Brain357
Platinum Member
- Mar 30, 2013
- 37,068
- 4,189
I think you take much bigger risks if you know you will be bailed out.I don't think the banks crashed the economy on purpose with the foreknowledge that they would get bailed out.How did the absence of glass Steagall cause the financial meltdown?No one lobbied the government to cause the crisis. Private non bank brokers wrote loans that were repackaged into underregulated financial instruments. The weight of which caused a crisis in the shadow banking system. The system froze.Who lobbied with the government to cause the crisis?
Banks didn’t lobby to repeal glass steagal?
Besides that, how can you argue for free markets and then claim the lack of regulations was the problem?
Do you think the banks had lobbied and knew they would get a bailout?
I also don't think the banks needed to lobby, I think the government didn't have much of a choice in the matter. The market was frozen.
I understand that the ruling class owns our government, it's been like that forever. You don't need a pet name for it to excuse the failures of the capitalist system. If government didn't exist, capitalists would still collude in an effort to dominate the market, which is essentially what they did in the lead up to the financial crisis of '08.