[quote]reddog6376 wrote:
Gambit_Lost wrote:
[i]"Potentially we could be in more danger now than we were a year ago,"
“These banks that were too big to fail are now bigger,” Barofsky said. "Government has sponsored and supported several mergers that made them larger and that guarantee, that implicit guarantee of moral hazard, the idea that the government is not going to let these banks fail, which was implicit a year ago, is now explicit, we’ve said it. So if anything, not only have there not been any meaningful regulatory reform to make it less likely, in a lot of ways, the government has made such problems more likely.[/i]
This is accurate. We need regulatory reform.
Now when (if?) the president goes for reform, will you support it or cry about government getting bigger, scream about how we need less regulation, not more, and cry socialism?
Banking is the most heavily regulated industry in the country, and see how well that has worked out for us? How about the gov’t stop bailing these clowns out, let them go bankrupt, than someone who can actually run a business will step into the void. Get the gov’t out of private industry!
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I agree. They’ll gladly let you, the average citizen, go bankrupt, but then take your tax money and give it to a bank to keep them from going bankrupt. How many well paying jobs could $700 billion have created? With $700 billion, they couldve sent every adult citizen in the country a check for $7000. That wouldve helped alot of people. Obviously the money was there, $700 billion just didnt materialize from thin air.