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Bush decided AIG was too big to fail. Obama decided GM and Chrysler were too big to fail. Apparently it is a POTUS thing? In my humble opinion, let the bastards fail!
I couldn't agree more, and I don't give a fuck what party's doing it, it's bullshit. Yes, it will hurt for some of these , "too big to fail" businesses to fail, (especially political contributions/favors), but in the long run somebody would pick up the slack for the failed business. Who knows, some innovation might even come out of it.
I THINK this goes deeper than pastry.
While I tend to agree that we should have let them fail, because they are the ones that devised the entire crisis by taking huge risks from not following basic business protocol for sound banking.
HOWEVER, I have really been thinking about this and the question of WHY did President Bush and the congress and senate, believe that the bailout of these mega corporations was a 'life or death' of our country, situation?
And in my opinion, what was going on behind the scenes, was that our national debt had already risen to $11 trillion from the $5.6 trillion National Debt accumulated so far in our History as a country, which Clinton and his congress left them...was already requiring $400 billion in tax revenues to pay (back in 2005) for just the interest payment on that debt...AND this payment was at a fairly low interest rate, BECAUSE of our "A" credit rating....
sooooooooo, they were probably thinking that ALL HELL would break loose, IF the banks and AIG and Goldman Sachs, Fannie and Freddie etc failed, then our own Credit rating would be lowered, MAKING our yearly INTEREST payment on the National Debt rise to $800 BILLION a year of the Budget, leaving ONLY $400 billion left of our income tax revenues to RUN the rest of the country...like paying for Defense, paying for Medicare, and all else that they spend on...including the willy nilly crapola.
They wanted to be able to keep on keeping on, with their spending, without having to raise taxes in any quantities, which definitely would damper what they seem to do best, spend our money.
In addition to this, the higher interest rate, thus the doubling of our debt interest payment, could have cut us off from the borrowing needed, in any kind of national defense mission that could be put upon us.
I realize this is just speculation but I would bet I am right on this being a behind the scenes, factor, in all of this....
Congress grants the Executive branch the power to break up any company
The Constitution does not grant Congress the power to break up companies, so where the fuck did the congresscritters get the authority?!?!?!?!?!?!?!?
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To be blunt: The pulled it out of their asses.
I think you're already forgetting that the failure of Lehman Brothers (and earlier Bear-Stearns) created worldwide panic in the investment communities. If something was not done immediately to shore up their losses and prevent their bankruptcy, there would have been a 1929-like run on all banks, and the entire global financial system would have collapsed. And this country is intrinsically tied to the global financial arena.
Oh, btw while the Constitution grants Congress the authority to regulate interstate commerce. It doesnt give Congress the authority to break up companies, let alone give them the authority to delegate power to the executive branch to do it based solely on a determination by a "czar", or any other member of the executive branch, that said company is too big and detrimental to the economy.
The Congress also doesnt have a right to remove due process rights and tell the executive branch they can take someone's property away from them on a whim of the designated member of said executive branch.
Finally, the sheer amount of potential abuse this opens up by providing politicians a way to legally extort money from corporations would make any sane American downright stupid for thinking its a good idea.
Oh, btw while the Constitution grants Congress the authority to regulate interstate commerce. It doesnt give Congress the authority to break up companies, let alone give them the authority to delegate power to the executive branch to do it based solely on a determination by a "czar", or any other member of the executive branch, that said company is too big and detrimental to the economy.
The Congress also doesnt have a right to remove due process rights and tell the executive branch they can take someone's property away from them on a whim of the designated member of said executive branch.
Finally, the sheer amount of potential abuse this opens up by providing politicians a way to legally extort money from corporations would make any sane American downright stupid for thinking its a good idea.
All I can say is some of you have very selective memories about how this financial crash all began and finally came to a head, threatening EVERYONE'S very existence as we know it.
It's time for the blame game, and that prize goes directly to the financial institutions who played with YOUR MONEY and LOST IT ALL. Now you're defending their actions? Incredible, simply incredible.
We have prisons designed for crooks, and laws designed to put them there. If corporations act like crooks, they need to be punished, but you can't put a "corporation" behind bars. The next best thing is to break up the "corporate gang." It's a fucking no-brainer.
But, I bet you we taxpayers won't be paying for BILLIONS in bonuses the following year to retain their "talent"....
No..we will be paying billions to creditors when they come a knocking at the WH door saying WTF...you own them...now PAY US!!!
Choose your poison...either way WE LOSE!!!!!
I think you are getting ahead of yourself on this one. I believe this legislation is truly designed to ensure NO private companies ever get to the "too big to fail" status ever again. As long as measures are taken to prevent this, then your end result will not come to fruition.
No..we will be paying billions to creditors when they come a knocking at the WH door saying WTF...you own them...now PAY US!!!
Choose your poison...either way WE LOSE!!!!!
I think you are getting ahead of yourself on this one. I believe this legislation is truly designed to ensure NO private companies ever get to the "too big to fail" status ever again. As long as measures are taken to prevent this, then your end result will not come to fruition.
I'm not sure if the scope or intention of the statute is to limit the size of corporations....I think that is currently covered by the anti trust laws we have in place. Banks and Insurance companies NEED to be large in many instances so they can absorb more risk and damage should the market and/or economy shit the bed....which is what happened this time...unfortunately the losses were even too great for the giants to absorb thus the government bailouts....IMHO
Things change. Period. And the Constitution, in all of its wisdom, couldn't (and didn't) predict everything. For instance, it didn't predict how anti-democratic monopolies would be. So, Teddy Roosevely introduced anti-trust laws. No one, to my knowledge, ever contemplated 'too big too fail', so to save the entire system, congress has put this in place in the hopes that it'll keep us off that particular cliff again.
Things change so much that they tend to stay exactly the same. People keep making excuses to give government more and more power and then are shocked when they no longer have freedom and are poor while the politician and his friends are lining their pockets with money they didnt earn.
We dont live in a Democracy. We live in A Republic. Or atleast we did. Im not sure what to call our government now.
The so called "Too big too fail" mantra is a lie. There is no company too big to fail. If they run poor business practices, they deserve to fail. If they are dishonest, they deserve to fail. You people act like we have no alternatives to government intervention. The most obvious is Let them fail!
People seem to think you can avoid harsh consequences the world has for bad behavior if you work hard enough to avoid it till the last possible second. Reality is quite different. In reality, the more push off the pain, the more pain you are going to have later on. It's about time this nation started to man up and accept reality. The economy will not reach an unshakey position until we do that.
So, you're of the opinion that in addition to Lehman Brothers, if we had allow AIG, CitiBank, BOA, and a host of other really large financial institutions to fail, we would have been just fine........yeah, right....
That's the thing about conservatives, you're so caught up in how things 'used to be' that you cannot see the need for change until it's too late.........aka The Great Depression.
As for excuses, you want to call my reasoning excuses; then I'll have to reciprocate and say that you guys are just a bunch of whiners. You've been whining since November 4, 2008 and probably will be whining until January 20, 2017.
I think you are getting ahead of yourself on this one. I believe this legislation is truly designed to ensure NO private companies ever get to the "too big to fail" status ever again. As long as measures are taken to prevent this, then your end result will not come to fruition.
I'm not sure if the scope or intention of the statute is to limit the size of corporations....I think that is currently covered by the anti trust laws we have in place. Banks and Insurance companies NEED to be large in many instances so they can absorb more risk and damage should the market and/or economy shit the bed....which is what happened this time...unfortunately the losses were even too great for the giants to absorb thus the government bailouts....IMHO
So, then in your opinion, there are in fact and should be, private businesses that are simply too big to fail and SHOULD be bailed out by taxpayers
I'm not sure if the scope or intention of the statute is to limit the size of corporations....I think that is currently covered by the anti trust laws we have in place. Banks and Insurance companies NEED to be large in many instances so they can absorb more risk and damage should the market and/or economy shit the bed....which is what happened this time...unfortunately the losses were even too great for the giants to absorb thus the government bailouts....IMHO
So, then in your opinion, there are in fact and should be, private businesses that are simply too big to fail and SHOULD be bailed out by taxpayers
I'm not saying there SHOULD BE....I'm saying in some cases it's necessary to have companies capable of absorbing huge losses and NOT affect the economy in such a way as we have seen during this crisis.
And yet i cant find a thread on it. I cant imagine that this is a good thing.
And yet i cant find a thread on it. I cant imagine that this is a good thing.
And yet i cant find a thread on it. I cant imagine that this is a good thing.
It is. Look into Standard Oil or research monopolies and google oil cartels and you'll see why corporations should never have more power than our government.
When has any corporation had more power than our government--
And yet i cant find a thread on it. I cant imagine that this is a good thing.
It is. Look into Standard Oil or research monopolies and google oil cartels and you'll see why corporations should never have more power than our government.
"When government is big enough to give you everything you want, it's also big enough to take everything you have" Thomas Jefferson
And yet i cant find a thread on it. I cant imagine that this is a good thing.
It is. Look into Standard Oil or research monopolies and google oil cartels and you'll see why corporations should never have more power than our government.
"When government is big enough to give you everything you want, it's also big enough to take everything you have" Thomas Jefferson
And yet i cant find a thread on it. I cant imagine that this is a good thing.
It is. Look into Standard Oil or research monopolies and google oil cartels and you'll see why corporations should never have more power than our government.
"When government is big enough to give you everything you want, it's also big enough to take everything you have" Thomas Jefferson
And yet i cant find a thread on it. I cant imagine that this is a good thing.
It is. Look into Standard Oil or research monopolies and google oil cartels and you'll see why corporations should never have more power than our government.
"When government is big enough to give you everything you want, it's also big enough to take everything you have" Thomas Jefferson
It is. Look into Standard Oil or research monopolies and google oil cartels and you'll see why corporations should never have more power than our government.
"When government is big enough to give you everything you want, it's also big enough to take everything you have" Thomas Jefferson
Just chalk it up as another sterling example of why he is known as "sillybozo."
So, then in your opinion, there are in fact and should be, private businesses that are simply too big to fail and SHOULD be bailed out by taxpayers
I'm not saying there SHOULD BE....I'm saying in some cases it's necessary to have companies capable of absorbing huge losses and NOT affect the economy in such a way as we have seen during this crisis.
But in this instance, they could not absorb the losses. Do you agree then, that it was right for the Fed to step in and bail them out?
I'm not saying there SHOULD BE....I'm saying in some cases it's necessary to have companies capable of absorbing huge losses and NOT affect the economy in such a way as we have seen during this crisis.
But in this instance, they could not absorb the losses. Do you agree then, that it was right for the Fed to step in and bail them out?
No....I never supported TARP or STIMULUS I. I think we should have let the market take care of their own problem...they created it...they should fix it with their own money. After that then the government can step in and regulate.
