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Same as it ever was in DC

twofbyc

twofbyc

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Oct 14, 2009
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Tidewater said:
I hope you are right.
I don't have any animus against Wall Street. They fulfill a useful societal function getting capital to companies or individuals with bright up-and-coming ideas for new products and services.
If I gamble that pork bellies are going to go up and invest accordingly, I get to pocket the profits when I guess correctly. When they go down, I can't turn to the taxpayers and say, "I'm ruined! Bail me out!" I don't get to socialize the debt if I get things wrong.
Companies might assess risk differently if they know they are ruined if they accept great risk and it turns out badly. They might be more circumspect.
Click to expand...
Nor do I. But I have never recovered from the anger over the last bailout (simply hundreds of them not doing jail time is a bailout, IMO), and i'm pretty sure I won't survive another one.
The fact that the monied interests gamble and lose and then make us, the taxpayers, replenish their stake is just mind-boggling. The fact that it had gotten to the point it did in 2008 (and will again, with the permission of our elected leaders) is just downright nauseating.
 
Bamaro

Bamaro

TideFans Legend
Oct 19, 2001
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Jacksonville, Md USA
Tidewater said:
I hope you are right.
I don't have any animus against Wall Street. They fulfill a useful societal function getting capital to companies or individuals with bright up-and-coming ideas for new products and services.
If I gamble that pork bellies are going to go up and invest accordingly, I get to pocket the profits when I guess correctly. When they go down, I can't turn to the taxpayers and say, "I'm ruined! Bail me out!" I don't get to socialize the debt if I get things wrong.
Companies might assess risk differently if they know they are ruined if they accept great risk and it turns out badly. They might be more circumspect.
Click to expand...
I do and you and everyone else should too. They are the ones that gambled with depositors money, made fortunes for themselves and then brought the economy to the brink of collapse causing massive public debt and unemployment. Yeah "they fulfill a useful societal function getting capital to companies or individuals" but without controls, which this budget bill weakens significantly, greed overcomes their reasoning.
 
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