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Would We Have Been Better Off If The Gov't Let The Banks Bottom Out, Not Bailing Em Out?
Posted on 5/15/17 at 8:58 pm
Posted on 5/15/17 at 8:58 pm
Watching "Madoff" on CNBC, they're going into the 07 recession. Keep in mind that I was around 13 at this time, so I didn't know a thing about it relatively speaking. Seems to me that a lot of tax paying dollars went into bailing out the banks, auto companies, housing market, etc. would the American people have been better off to let them hit bottom and then work back up?
I'm not too schooled on what happened during this other than constantly hearing my dad talk shite about Fannie and Freddie and getting pissed about Barney Frank.
I'm not too schooled on what happened during this other than constantly hearing my dad talk shite about Fannie and Freddie and getting pissed about Barney Frank.
This post was edited on 5/15/17 at 9:04 pm
25
Posted on 5/15/17 at 9:00 pm to TigerFanInSouthland
Don't forget the auto industry.
Should we get ready to bail out jc penney, sears, circuit city? Hell no!
Should we get ready to bail out jc penney, sears, circuit city? Hell no!
Posted on 5/15/17 at 9:01 pm to TigerFanInSouthland
Long term, we probably would have been better off, but it would have been painful as frick in the short term. More so than it already was.
Posted on 5/15/17 at 9:01 pm to LSUSUPERSTAR
I didn't, I mentioned them.
Posted on 5/15/17 at 9:05 pm to TigerFanInSouthland
I think the rational was to prevent another great depression.
Posted on 5/15/17 at 9:07 pm to ksayetiger
Problem is, a lot of smaller banks didn't survive & the free market took a hit.
Big banks took our tax $, acquired their competition, & resumed gouging consumers even more after. As close to socialism as I've seen in action on that scale here.
Big banks took our tax $, acquired their competition, & resumed gouging consumers even more after. As close to socialism as I've seen in action on that scale here.
Posted on 5/15/17 at 9:08 pm to TigerFanInSouthland
Probably would have ended up with another depression imo. So I think a bailout was the right move, though it could and should have been structured better.
Posted on 5/15/17 at 9:11 pm to TigerFanatic99
quote:
Long term, we probably would have been better off, but it would have been painful as frick in the short term. More so than it already was
How painful we talking here? Like Greece painful?
Posted on 5/15/17 at 9:12 pm to TigerFanInSouthland
No. The banks all repaid the loans they received plus paid interest.
Enough banks failed to maintain market discipline, including Lehman Brothers, yet a catastrophic long-term meltdown of the world's financial markets was avoided.
A large part of the bad home loans were at the behest of the federal government which is probably why your dad wisely got pissed at Barney Frank.
Enough banks failed to maintain market discipline, including Lehman Brothers, yet a catastrophic long-term meltdown of the world's financial markets was avoided.
A large part of the bad home loans were at the behest of the federal government which is probably why your dad wisely got pissed at Barney Frank.
Posted on 5/15/17 at 9:13 pm to TigerFanInSouthland
quote:
they're going into the 07 recession. Keep in mind that I was around 13 at this time
So that makes you like twenty five now? Your too young to have an opinion that matters, sport.
Posted on 5/15/17 at 9:13 pm to TigerFanInSouthland
Iceland let the banks fail, prosecuted the bankers, and bailed out the depositors. Their unemployment rate peaked at 6.3%.
Posted on 5/15/17 at 9:15 pm to LucasP
quote:
So that makes you like twenty five now? Your too young to have an opinion that matters, sport.
Yeah, well HS doesn't equal HR, still.
Posted on 5/15/17 at 9:15 pm to AjaxFury
quote:
Problem is, a lot of smaller banks didn't survive & the free market took a hit.
Big banks took our tax $, acquired their competition, & resumed gouging consumers even more after. As close to socialism as I've seen in action on that scale here
Oh, I agree completely. I just said what the rational was.
Posted on 5/15/17 at 9:18 pm to TigerFanInSouthland
quote:
Yeah, well HS doesn't equal HR, still.
You shut your whore mouth.
Posted on 5/15/17 at 9:21 pm to AjaxFury
quote:The banks were loaned money which they repaid at market interest rates which actually reduced the federal deficit.
Big banks took our tax $, a
A couple of the banks also issued stock warrants to the fed government (Citibank comes to mind) which the government eventually sold at a pretty good profit for taxpayers.
Posted on 5/15/17 at 9:27 pm to LSURussian
See, I didn't know any of this. See, to me, it seemed like they were just kicking the van down the road for another day. But, like I said, I don't really know much about it.
Posted on 5/15/17 at 9:27 pm to LSURussian
quote:
A large part of the bad home loans were at the behest of the federal government
That is simply not true.
Also the federal government had zero to do with those loans being packaged and sold as a secured invested and insurace being offered on those investment.
This post was edited on 5/15/17 at 9:31 pm
Posted on 5/15/17 at 9:33 pm to CaptainBrannigan
It simply is true.
Posted on 5/15/17 at 9:39 pm to LucasP
quote:
07 recession
quote:
13 years old
quote:
2017
quote:
25 years old
Posted on 5/15/17 at 9:42 pm to BruceJender
I was pretty close. Not bad for doing it in my head.
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