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I'm not sure why this should come to surprise anyone. The big banks have always been in favor of government intervention in the market. They don't want a free m
by ancap 11y ago
I'm not sure why this should come to surprise anyone. The big banks have always been in favor of government intervention in the market. They don't want a free market because 1) it's very possible that parts of their business would be considered fraudulent (fractional reserve banking) in a free market and they would be liable. 2) their existence is maintained by government programs: Federal Reserve, FDIC, bailouts, etc. 3) more regulations create bigger barriers for competitors, squeezing out the small guys from the market.
- soared 11y ago1 is assuming every consumer is totally informed and can understand the things a bank is doing. IMO no laymen could understand financial structures and whatnot, even if they had all the information. I don't have data to back it up (though neither did you) but "Big banks have always been in favor of government intervention" sounds untrue.