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re: 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 9:11 pm to TigerFanatic99
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?
2
Posted on 5/15/17 at 11:30 pm to TigerFanInSouthland
quote:
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?
Greece is a bit different because it's been a long, slow slide into their current predicament. The economy and the society had time to adjust to their new norm.
This would have been dramatic and incredibly quick.
It was probably the right move, but the moral hazard it created is still hard to swallow.
If liquidity had dried like the Dead Sea, it would have been as bad as the Great Depression and maybe worse. People are still (rightfully, in a lot of cases) pissed off at the financial sector, but they're not rolling quite like they did back in the day. The 2/20 model is under a lot of pressure for the asset managers (the really big rollers), and tech is getting the glamour now and is sucking up a lot of talent that used to go to Wall Street.
This post was edited on 5/15/17 at 11:37 pm
Posted on 5/16/17 at 7:32 am to TigerFanInSouthland
quote:
How painful we talking here? Like Greece painful?
Not Greece bad, but it would have likely been another depression. I think the rebound would have been faster and stronger, but the initial gut-punch of the market collapse for 2-3 years would have been an extremely difficult time.
My biggest issue with the bailout is that we never learn from it; banks are already, 10 years later, heavily invested in the subprime market again (thanks to government regulations, again) and things look eerily similar to the early 2000's, minus the incredible job market. They know they can never truly fail thanks to government interference, so they will do what makes them the most $$$ in the short term, then take massive buyouts when the bubble bursts. It's a win-win for them and it's the American taxpayer/consumer who gets fricked. Most of them are either too lazy or too stupid to care, though.
This post was edited on 5/16/17 at 7:34 am
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