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It hasn't been going on for decades. Prior banking crises were because of holes in regulation (and of course bad behavior by banks) that were unknown to the pub
by mmooss 2y ago
It hasn't been going on for decades. Prior banking crises were because of holes in regulation (and of course bad behavior by banks) that were unknown to the public, regulators, and most of the banking industry. Regulators didn't give the green light to participate in highly risky activities that the public was already aware of.
There is always risk - everyone takes some risks - but the matter of degree is everything. Some people risk crossing the street against the light, some people go skydiving, some people climb in Yosemite without a rope.
- FloorEgg 2y agoI wasn't talking about risk, I was talking about fraud. There's a lot of fraud going on, and probably always has been and always will be. It becomes obvious when the pie is shrinking, and it's hard to notice when the pie is growing rapidly. You're using a straw man about risk to argue against my point instead of addressing it directly. Sure the fraud methods evolve, but the idea that it's some new recent phenomenon is what I'm arguing against.
- mmooss 2y agoIt's the same mistake misconceiving of fraud rather than risk: The issue isn't its existance - of course there will be some somewhere - but the degree. It's like saying it rains everywhere - which is true - so everywhere is the same in terms of drought, floods, etc., and we shouldn't build dikes, storm sewers, water storage, etc. It's nonsensical. The argument also fails logically: If there is all this fraud, why would we be seeking more? Someone just told me the US should invade Mexico because there has always been warfare. Same bizarre argument. Let's minimize fraud and warfare, not increase them dramatically (because there has been fraud and warfare before).
- FloorEgg 2y agoI'm not arguing that because there has always been fraud we shouldn't fight it. I'm arguing that I don't think there's substantially more fraud now than there always has been.
- mmooss 2y agoI think there will be more with Trump in office, the Republicans controlling Congress, and as the federal government supports cryptocurrency. The FDIC's decision I think will increase fraud.
- FloorEgg 2y agoI suspect the majority of our disagreement boils down to different perspectives on what we consider fraud.