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What would have happened if they had let the banks fail in 2008?
Posted on 6/2/22 at 1:34 pm
Posted on 6/2/22 at 1:34 pm
Would we be better off or worse than we are today?
26
Posted on 6/2/22 at 1:36 pm to thadcastle
The projections that Nancy Pelosi put out showing what would happen if we didn't bail out the banks turned out to be better than after we did bail them out.
Posted on 6/2/22 at 1:38 pm to thadcastle
quote:
Would we be better off or worse than we are today?
There would've been some real REAL bad years for a couple years. But in the long run, this nation would've been 10x better off.
The most dangerous words in the English language are "I'm from the government, and I'm here to help."
Also, as with most every fricked up thing in this nation/nation's history, the Democrats are the ones that fricked it up.
This post was edited on 6/2/22 at 1:39 pm
Posted on 6/2/22 at 1:39 pm to thadcastle
Posted on 6/2/22 at 1:40 pm to thadcastle
People would have learned that in a free market economy you can make or lose money.
Posted on 6/2/22 at 1:40 pm to OMLandshark
quote:You back from being too emotional to post for while?
OMLandshark
Posted on 6/2/22 at 1:41 pm to thadcastle
We would have likely had a depression or a reckoning. it would have sucked but all we did was kick the can down the road and made it worse
Posted on 6/2/22 at 1:44 pm to thadcastle
People hopefully would be really pissed off but after public lynching or beheadings of a few 1000 walstreet assholes, I think the message would get out
Posted on 6/2/22 at 1:48 pm to thadcastle
They definitely should have let GM go out of business. They are building even shittier stuff now which is truly amazing.
Posted on 6/2/22 at 1:50 pm to chryso
Other banks would now be bigger. When one business ends, others transform, grow, and begin.
Posted on 6/2/22 at 1:52 pm to Hangit
quote:
Other banks would now be bigger. When one business ends, others transform, grow, and begin.
Maybe more, smaller banks would have been started.
Posted on 6/2/22 at 1:54 pm to thadcastle
It would have been a brutal time and would have created a vacuum that I think could have been filled with even worse things than what we currently have. The only real positive would be that the entire country would have gotten a good lesson on how capital markets work and would have had plenty of time to read about it in the unemployment line.
Posted on 6/2/22 at 2:08 pm to thadcastle
Credit would have dried up which would have been terrible, extreme, and obnoxiously bad. I’m not sure how long the depression would have lasted, but bad. These days I don’t even want to think about the can that was kicked down the road.
Posted on 6/2/22 at 2:10 pm to thadcastle
I would have preferred they just throw all the bank executives in prison. Biggest failure of the Obama presidency.
Posted on 6/2/22 at 2:29 pm to Hangit
quote:
Other banks would now be bigger. When one business ends, others transform, grow, and begin.
That’s an interesting thought.
It’s a little counterintuitive because the bailouts kind of reinforced the idea that bigger = safer. So you would think that by not bailing anyone out, it would have incentivized the market to steer in the opposite direction.
But your point makes logical sense, I think. Someone would have bought those assets for pennies on the dollar. Maybe the question is less about the size of the banks and more about their risk tolerance.
Posted on 6/2/22 at 2:30 pm to thadcastle
After reading this book I was amazed to find out that many of our financial leaders really were not qualified for the positions that they held.
A couple of major firms were forced to fold before TARP kicked in. Goldman made out like a pirate. GM and Chrysler should have been liquidated.
Posted on 6/2/22 at 2:54 pm to thadcastle
Mortgages would've been impossible to get, small businesses that rely on advances for payroll would've been hammered, etc.
The right move was not to bail out the banks, but to bail out the people the banks preyed upon. Liquidity would've stayed, banks would've been solvent, people would've had spendable money.
Instead we got the start of where we are today, where everyone knows the government does not give af about people.
The right move was not to bail out the banks, but to bail out the people the banks preyed upon. Liquidity would've stayed, banks would've been solvent, people would've had spendable money.
Instead we got the start of where we are today, where everyone knows the government does not give af about people.
Posted on 6/2/22 at 2:55 pm to thadcastle
quote:
Would we be better off or worse than we are today?
quote:
better off
Posted on 6/2/22 at 2:58 pm to JackieTreehorn
quote:
They definitely should have let GM go out of business. They are building even shittier stuff now which is truly amazing.
Stopped in a Buick/GMC dealership a few months ago.
4 vehicles on lot.
2 assembled in Mexico, 1 in China, 1 in USA.
So much for the bailout saving American jobs
Posted on 6/2/22 at 3:24 pm to dandyjohn
quote:
The right move was not to bail out the banks, but to bail out the people the banks preyed upon.
I mean, isn't this the student loan forgiveness bullshite in a nutshell?
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