4 ms·
This recent trend of blaming the fires on the people who sounded alarms is really bizarre. The "bank runs" were caused by the banks being bad at their jobs, no
by stametseater 4y ago
This recent trend of blaming the fires on the people who sounded alarms is really bizarre. The "bank runs" were caused by the banks being bad at their jobs, not by those who noticed it and said something. If Moody's has a share of the blame, it's because they said too little too late, not too much.
- BoorishBears 4y agoCritical thinking isn't a recent trend. With some critical thinking one can both blame the banks for misbehaving, but also see the irony in a rating agency's early warning of an impending downgrade being a partial catalyst in something a lot worse than a simple downgrade. An overly simplistic world view means dealing in absolutes that are generally not compatible with the concept of fractional banking (or really any complex system).