I dunno about: There were (and are) a lot more corrupt than honest...HooDat wrote: ↑Mon May 13, 2019 10:56 amwhich is what supports the TAATS narrative - because NOTHING changed! There were (and are) a lot more corrupt than honest. And probably twice as many inept - who were playing with financial tools they did not begin to understand, but nobody in charge (of the corporations or at the gov) cared because it wasn't their money at risk - they had all upside and no downside....MDlaxfan76 wrote: ↑Sun May 12, 2019 10:48 am Cool, you I understand, you're super far left...except when it comes to Trump...he hates Obama too.
But for others, I think we all need to remember that our economy was at an existentially bad place...largely due to deregulation of the banking system and the complete lack of regulation of shadow banking, with (unfortunately) the inevitable rise in massive fraud...by consumers, mortgage brokers, resellers, traders, credit reporting agencies...which led to an instability that was sweeping up the honest along with the corrupt.
The system needed rescue. Fast. Non-partisan.
We can criticize all sorts of decisions along the way (and I would), but what I think we need to recognize today is that we're right back on the path to instability, with more concentration in the system, less access to small business, and easy money to the large. And we're ignoring it; instead we're whining about immigrants who are fleeing total destitution and violence.
A lot of corrupt folks, for sure, from consumers knowing they were inputting false income information, to the brokers who encouraged them or did it for them, to the people at the top who incentivized this behavior and counted their money, and on and on.
But more than honest? Don't think so.
More should have gone to jail, though, as there really were corrupt people involved, real fraud.
I do agree as to "inept" or perhaps "lazy" intellectually. But there were darn few folks who actually understood what was happening and its risks; it's a ton easier to see it with 20:20 hindsight. An awful lot of smart folks missed it.
Of course, this is human nature. Focus on the immediate, grab what you can while you can, and someone else can take care of the big picture. But when those in such power are dependent upon the $ from the industries that need to be regulated, we get the sort of cutting of regulations and of lack of enforcement of the remaining...until we go off the cliff.
I do agree with the TAATS point. Folks were super eager to make and keep as much money as possible, while the getting was good, too busy to worry about the risks. We're seeing that again with the current deregulation and hyper-juicing of the economy.
Those in a position of power and knowledge are too busy enjoying the ride, those in such positions are not taking nearly seriously enough the risk of the next cliff.
Big tax break for the wealthy and for corporations. Easy money at the Fed, politically threaten Fed independence. Deregulation across the board, deep cuts in enforcement staff.
Political sop for GOP: Big increases in defense spending, especially in GOP districts. Political sop for the Dems: promise of Infrastructure bill.
No meaningful attention to healthcare costs, no meaningful attention to education, no attention at all to entitlement spending.
Instead, distract the low information voter with "immigrant invasion'. Trade war. Oops, trade war hurts farmers, emergency funding for farmers.
Meanwhile, those in the private sector are grabbing as much as they can as fast as they can...which is what they are incentivized to do.
Cliff is coming. It's not too late to adjust and prevent, but the current path appears to be accelerating.
