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I think that's a bit naive and very easy to say after the fact. It you'll remember, GE was afraid it wouldn't be able to make payroll at the height of the panic.
This wasn't everyday. To pretend it was is just wrong.
What makes you so confident it's after the fact? If banks truly had to be bailed out (doubtful) to save the financial system then they should have been nationalized, broken up, and sold off just like the savings & loans with the RTC. With people going to jail like the savings & loans. Many people said so in 2007 including me. Rewarding failure will only result in bigger failures. The TBTF banks are larger and more vulnerable now than 2007. Good job fixing the system for both the bush & obama teams (that's sarcasm in case you missed it).
The housing bubble, ponzi financing schemes, and associated MBS, and CDS were giant Malinvestments.
Stated before - instead of creating easy financing associated with unsustainable bubbles, should have invested in education, manufacturing, small business, and US self reliance.
Its all Malinvestment from being allowed to overturn key securities laws made possible by "buying" Senators and Congressmen.
tatupu70
@
2013 May 20, 1:32am
What makes you so confident it's after the fact? If banks truly had to be
bailed out (doubtful) to save the financial system then they should have been
nationalized, broken up, and sold off just like the savings & loans with the
RTC. With people going to jail like the savings & loans. Many people said so
in 2007 including me. Rewarding failure will only result in bigger failures. The
TBTF banks are larger and more vulnerable now than 2007. Good job fixing the
system for both the bush & obama teams (that's sarcasm in case you missed
it).
Don't misunderstand--I agree 100% that something should have been done prior to 2007, I'm all for people being held accountable, and I concur that the TBTF banks need to be broken up immediately. You're right--the system wasn't fixed.
And your solution of nationalizing the banks, while probably impossible poilitcally, would have likely been better.
tatupu70
@
2013 May 20, 1:33am
Its all Malinvestment from being allowed to overturn key securities laws made
possible by "buying" Senators and Congressmen.
So you're in favor of campaign finance reform, right?
That's all dancing around the real issue - no regulation will get you anywhere as long as a crime is not a crime when wall street does it and/or politicians are involved. Restore the rule of law which has been out of order for quite a while now. Instead of criminal money printing and bailout for the cronies, just orderly bankruptcy for the banks and some serious jail time and claw-backs for the fraudsters would have done trick. The TBTFs would have been gone by now and made room for smaller banks who lent responsibly. No voodoo crony economics needed ;)
We should create rules where the Senator recievings funds has to disolve themself of voting.
They have rules like this but not enforced.
Nearly impossible?
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http://www.cnbc.com/id/45674390
There are 114,761,359 households in the U.S. This means that you, personally, lost $252,698.30 bailing out greedy ass bankers.
Let me repeat that. You, personally, lost over quarter of a million dollars bailing out a scumbag banker who looks down at you like you are subhuman.
Let me put this in even plainer terms. You lost this house. You could be living in either of these two houses, fully paid off, if the banks and the federal government didn't fuck you over.
This is not an exaggeration. This is actually what your family lost, in real terms, from the bank bailout. Why aren't you pissed off?