Quote:
Originally Posted by bobdbilder
I would think that if market was not regulated, all banks would have failed circa 2007. Which would have then snowballed to the auto sector and definitely energy. Plus it would have spread world wide and cause a massive upheaval.
Which at hindsight would be good as we could rewrite everything. Yet we keep doing the same thing over and over again. Nothing has been fixed. As we approach the 10th year anniversary of the Great Recession, would we flailing the same banner? Again?
The idea of a free market is great as long as you accept the other half of the equation; failures should be left on their own. Every time the GOP runs out of money, Congress says ok to raise the ceiling. And a defence contractor seals another billion dollar deal. Nobody is willing to let failure happen. So we cannot say free market is practiced because there is always a safety net.
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I agree with most of what you're saying. The fact that big banks survived the 2008 financial meltdown has nothing to do with regulation and everything to do with public money being used to bail them out.
There should have been a stipulation that if a bank accepted public bailout money, that the shareholders must fire the entire executive management and hire new people. Heck, if I was on a board of directors and was lead off a cliff by reckless behavior, I'd send the idiots packing with no severance pay. Don't even list me as a reference for your next job as Walmart middle-management.
It makes sense that if people are allowed to make unlimited profit, they should also bear the consequences of financial collapse.
Freebeard- Bitcoin is a horrible currency, and I can't wait for it to collapse. It takes an exponentially increasing amount of computing power to calculate the transactions, which means enormous amounts of electricity are being consumed. I'll point out that anything with an exponential rate of growth is unsustainable. Finally, Bitcoin is mostly used for illicit transactions and has little purpose outside of that. All of the recent news about ransomware is only made possible by this untraceable currency.
...and now this thread is completely off the rails. I suggest a lounge thread if there is any value to continuing this discussion.