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The tremendous moral hazard generated by risk-proofing the FIRE industry's bad practices w/r/t fraud-laden risk measures, CDOs, and CDSs caused orders of magnit
by howard941 7y ago
The tremendous moral hazard generated by risk-proofing the FIRE industry's bad practices w/r/t fraud-laden risk measures, CDOs, and CDSs caused orders of magnitude greater losses to ordinary Americans than the one time $15.3B windfall to the treasury. Better that the govt had cut $40K checks to every taxpayer than saved the banks' shareholders.
- TomVDB 7y agoYou're not wrong, but all of that is a moral or unquantifiable point. And it doesn't change the fact that TARP didn't cost any real money.