3 ms·

I wonder if little people are being hurt more by the current perpetuating hegemony of the ruling class or if they would be better off if we let free market take

I wonder if little people are being hurt more by the current perpetuating hegemony of the ruling class or if they would be better off if we let free market take care of this for once and let the banks fail. It would hurt but perhaps it would be better long term for the little people. All of the bad debt and Wall Street Ponzi schemes would be cleared off and a new economy which doesn’t rely on free money from government to the banks would form.

dragontamer 8y ago
That was what Bush did at first during 2007 / 2008. Bush let Bear Sterns and Lehman Brothers go bankrupt. Then IndyMac went bankrupt. And then... https://www.nytimes.com/2008/10/01/business/smallbusiness/01CREDIT.html https://www.nytimes.com/2008/10/01/business/smallbusiness/01... Credit Crunch. As banks fail, they closed credit-cards and other loans. My personal credit card dropped to $5,000 line (down from $10,000) for example. I don't rely on my credit card, so it wasn't a big deal. But there were lots of businesses and factories which relied upon credit to make payroll. The fundamental business was solid, but remember that Businesses in America are typically Net90 (paid 90-days after delivery). So if you had a very successful month selling things, you wouldn't be paid until 3 months later. So what do you do? You put it on a credit card, so that you can pay your workers. Too bad those credit cards failed and closed up, and all those workers had to be fired instead. ---------- If you let banks fail, then innocent businesses / people who rely upon those banks will also fail. In effect, banks hold the American People themselves hostage, as people are reliant on financial services to make payroll.