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Excuse my ignorance, but why aren't banks liquidated and assets sold in bankruptcy court just like every other business? Are banks "special"?
it depends.
a local bank around here failed, and they liquidated its assets. it was bought by a bank from charleston. Small banks, credit unions, etc., are "average Joes" and more or less subject to rule of law, like any other business.
a handful of about a dozen or so banks -- "financial institutions", i should say -- are thought of by Republican and Democrat politicians as "Too big to fail." Instead of forcing them to declare bankruptcy in 2008 like we did smaller banks in 2009-2011, instead we changed the rules and gave them a ton of taxpayer money.
She was right. However, like everyone here on the message board, Palin has the luxury that her opinion doesn't matter because she's never been in charge.
For the people who actually were in charge, the politically "safe" thing to do is to recapitalize the banking system and pump new dollars into the economy. That's the path to getting re-elected.
Ultimately this banking system issue was just a class war between the interests of asset holders, and the interests of wage earners. The asset holders won because the wage earners didn't even know they were under attack.
like everyone here on the message board, Palin has the luxury that her opinion doesn't matter, because she's never been in charge.
my belief is that it is the politically "safe" thing to do, to recapitalize the banking system and pump new dollars into the economy. That's the path to getting re-elected.
Ultimately this banking system issue was just a class war between asset holders and wage earners. The asset holders won because the wage earners didn't even know they were under attack.
Bull. Citi, Bank of America, Goldman Sachs, Morgan Stanley, JP Morgan Chase, Wells Fargo, absolutely "won." Not one of them should exist right now, and yet their combined market cap is in the trillions of dollars.
In addition, billionaires the world over "won" when we printed a trillion dollars and lended it to the people who were closest to the federal reserve.
Damage control for the Fed, trying to explain why what they are doing is not working. I can't remember the last time a fed chief stood before the cameras to answer questions, other than before congress.
The problem that resides with those folks who despise Palin, is that they don't have any specific failure with either policy decisions or actions to point to that can justify their sharp criticism of her. Simply being a folksy, somewhat backward, middle class hick, from Alaska, is not a failure or a reason for so much hatred and scorn.
Exactly. Giving them the money caused inflation. That is why we should not have given them any money.
Agreed!!!!
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