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Why does taking private loans against his private assets count as socializing risk? The banks he gets these loans from understand the risk and do not represent
by gradys 6y ago
Why does taking private loans against his private assets count as socializing risk? The banks he gets these loans from understand the risk and do not represent "society".
- InitialLastName 6y agoAs we've seen, when banks' habits of making bad loans catch up with them they tend to get bailed out by the federal government.
- gradys 6y agoIf you mean 2008, yeah, you're right, but those were mostly loans to relatively low income people buying homes, not loans against billionaires' unrealized capital gains.
- sidlls 6y agoThose were mostly covering obligations in the huge CDS market that grew up around bad loans, not the loans themselves.