Hebalobia wrote:AuSable River wrote:For example, the reckless and irresponsible financial institutions that engaged in questionable business practices prior to the 2008 crisis successfully went to Washington to get bailed out by Bush, RINO republicans and virtually every democrat in Congress (including obama).
You don't see the irony of this statement?
I suppose we should place our faith in those "irresponsible financial institutions?" And by the way, what allowed them to act so irresponsibly? It was the deregulation pushed through by the Republicans in the early part of the Bush administration.
Here's the bottom line, there is enormous pressure on management in the business world to cut corners and cheat whenever they think they can get away with it. Who's more corrupt, the government or the special interests trying to influence the government?
Here's a news flash for you, don't judge government by politicians. The overwhelming majority of the regulatory professionals at the FAA, FDA, Housing, Education, CDC and the other professional civil service agencies are not corrupt. They're honest middle class employees trying to do their job and protect you and me despite being underpayed and outgunned financially and in terms of knowledge and talent by industry. Yet they show up every day and do a pretty good job. If that's what you call "big government," you're damn right I'm in favor of it.
I interface with government employees in the DoD all the time and I've never met one that's corrupt.
read my posts.
we dont need to put our faith in any corrupt or reckless firm because -- in a free society --- they will go bankrupt.
and your wrong -- the financial industry before, during, and after bush was heavily regulated. INdeed, govt has a monopoly on interest rates, monetary policy, fiat money, FDIC, dept of treasury, SEC, et al.
there were dozens of government bureaus and departments whose sole responsibility was regulating banking and finance.
Lastly, the very fact that the reckless participants got bailed out is confirmation that the market was rigged because there was no risk to the big financial firms to engage in reckless investing because they and government are one in the same.
take away government's ability to pick winners and losers and these firms wouldnt have been bailed out and I guarantee that future participants in banking, insurance, and finance will exercise far more due diligence.
IN sum, govt incentivised bad decisions by insulating these actors from the consequences of their actions.
hence, private gain, public responsibility --- this is not capitalism, it is crony capitalism. two opposites.