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Repeating the Mistakes of the 2008 Bailout
- CSSer 7y agoNot sure how thorough they’re trying to be here, but some of their language is out of date since the bill was revised and passed. There _is_ some oversight of the treasury secretary because of Senator Schumer and co. For more information, see Schumer’s comments on the day the bill passed the Senate at congress.gov. I’ll edit and update if I can find the link. Granted, it’s not the best, but it’s something.
- JakeAl 7y agoThey don't seem to understand what TARP was, or how what is happening now is completely different. There would be no mortgages if it weren't for the government involvement in 2008, because no bank would be willing to take the financial risk that was imposed upon them by Dodd-Frank. The government guaranteed bad loans back then that the banks were forced to make, so when the banks went overboard in taking them of course they were going to be bailed out. Similarly, this forced shutdown by the government is killing businesses, and to save the businesses from the government action the government must compensate them in order to compensate the population they have severely damaged. It's not just jobs that are being lost along with businesses, it's people's futures as retirement plans are being devastated. It would have been cheaper to require citizens all wear masks and gloves or painter's suits than to shut down everything for what amounts to a bad flu. Now we have Congress requiring trillions of dollars of our money and requiring hundreds of millions of dollars for arts programs be included in the bill. The oversight needs to be over congresses priorities as they are openly abusing the crisis for their own ends.
- Craighead 7y agoThis has to be one of the worst faith comments I've ever read on the internet.