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harmonic
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Closeauthor=Solitayre
I think most people view it as kind of necessary?
And I have to wonder how these people feel that they've been convinced that super rich banksters need to be helped by taxpayers to the tune of hundreds of billions "for our own good."
There's a difference between super rich banksters and banks.
If you mean they should have had to pay it back with interest, I agree, and according to Politifact, most of them did.
If you mean they should have had to pay it back with interest, I agree, and according to Politifact, most of them did.
That's cute, but it's mind boggling that libs ignore the precident that has been set - it's okay for banks (yes, the super rich) to absorb a massive infusion of new liquidity, leveraged by the American taxpayer, because the powers that be said so.
I mean just mind boggling. Suddenly libs turn into far right wing corporatists when it comes to bank bailouts. And health insurance companies. It's because there's no ideological purity, it's all just "we were told to think this by our guy."
I mean just mind boggling. Suddenly libs turn into far right wing corporatists when it comes to bank bailouts. And health insurance companies. It's because there's no ideological purity, it's all just "we were told to think this by our guy."
Yeah, I have to agree with harmonic on that one. People can whine all they want that if the banks collapsed so would the economy, but that just ignores the fact that the economy DID collapse and the banks they're defending are the ones that caused it. The whole point of the bailout was so that rich politicians didn't have to get bitten in the asses by their greed. No other reason.
Banks are where peoples' money is. If your bank failed and all your money disappeared you'd probably be a bit incensed. Banks shouldn't get free money with no strings attached but I don't think the morally correct thing to do is let half the country's savings turn to ash. This is more or less what happened in 1929 and the results were pretty bad. Its also why the FDIC exists.
In a perfect world the people get their money back, and banksters who broke the law get jail or severe penalties instead of walking off with money bags. I know a lot of Democrats and Republicans both who wanted to see people go to jail over the banking collapse, but jailing rich people never happens in this country. You want bankers who wrecked the economy to be punished? I feel confident it's a bipartisan issue.
In the mean time Democrats are instituting regulations to stop banks from destroying the economy again.
In a perfect world the people get their money back, and banksters who broke the law get jail or severe penalties instead of walking off with money bags. I know a lot of Democrats and Republicans both who wanted to see people go to jail over the banking collapse, but jailing rich people never happens in this country. You want bankers who wrecked the economy to be punished? I feel confident it's a bipartisan issue.
In the mean time Democrats are instituting regulations to stop banks from destroying the economy again.
Solitayre
If your bank failed and all your money disappeared...
Banks haven't worked like that since the Great Depression. Regardless, the government could have chosen to spend that bailout money directly to cover the endangered accounts, which are kept track of by the FDIC (every failing bank in question is a member), but instead, decided to exclusively prop up the people that caused the crisis by just not giving a shit. They can drink, gamble, and sell our economy into the ground and get paid by the taxpayers for it, but when anyone else does it, it's financial fraud.
Then again, the heir to S. E. Johnson Wax just got four months in jail for raping a 12 year old, so maybe there's NO crime the rich can commit that our government will ever punish.
Right, the whole banking/housing crisis could have been avoided if the banking industry had their shit together, which they decidedly didn't. My family lost their home at that time so this isn't some distant unknown issue for me happening way off on the horizon that I don't care about. My mother got something like a $200 settlement for being wrongly thrown out of her house. Yes, I would very much like to have seen some people go to jail over this.
I'd also like to see the banks broken up into more manageable pieces. And I'd like existing regulations that stopped this from being dismantled. 'blah blah blah holding the economy back.' From my perspective it's stopping the economy from exploding since we can't trust the guys in charge to not burn everything down so they can make a billion and one dollars instead of a billion.
I'd also like to see the banks broken up into more manageable pieces. And I'd like existing regulations that stopped this from being dismantled. 'blah blah blah holding the economy back.' From my perspective it's stopping the economy from exploding since we can't trust the guys in charge to not burn everything down so they can make a billion and one dollars instead of a billion.
I want to point out that a lot of what the banking industry did at the time was "technically legal" and the result of either major deregulation of related industries, or loopholes within existing regulations. The idea that the banking industry is one of these sectors of the United States that cannot be trusted to go unregulated. Since banks are federally insured and a major centerpiece of our economy, they should follow stricter regulations than most businesses.
There's a number of reasons for the Recession, but a lot of them circle around "banks, mortgage lenders, and credit agencies were majorly deregulated, and took advantage of this to the point where it crashed the nation's economy."
There's a number of reasons for the Recession, but a lot of them circle around "banks, mortgage lenders, and credit agencies were majorly deregulated, and took advantage of this to the point where it crashed the nation's economy."
emmych
817
author=Dyhaltocan confirm, up here in canada that is what happens. We have a fully funded healthcare system, but neoliberal interests have been paring down how much money goes into the system and pushing for a split model for ages. There's already instances of it, like if you require medication that is only sorta covered, and if you have an ageing parent that needs assistance to stay living semi-independently, well, good luck accessing the publicly funded home care! There's not even close to enough.
Yeah, that's where you could argue for a private option. I'd argue that private interest would eventually override the public system, but meh. We're a thousand steps from ever having to debate this.
And then the governments that fuck up the system start saying it is inherently flawed (RATHER THAN INTENTIONALLY DEFUNDED) and we start having the "is privatization good????" debate.
there is money to be had by prying away public needs and setting up shop as a private enterprise dispensing that need, and extracting rent from the economy with no risk (as you CANNOT be allowed to fail, as it is a need). so of course private enterprise are pushing for it.
Trump picks Rick Perry to head Department of Energy, basically proving that he's actively trolling us.
I hope Perry's first day is wandering into two unrelated departments thinking they were his and forgetting what department is actually his
Trump Team Member Steve Bannon Publishes "Ironic" Article About Shooting Scientists
EDIT: So, like, is there anyone against stricter regulations for banks and credit agencies? Or stricter regulations for the medical manufacturing & drug industry?
EDIT: So, like, is there anyone against stricter regulations for banks and credit agencies? Or stricter regulations for the medical manufacturing & drug industry?
author=harmonic
This thread has become this skit
Look at it this way. You get everything you ever wanted. Full control over every branch of government and no pitiful liberals to get in your way.
But if you end up with Bush 2.0, what will your excuse be I wonder?
Dyhalto
7536
Don't bother, Soli. This is his golden opportunity to be smug.
Time will bring the pendulum back.
Time will bring the pendulum back.
