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Government pass laws that spark crises, goverment bails out banks. People blame Wall Street.
by Mendenhall 10y ago
Government pass laws that spark crises, goverment bails out banks. People blame Wall Street.
- lintiness 10y agonobody wants to hear it. the cause of the 08 financial crisis tracks directly back to congressional republicans (gramm) and democrat executives (clinton) unwinding sensible regulation from the great depression on the delusional belief that we'd gotten better at "understanding" and quantifying "risk".
- erdevs 10y agoAbsolutely agree with what you are both saying, in that DC enabled Wall St by foolishly deregulating investment banking and banks. Of course, that does not absolve Wall Street of blame for managing risk poorly, for fraudulent behavior, for negligence, and for short-term risk taking over long-term growth.
- noobermin 10y agoThen that only justifies the grandparent's first two sentences, but the last sentence is unfair.
- alanwatts 10y agoWho do you think are among the top financiers of elections who are also pushing for deregulation? You don't think those congressmen actually wrote those technical laws themselves, do you?
- randomgyatwork 10y agoYou are certainly right about that, but its not like governments didn't have a choice.... they to choose to listen to the money rather than 'reason'. Pretty much everyone is to blame, but the people with more power deserve much more blame.
- Mendenhall 10y agoThere are multiple "parties" pushing for deregulation. No. Government still decides what law and whats not.