4-of-a-Kind
Join Date: May 2006
Posts: 1,660
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Oh and I forgot to mention that the whole too big to fail thing isn't being fixed. Wall Street is actually becoming bigger now than before, and because of this they know they're immune to having to pay for their own fuck ups. Fully expect to be bailing them out even more than we did this time in the next decade or one after.
It only took a couple years for the banks to exploit the Gramm-Leach-Bliley Act in 99 (which caused this mess), then it only took a couple more years for the entire ship to start sinking. Even if we get great regulations things will eventually get deregulated again.
But we won't even get good regulations in the first place. The last time we did it was during the Great Depression (which was astronomically worse than this), with a Congress that was extremely favorable towards socialist liberal progressive policy, and a president whom I recall was waaaaaaaaaaaay further socialist, anti-corporate, and pro-middle class than the policies he was able to get reflected.
But that was a bygone era which I doubt we will ever see again. Maybe after the Earth is 5 degrees C hotter than today, or when everybody have brain chips that make them smarter and more empathetic. It was only because of how bad the Great Depression was that stuff got fixed to the degree that it did. By bailing out the banks, we stopped another GD from happening. While this is better for us, the effects are worse for our future and progeny
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