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Why? Are you saying it's easy to make money if you're just providing financial services? :/
by axod 16y ago
Why? Are you saying it's easy to make money if you're just providing financial services? :/
- benohear 16y agoNo, I'm saying the industry as a whole failed.
- axod 16y agoI don't think that's true at all. Several banks did fantastically, announced record profits etc. The industry as a whole didn't fail, some particular institutions did.
- benohear 16y agoThe way the bailout was sold to us was that if these failing institutions were allowed to collapse, they would have brought down the rest with them. I actually hold that to be true and for me that equates to an overall failure of the industry.
- axod 16y agoI know it's how it was sold, but I disagree with it. We should have let the bad companies fail and the good ones succeed.
- jimminy 16y agoThe whole industry didn't fall. It was about a dozen extremely large insitutions, and the extremely small institutions that depended on that group. There were institutions in the middle who weren't involved in the mess. See BB&T, as an example, they were actually forced by the government to accept a bailout, as to make it seem like the whole industry failed.
- javert 16y agoAgreed. The whole industry bailout was a huge punishment to BB&T, which otherwise probably would have profited tremendously from taking over much of the business of the failed banks.
- benohear 16y agoBy the way, as I understand it, there's a difference between "the whole industry" and "the industry as a whole"