Banker: Gone are the giddy days when I reaped vast personal rewards for taking spectacular risks with other peoples' money...
Banker: Now I'm using your money.
Thanks for voting Democratic Party ! ! !
nomad, I’ll grant you that this is a good critique of President Obama’s bank rescue policy. But the snarkiness of your comment is at odds with the fact that the critique is equally valid for President Bush’s bank rescue policy. And, for that matter, for Reagan’s deregulation binge that led to the S&L crisis. The S&Ls knew that they could invest in high risk, high yield junk bonds because they were still insured by the government.
So criticize, yes. But don’t attempt to narrow that criticism to just the Democrats. None of our political leaders (regardless of party) seem to have learned their lessons.
^ tpenna, President Bush’s bank rescue policy couldn’t have happened without the help of the Democratically controlled Congress.
You are correct though, the lesson’s from Regan’s S&L fiasco were long forgotten by the time that Clinton started tampering with the bank regulations.
In this day & age snarkiness is what keeps me from completely falling into despair. Sorry if my little quirk offends you.
^ nomad, I get what you mean about despair.
my biggest question is why is there not a huge class action suit against the ceos who are responsible for the ponzi and who are still dancing around with whose money? where? and why are they still dancing? madoff went to prison. these people are no better.
Amazing the “short attention span theatre group” has forgotten the bankers were bailed out by the LAST ADMINISTRATION.(with idiots on the left in tow)
nomad2112 please don’t misread my comment as having attempted to excuse the Democrats. I rather clearly did the opposite.
Good arguments can be made on both sides of the “too big to fail” matter. But if a company is to be bailed out because it is “too big to fail” then a provision of said bailout should be to break the company down into several smaller companies. No company should remain too big to fail for long.
Unfortunately this didn’t happen, and the big banks learned the lesson that Davies presents.
April 12, 2017
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