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The bailout part of TARP worked (even though I disagreed with it at the time). The biggest problem is there was no stick. They need to have a system where they
by megaman821 3y ago
The bailout part of TARP worked (even though I disagreed with it at the time). The biggest problem is there was no stick. They need to have a system where they can claw back bonus, cancel golden parachutes, fire the c-suite and start investigations for criminality.
- bradley13 3y agoThis. A couple of years after the 2008 mess, I looked up the names of some of the bigwigs who helped cause the collapse. A few had retired with golden parachutes. Most had just changed jobs and were leading other financial institutions. None of them suffered any sort of consequences.
- mywittyname 3y ago> The biggest problem is there was no stick. We have a system that publicizes risk and privatizes losses. I don't think that's going away any time soon. Trying to create a "stick" will be met with complaints of government overreach. Those same complainers will put on a show of holding their noses while filling the feedbag with as much carrots as will fit. There are enough people in Congress that want to carve some sticks. But when it comes down to it, they don't have the guts to watch the herd starve just to make a point. If I were a member of Congress, I'd probably cave too. It would be nice if we could have a system that punishes those who destroy our economy, but it's not worth letting innocent people suffer to make that happen (IMHO).