From Dave Budge:
For example, if the Fed and the Treasury had not offered a doctrine of too-big-to-fail since the late 1970s financial institutions would, in part, not engage in risky behavior that results in private gains/public losses. That’s not to say that certain other aspects of the finance sector don’t deserve strict regulation (although I’m not in the mood to debate what those are right now) but certain “self-policing” has all the incentive necessary to protect the public from wide-spread abuse.
I guess we’ll have to wait until he’s in a better mood for clarification, but his counting system apparently goes like this: 2004, 2005, 2006, 2009, 2010… *
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On a less snarky note, one might ask why people are not swayed by physical evidence? We nearly imploded in 2007-09, and even Greenspan admitted to being surprised that markets actors would act in a self-destructive manner. I don’t know where he’s at now, but he did have a lucid interval.
Some time last year I tuned in to C-SPAN to hear what was meant to be a debate between Ralph Nader and Ted Turner and some other guy, only Turner did not know that it was to be a debate. Ralph had more or less trapped him into coming on false pretenses, but Turner is resilient and smart. I roughly quote Turner, who told Nader right off that he had tried kicking the system, and all he got was a broken toe. He asked Ralph what he had accomplished in his presidential runs besides a broken foot?
That was it for me. I knew that Turner was right. The two men are similar and different – in the face of futility, Turner moved on to other pursuits, while Nader keeps kicking, kicking, kicking.
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