negative effect on the economy up to an including a worse
case situation having the banks fail is pretty much a given if the large
banks start failing.

It is a might happen/will happen issue. Given that you have to go with
the might happen side.