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Basically, he's saying that we should allow banks to go bankrupt instead of bailing them out.
by nandemo 15y ago
Basically, he's saying that we should allow banks to go bankrupt instead of bailing them out.
- jamesaguilar 15y agoHe also mentions academic economists. I guess that was my main objection, especially since many academic economists did not support the policies that ultimately caused the financial crisis.
- Fliko 15y agoWouldn't that have killed the US economy?
- neilk 15y agoHe's also saying that no bank should be too big to fail.
- kristianp 15y agoHere's what he actually said. It's pretty clear: 2. No socialisation of losses and privatisation of gains. Whatever may need to be bailed out should be nationalised; whatever does not need a bail-out should be free, small and riskbearing. And the next sentence criticises what was done. We have managed to combine the worst of capitalism and socialism. In France in the 1980s, the socialists took over the banks. In the US in the 2000s, the banks took over the government. This is surreal.
- jamesaguilar 15y agoYikes, I just realized that I put down the wrong point. Point 3 was the one I objected to.