4 ms·
Is this the reasoning that is borne out the best interests for USA (and the world) or just an emotional backlash to "stick it to the man"? We're not living in
by corimaith 2y ago
Is this the reasoning that is borne out the best interests for USA (and the world) or just an emotional backlash to "stick it to the man"?
We're not living in a playground with rounded corners, sometimes there are bad choices and there are even worse choices. You might feel moral indignation at the bankers who "got away" with the GFC, but is the feeling of moral satisfaction worth realizing a second Great Depression and potentially WW3 to come out of it?
The GFC happened due to the improper conduct by ratings agencies that gave subprime loans much higher credit status than should have gotten, overloading banks with toxic CDO assets that lead to a major systemic risk once the housing bubble popped. 10 years later, perhaps the executives got away with "golden parachutes", but we're not dealing with exotic derivatives much anymore, the biggest bubbles are just in pure hype stocks or index funds, whose risks are very much anticipated and do not pose a unknown systemic risk poised for incorrection. So I would argue that lessons were learnt.