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That I like?!?!? I hated the TARP bailout. The problems were caused by insanely lax government oversight, poor institutional risk assessment and a healthy dos
by rmah 16y ago
That I like?!?!? I hated the TARP bailout. The problems were caused by insanely lax government oversight, poor institutional risk assessment and a healthy dose of outright fraud. IMO people need to go to jail.
That said, the government had no real choice. I'm no financial system expert, but used to work in finance and even I can see that something was needed or else the system would collapse. Is it possible that you're letting your distaste of the financial system and players involved color your judgment?
The choice we faced was either cut off the leg or the patient dies when the gangrene spreads. No one likes cutting off the leg, but if the alternative is that you die, I think the choice is obvious.
- yummyfajitas 16y agoIs it possible that you're letting your distaste of the financial system and players involved color your judgment? It's unlikely, since I don't have any distaste for finance. In most threads I'm the solitary defender of the financial sector. As I said, it's easy to make up a scary story of doom. The scary story assumes that everyone will try to continue doing everything they previously did before the banks collapsed, and then give up rather than do things differently. Or perhaps the assumption is that the way things are now is the only way things could be. Either way, I'm unconvinced.
- d2viant 16y agoI wouldn't say he's scaremongering. There is historical precedent for what happens when liquidity in the marketplace dries up or how people behave when banks tighten their lending or go out of business.
- flogic 16y agoIt's not whether businesses could do something different. It's how much time and money it would cost them to make the transition.