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 Originally Posted by a500lbgorilla
And we will do it again?
This is a philosophical question at this point.
If the banks ask us for 1,000 billion dollars, will we give it to them? I say no, you sound like you say yes, who wants to accurately predict the future?
We absolutely will give them the money they need because "we" give it via proxy, and the banks, business, and politicians know that a collapsed financial system is game over. The only way we wouldn't give them money is if we physically stormed their headquarters with pitchforks
No way... seriously no way. I'll accept that you're swinging high to cover your low, but you're swinging so high that I can't help but think "no way"
This sounds like I slipped into opposite world and Coyote News is telling me about how the conservative media downplays President Jack Obama Johnson's economic plan.
I have no foundation for my no way belief but I find it difficult to think you have any better.
I don't think you're understanding what a financial system is. One thing it is is the ability to process financial transactions. EVERYTHING in the economy is dependent upon this. If the banks go under, transactions cease, and every other single business in the entire economy closes shop. Our government will stop at literally nothing to make sure the financial system does not collapse. This is why it's important to structure the financial system in such a way that institutional failure doesn't create systemic failure. Some of Europe has been passing policy that does this, but US has made it even worse
Seriously, I can't accept this. It's crazy talk. The Bush Admin was not some omnipotent, omniseeing, omniacting force in the world. Whatever caused Lehman Bros to collapse would probably be better attributed to the agents of that profession.
Naw it's not crazy at all. It's basic basic econ. The administration was given the option to stop Lehman from failing, but instead they pushed for bankruptcy. They had full knowledge that this would freeze a plethora of global transactions then there would be a cascade of defaults on virtually everything in the entire economy. The only way they didn't know this is if they were so brainwashed by their retarded Invisible Hand worship, which actually is a probability. Being able to analyze and calculate the damage of letting Lehman go under is basic stuff though. You could say they had so much hubris they were incompetent. I do think that could apply to the Administration, but not to the Administration's boss, Goldman Sachs. They've known exactly what's going on the entire time and they have placed their bets accordingly. They knew that it would work out much better to sacrifice a smaller bank in order to create the panic to allow them to dump their trillions of toxic assets onto the government
I just want to know what Obamacare is/was/will be.
I have read excellent synopses of it, but I couldn't find them again
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