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While I share your sentiments with regards to the plight of individuals left behind, I can't go with you on bailouts. That's socializing the losses while priva

While I share your sentiments with regards to the plight of individuals left behind, I can't go with you on bailouts. That's socializing the losses while privatizing the profits, and it leads to crony capitalism and dyspeptic behemoths like the chaebols. The analogues in the USA are the too-big-to-fail financial institutions that almost wrecked us in 2007-2008, yet who remain as untouchable as the chaebols. Few of our congressional representatives actually believe in capitalism for the financial industry.

petermcneeley 8y ago
Im sure your familiar with how banks get the money they loan out to people (Hint it has nothing to do with deposits). There is nothing capitalist about that system to begin with...
- rectang 8y ago
  That's a confusing response. Are you advocating for government bailouts for chaebols and US banks?
  - petermcneeley 8y ago
    Of course not! But im saying even without bailouts the banking system already is a collusion with government. Private banks take loans of money from the central bank at very low rates then add 2+% on top and provide those loans to consumers.
    - fh973 8y ago
      Not exactly, the reality will sound even more annoying to you: banks don't need even need to get a central bank loan for most dollars they loan to customers. Only a fraction needs to be covered by central bank money.