Quote:
Originally Posted by poppy
The inevitable crash will be far worse with 16 or 25 trillion in debt than 10 trillion. The recession fear that drove spending was hype just like this sequester was. Banks can and should be allowed to fail if they are insolvent. Insolvent or not, they all have assets that can be sold off to solvent banks. Remember years ago when they broke up AT&T because it was too big? There was plenty of doom talk then too but it was all hype. Government used the hype as a reason to take control of our economy and that is never good. The consumer drives our economy, not government. Everything Obama does ends up hurting us. More regulation and more taxes is not the way to improve the economy.
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Assets?
Sure, banks had plenty of "assets" - 10's of millions of homes and factories, that were now worth
half, of what money was borrowed against them, which borrowers were not making any payments.
Yes I do remember the ATT breakup, which as nothing to do with the crash of 2008. They used hype, just like the Right Wing does, to make themselves look like the victims (The Left Wing does it too)
It was no hype for me, when the successful company I worked for, was ready to go out of business, due to the petroleum price crash, with no prospects or consumer confidence, that things will recover. A company that once again, is doing just fine, great actually, 4 years later.
A faked crisis, for the government, to "take control of our economy", is plain ridiculous, IMO. Besides, what part of the economy did they "take over"? GM does pretty much what it wants, just like they did, before they were bailed out.
Banks are still regulated, as they were before, only tighter, which is not always a bad thing.
Other than increasing our national debt - which was already huge, I fail to see where the stimulus "hurt" much of anything?
Unemployment, bankruptcies, mortgage foreclosures, all continue to drop - slowly. Home sales, car sales, consumer spending, have continued to improve - slowly.
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