danickstr wrote on Sun, 21 September 2008 13:14 |
If you think you have figured out the financial system and how it is corrupt, then run for office. Fix it for all of us and be the world's greatest hero.
But isn't it easier to just sit and blame the "corrupt government" rather than to look at what actually happened and plan for it to happen again, in a new set of clothes?
If you look at the positive impact of what the RTC will do. (resolution trust corp) then this is a great save. Letting big financial firms fail will HURT you more, whether you like it or not.
Letting them get this far ahead of the game is just politics as usual, when there are a bunch of smart wall-street guys and less smart government guys.
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the way to keep this from happening again is to let these companies go broke. that's the only real consequence that will have a lasting impact in the market.
and yeah, the initial bankruptcy of these firms would hurt probably more than the immediate cost from the bailouts. in the same way that amputating your arm hurts more than the immediate effects of gangrene on your fingers.
we DID see this happen before. remember the S+L scandal from 20 years back? we had the same solution then. bail out criminal enterprise with taxpayer money. how well did that stop the same situation from happening again?
if we don't hold people accountable for running what is essentially a massive ponzi scheme, then they're going to do it again.
if that fucks up wall street then maybe this country can't afford a wall street.
if that fucks up our standard of living then maybe we need to get used to not having SUV's, 60'' plasma televisions, and $12 martinis 4 times a week.
by refusing to deal with the problem now, you are condemning future generations to the increased strain from a massive national debt, and you'll be holding your children responsible for a gordian knot of an economic mess that is simply not their fault.