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We’ve actually had a taste of a world without Goldman Sachs and its ilk performing their functions: the credit freeze right after the crash. Was that better?
by closeparen 8y ago
We’ve actually had a taste of a world without Goldman Sachs and its ilk performing their functions: the credit freeze right after the crash. Was that better?
- mcguire 8y agoOh, hell no! :-) On the other hand, there's a difference between the ilk performing their functions and the tail wagging the dog. (I specifically picked on GS because this weird sense I have that US economic policy has been outsourced to Goldman-Sachs for several decades.)
- coldtea 8y agoThat's like: "We had a taste of a world after segregation, the LA riots. Was that better?". The "credit freeze right after the crash" still happened within the crash that Goldman Sachs and its ilk caused, and still happened in a world where Goldman Sachs and its ilk set the rules.
- closeparen 8y agoThe LA riots are what happens when we continue to have excessive and racist policing past the end of public acceptance of it. No excessive and racist use of force, no LA riots. The financial crisis is what happens when we don't have access to credit. Whether the financial industry self-destructs as in 2008 or is destructed by the guillotines outside, you're going to have a hard time getting credit without it. No credit, we'd just be in the 2009 world at steady state.